Bytes CEO hails 'landmark year' as company posts revenue growth

Reseller says it has 'performed well' after posting first results since IPO despite operating profit falling due to costs

Bytes Technology Group has published its first set of results since its IPO in December, reporting a five per cent increase in revenue for the year ending February 28, 2021.

Revenue stood at £393.6m, up from £373.1m the previous year, while adjusted operating profit, which the company says is its "key financial measure", increased by 18 per cent to £37.5m.

"This has been a landmark year for Bytes," CEO Neil Murphy said.

"During the period, we achieved a successful IPO which provides the group with a strong platform to take advantage of the tremendous opportunities we see in the market.

"Our first set of results as a listed business show we are taking great strides in delivering on our long-term strategy for growth.

"Bytes' recent inclusion in the FTSE 250 is further recognition of the progress we've made since listing, and we look forward to raising our profile with investors further."

Gross profit increased by 13 per cent to £89.6m, with gross invoice income growing 33 per cent on the previousl year to £958.1m.

Bytes' customer base expanded by four per cent to 5,147, increasing average gross profit per customer to £17,400.

Growth took place "across the public and private sector" the company says, with customers "accelerating digital transformation" because of the pandemic alongside "increased demand for cloud and security products".

Bytes' IPO saw the company demerge from long-time partner Altron and CEO Murphy added that he is "confident that Bytes is well-positioned to enhance its market share and capitalise on the exciting market opportunities ahead."