Bytes says full-year results are ahead of expectations in trading update

In a trading update, Bytes claims that gross invoiced income increased more than 26 per cent to around £1.2bn

Bytes Technology Group enjoyed "another upbeat year" with its financial results ahead of expectations, the company said in a trading update.

The LSE-listed reseller claims it saw double-digit growth throughout the year in its three key financial performance metrics, with accelerated growth in the second half of the year.

Gross invoiced income increased more than 26 per cent to around £1.2bn, Bytes said, while it also delivered gross profit growth of approximately 20 per cent and adjusted operating profit growth of approximately 23 per cent.

Cash conversion for the business is expected to be above 100 per cent, with cash on the balance sheet of £68m at the end of the year.

The firm's share price jumped by almonst 12 per cent this morning after the trading update was published.

Neil Murphy, CEO of Bytes, said: "We continue to build positive momentum in our business as we further invest in new talent and maintain our focus on customer service.

"The last year has seen Bytes continuing to strengthen its market position in cloud, security and annuity software and services, working with some of the world's most successful software companies.

"We are making good progress with our strategy and are well positioned to deliver on the significant opportunity ahead of us."

Bytes expects to release its preliminary results for the financial year on 24 May 2022.