Bytes says 'robust demand' helped secure 'positive' H1 results

The reseller has posted an update on trading for its financial half year ended 31 August 2022

Bytes Technology Group claims "robust demand" from customers helped the firm achieve double-digit growth in gross invoiced income during the first six months of its financial year.

The reseller says it performed well across its key financial performance metrics in an update on trading for its financial half year ended 31 August 2022

It secured year-on-year growth in gross invoiced income and gross profit of more than 20 per cent, while adjusted operating profit growth was in the high-teens.

"This reflects robust demand from both the corporate and public sectors," Bytes said.

It added that cash conversion in the period reflected accelerated adoption by customers of cloud usage or subscription-based products and a consequent increase in debtor days.

Bytes expects cash conversion will return to normal higher levels in H2 FY23 and anticipates reporting a cash balance of £35m at the end of H1 after accounting for tax and £25m of dividends.

CEO Neil Murphy said: "We've made a very positive start to the year, extending our track record of double-digit growth we have delivered since our IPO in 2020. Despite the difficult economic conditions, corporate and public sector organisations continue to invest in their IT systems.

"We are well placed to capture these growth opportunities thanks to our strong partnerships with many of the world's leading software companies and high levels of customer service."

The business is aiming to release its full half year results for FY23 on 26 October 2022.