02 December 2020
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1 min read
Key points
Revenue: £465.9m (+35%)
Net profit: 3.9% Staff: 320
Taking a leaf out of rivals Softcat's and SoftwareONE's book, software licensing giant Bytes Technology Group confirmed in November that it is gearing up to float on the London Stock Exchange following a period of blistering growth.
Its senior brand, Bytes Software Services, enjoyed a barnstorming year to 29 February 2020, with revenues hiking 35 per cent to top £465m on the back of surging cloud-based licensing and security sales. Although a bumper NHS Windows 10 roll out dented gross margins, net profits virtually doubled to £18.2m. Adding in the contribution of Phoenix Software and Bytes Security Partnerships, Bytes Technology Group is a £740m-revenue monster. It claims it has continued to grow rapidly this year.
A planned, mid-December IPO would see Bytes Technology Group demerge from South African parent Altron.
