16th Mar 2022 09:11
(Alliance News) - Bytes Technology Group PLC on Wednesday said it enjoyed an upbeat financial year with results ahead of expectations amid double-digit income and profit growth.
Bytes shares were up 9.6% to ZAR90.65 each in Johannesburg on Wednesday morning. The stock was up 8.6% to 459.00 pence each in London.
The Surrey, England-based computer software company said it delivered around 23% adjusted operating profit growth in the 12 months to February 28 from GBP37.5 million in the year prior.
Gross profit is expected to have risen by around 20% from GBP89.6 million. Gross invoiced income was up 26% from GBP958.1 million.
Cash collections continued to be strong and cash conversion for the business will be well over 100%, with cash on the balance sheet of GBP68 million at year end.
Chief Executive Neil Murphy 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 full results for the recent financial year on May 24.
By Greg Roxburgh; [email protected]
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