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Bytes Technology expects market share gain to boost interim profit

26th Sep 2023 07:57

(Alliance News) - Bytes Technology Group PLC said on Tuesday it continued to trade strongly during the first half of its financial year, with income and profit rising.

In a trading statement, the Surrey, England-based computer software reported that it had "comfortably" achieved double-digit growth in both gross profit and adjusted operating profit for the six months that ended August 31.

The company said this reflected its continued market share gains in both corporate and public verticals.

It said continued to trade strongly during the first half, with notable year-on-year growth in gross invoiced income.

Net cash position as at August 31 was GBP51.3 million, after paying GBP30 million of final and special dividends in the period, the group said.

"Cash conversion in the first half reflects our normal weighting to the second half, with strong cash conversion expected for the full year," Bytes Technology said in a statement.

"We continue to demonstrate the strength of our business model by again delivering double digit growth amid challenging macroeconomic conditions," Chief Executive Neil Murphy said.

"The positive start to our financial year, coupled with ongoing investment in our operations, positions us well for the rest of the year," Murphy said.

Bytes Technology expects to release its half-year financial results on October 25.

By Artwell Dlamini, Alliance News reporter

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