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Bytes Technology pays special dividend again on positive 2023 results

23rd May 2023 08:43

(Alliance News) - Bytes Technology Group PLC on Tuesday declared a special dividend again after delivering another "very positive" performance for the full year, underscoring strong double-digit growth from all areas of the business.

The Surrey, England-based software group said its pretax profit rose by 21% to GBP50.4 million for the financial year that ended February 28 from GBP41.6 million a year earlier.

Thanks to growth from both public sector and corporate clients, revenue climbed by 27% to GBP184.4 million from GBP145.8 million.

Bytes Technology declared a final dividend of 5.1 pence, up 21% from 4.2p. In addition, the group made a special dividend of 7.5p from 6.2p.

Earnings per share grew by 23% to 16.88p from 13.72p, while headline EPS was 23% higher at 16.88p from 13.72p.

"I am delighted to be reporting another positive set of results, with strong double-digit growth driven by contributions from all areas of the business," Bytes Technology Chief Executive Neil Murphy said. "This performance was underpinned by continued growth from both our public sector and corporate clients, with customers showing a sustained appetite to invest in their IT requirements."

The group said it had continued to trade strongly since the beginning of March, bringing the momentum delivered last year into the 2024 financial year.

"Looking ahead to the coming year, we remain mindful of continuing macroeconomic headwinds," it cautioned.

By Artwell Dlamini, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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