Bytes Technology reports solid growth as invoiced income tops £2bn

(Sharecast News) - Bytes Technology reported double-digit growth across all key financial metrics over the year to 28 February, with gross invoiced income topping the £2bn mark for the first time. In a pre-close trading update on Tuesday, the software, security, AI and cloud services firm said full-year gross invoiced income, gross profit and operating profit all rose at a double-digit rate, "demonstrating the strength of our business model and market positioning".

Operating profits in particular grew at a mid-to-high-teens percentage, while gross profits rose 12%, with growth balanced across both corporate and public sector clients.

Meanwhile, cash conversion surpassed its target of 100%, with the cash balance totalling £110m by year-end.

"These results demonstrate the positive trajectory of our business which benefits from an ever-evolving industry. Our unwavering focus on great customer service drives expansion in our customer base and an increasing share of wallet from our existing customers," said chief executive Sam Mudd.

"Our strategy is underpinned by our strong vendor relationships and the commercial acumen and dedication of our people, which means we are primed to capture the significant growth opportunities ahead and drive continued success."