By Michael Susin
Bytes Technology Group has announced that it is in a strong position for fiscal 2024, following a successful first half characterized by substantial growth in gross invoiced income.
The U.K.-based specialist in software, security, and cloud services revealed on Tuesday that it experienced consistent growth in gross profit and adjusted operating profit for the six months ended August 31. Both indicators showed double-digit growth, even after taking into account exceptional and other one-off items.
At the end of the first half, Bytes Technology Group boasted a net cash position of £51.3 million ($62.6 million), even after paying out £30 million in dividends.
“Our ability to achieve double-digit growth despite challenging macroeconomic conditions underscores the strength of our business model. We have made a positive start to the financial year and our continued investment in our operations sets us up for success in the remainder of the year,” stated Chief Executive Neil Murphy.
At 0707 GMT, shares were up by 0.4 pence, or 0.1%, at 498.6 pence.
Write to Michael Susin