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Bytes Technology Group PLC on Tuesday reported that it had resumed its dividend and declared a special payout as the technology group recorded strong annual organic growth driven by robust customer demand.
The Surrey, England-based computer software company said its pretax profit rose 56% to £41.6 million for the year ended February 28, from £26.7 million the prior year.
Revenue was 14% higher at £447.9 million from £393.6 million, while gross invoiced income was up 26% at £1.21 billion from £958.1 million.
Gross invoiced income measures gross income billed to customers adjusted for deferred and accrued revenue items. It has a direct influence on movements in working capital, reflects risks and shows the performance of sales teams.
Bytes Technology declared a final dividend of 4.2 pence and topped this up with a special payout of 6.2p.
For the year, earnings per share soared 61% to 13.72p from 8.52p, and headline earnings per share also rose 61% to 13.72p from 8.52p.
‘This is another record set of results for BTG, with positive contributions from all parts of the business. During the year we continued to strengthen our market position, by deepening our relationships with key software vendors and expanding our expertise in areas such as cloud, security and annuity software and services,’ Bytes Technology Chief Executive Neil Murphy said.
The 2022 financial year marked a second year for Bytes Technology as a FTSE-listed company, which has seen continued double-digit growth.
After a successful 2022 with a continuation of double-digit growth, the business carries strong momentum going into 2023, Bytes Technology said.
‘We have already made a good start in this new financial year, although we remain mindful of the domestic and global macroeconomic pressures,’ the group cautioned.
‘Our successful strategy of acquiring new customers and then growing our share of wallet, building on our strong vendor relationships and the technical and commercial skills of our people, makes us confident that the group is well positioned for the remainder of the financial year, despite current macro-economic uncertainties,’ it said.
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