Bytes Technology Group shares increased 0.1% to 440p in early afternoon trading on Tuesday, following a revenue growth of 13.8% to £447.9 million in its FY 2022 results against £393.6 million in FY 2021.
The software company announced a gross profit uptick of 19.9% to £107.4 million compared to £89.6 million the last year, with an operating profit rise of 57% to £42.2 million from £26.8 million.
Bytes Technology further noted a gross invoiced income growth of 26.1% to £1.2 billion against £958.1 million over its financial year, as a result of strong growth across all businesses and continued expansion on the back of public sector customers.
“This is another record set of results for BTG, with positive contributions from all parts of the business,” said Bytes Technology Group CEO Neil Murphy.
“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.”
“These steps enabled us to make meaningful progress against our strategy and ensure our customers continue to receive the highest quality of service.”
The company highlighted estimated disruption as a result of macro-economic pressures going into FY 2023, however, it assured investors that the group was confident of a strong outlook for the remainder of its financial year.
Bytes Technology mentioned an EPS of 13.7p against 8.5p year-on-year, with an adjusted EPS growth of 18.3% to 15.4p compared to 13p.
The firm also reintroduced its dividend with a final payout of 4.2p and a special dividend of 6.2p per share.
“I would like to thank all my colleagues who have done an outstanding job supporting our clients through the past year,” said Murphy.
“The progress we have made is a direct result of their efforts and would not have been possible without them.”
“With our growing customer base, strong reputation with key vendors and focus on sustainable growth, our business remains well placed to deliver against our strategy and capitalise on the exciting market opportunities ahead.”
