Bytes Technology Group, a UK software, security, cloud and AI services specialist, yesterday said its trading was robust with double-digit profit.
The company issued a brief update ahead of its annual general meeting, which was to be held yesterday.
“The group has continued to trade well against the backdrop of a competitive market environment, with good growth across its key financial performance metrics for the first four months of the financial year,” it said.
Percentage growth in both gross invoiced income and adjusted operating profit had been comfortably in double digits, with gross profit growth in the high single digits as a result of an increased weighting towards high volume, lower margin software wins in the period, it said.
Sam Mudd, CEO of Bytes, said, “The overall performance of the business was again driven by strong and stable demand from both corporate and public sectors for our market-leading, supported and secure IT systems. We remain confident that our continued strong vendor partnerships and first-rate client service position us well to achieve our strategic goals for the year."
Mudd was appointed CEO in May after Bytes was rocked in February by Neil Murphy, the former CEO’s undisclosed share trades on the London Stock Exchange. Murphy subsequently was forced to resign under a cloud.
Bytesis listed on the London Stock Exchange and secondary listed on the JSE.
Despite the positive update, the shares in the firm were down 5.24% at R116.08 at 12.28pm. The shares have fallen 14.46% in the year to date. - BR Reporter