Bytes Technology hails strong first-half trading

19th Sep 2024 07:48

(Sharecast News) - Bytes Technology said on Wednesday that trading has remained strong since it updated the market at its annual meeting in July.

In an update for the half-year to the end of August, the software, security, cloud and AI services specialist said gross invoiced income and adjusted operating profit growth were comfortably in the double digits at around 13.5% each, while gross profit growth was about 9%.

The company's net cash position at the end of H1 FY25 was £71.5m after it paid £35.3m of final and special dividends in the period.

Bytes said cash conversion in the first half reflects its normal weighting to the second half, with strong cash conversion expected for the full year.

Chief executive Sam Mudd said: "We delivered a strong performance in the period and I am grateful to our teams for their efforts.

"We remain confident in our growth strategy and believe we are well positioned to benefit from the structural demand drivers we see in our markets including cloud computing, cyber security and AI."

Half-year results are due on 15 October.