Business
Full Year Trading Update
Full Year Trading Update.
About this update from Bytes Technology Group Plc
[{"type":"text","content":"\n\n18 March 2025\n \nBytes Technology Group plc\nFull Year Trading Update\n \nDouble-digit growth in key metrics takes GII to well over £2bn\n \nBytes Technology Group plc (\"BTG\" or \"the Group\"), one of the UK and Ireland's leading software, security, AI and cloud services specialists, is pleased to report another year of strong performance for the financial year ended 28 February 2025 (\"FY25\").\n \nThe Group once again delivered double-digit growth in its key financial metrics, gross invoiced income, gross profit and operating profit, demonstrating the strength of our business model and market positioning. Gross invoiced income comfortably exceeded £2 billion for the first time, marking a significant milestone. Moreover, operating profit grew in the mid-to-high-teens, underscoring our continued momentum. We are particularly pleased with the acceleration in gross profit growth in the second half, which was balanced across both corporate and public sector clients, to deliver full year growth of around 12%. Cash conversion remained strong for FY25, surpassing the Group's target of 100%, with a cash balance of over £110m at year end.\n \nThese strong results include two full months of trading under the recently updated Microsoft incentive plan, which has been embedded into our strategic growth plans. We are well positioned to unlock the growth opportunities associated with this change, backed by our long track record of successfully adapting to such shifts in our vendor programmes.\n \nIn FY25, we continued to see high demand for software, AI and IT services from both corporate and public sector clients. Given our deep partnerships with established vendors, exciting opportunities with new providers across technology areas, longstanding customer relationships, and ongoing investment in our employees, we believe BTG is well-positioned to continue its strong growth. We look forward to sharing more detail in our Full Year results in May.\n \nSam Mudd, Chief Executive Officer, commented: \"These results demonstrate the positive trajectory of our business which benefits from an ever-evolving industry. Our unwavering focus on great customer service drives expansion in our customer base and an increasing share of wallet from our existing customers. BTG remains at the forefront of IT delivery, and w...