Surrey's Bytes Technology Group delivers strong first half

Surrey-based Bytes Technology Group told investors it had a strong first half to end-August this year.

The company, which provides IT software offerings and solutions, said it believe it was “well positioned to benefit from the structural demand drivers" it was seeing in its markets, including cloud computing, cyber security and AI.

READ MORE: Bytes Technology Group reports strong growth in FY2023 preliminary results

For the six months to August 31, it said gross invoiced income and adjusted operating profit growth was "comfortably" in the double digits at around 13.5% each, with gross profit growth circa 9%.

It held net cash of £71.5 million at the end of the period, it added, after paying £35.3 million of final and special dividends.

"Cash conversion in the first half reflects our normal weighting to the second half, with strong cash conversion expected for the full year," it said in the stock market release.

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

The company said it expected to release its half year results on October 15 this year.