Bytes Technology Group reports strong growth in FY2023 preliminary results

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Tom Kilkelly

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Software, security, and cloud service specialists Bytes Technology Group, a company that has offices in Reading and is headquartered in Surrey, has posted reports of steady growth in its preliminary results for the year ending 28 February 2023.

The company saw growth in both revenue and gross profit. Revenue was up 26.5 per cent, from £145.8 million in 2022 to £184.4 million this year. Gross profit was up 20.7 per cent, from £107.4 million last year to £129.6 million this year.

Commenting on the company’s current financial outlook, a spokesperson for Bytes said: ‘’We delivered another year of very positive performance in FY23, extending our track record of delivering strong double-digit growth across our key financial metrics. The business has continued to trade strongly since the beginning of March, bringing the momentum delivered last year into FY24.’’

Bytes believes that their growth in 2023 can be attributed to customer appetite for security, cloud adoption, digital transformation, hybrid data-centres and remote working solutions. Increased demand from customers was also met with a 20 per cent increase to the Bytes workforce, which increased to 930 this year.

Neil Murphy, CEO of Bytes, said: "I am delighted to be reporting another positive set of results, with strong double-digit growth driven by contributions from all areas of the business. This performance was underpinned by continued growth from both our public sector and corporate clients, with customers showing a sustained appetite to invest in their IT requirements.

"A key part of our success can be traced to the high-quality customer service that sits at the centre of our business and makes us so competitive in our markets. For this, I would like to extend my thanks to our people who do an outstanding job supporting our clients. We continue to focus on recruitment and training to ensure we have the right expertise and resources in place to service our clients' evolving needs. Looking ahead, we have made a positive start to the current year, and we believe our strategy leaves us well positioned to benefit from the growth opportunities we see in our chosen markets."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.