Bytes records higher interim profit, revenue
UK-based software, security and cloud services company Bytes Technology Group – a subsidiary of Altron – recorded a 14% increase in its gross profit to £52.9-million for the six months ended August 31.
The group’s revenue increased by 13.7% to £251.4-million, while its operating profit was 19% higher at £23.2-million.
This resulted in earnings a share of 7.72p – a 13.9% year-on-year increase. Headline earnings a share were the same as the prior comparable period in 2020.
The group’s adjusted operating profit for the six months is £25-million, up 22% from the £20.5-million of the corresponding period in 2020.
As such, Bytes has declared an interim dividend of 2p a share to be paid on December 3.
CEO Neil Murphy says the group delivered against its strategic goals, producing growth across all areas of the business.
“We have maintained our record of year-on-year growth despite the ongoing uncertainty caused by the [Covid-19] pandemic, with our business benefitting from our wide-ranging offering, and our partnerships with . . . vendors and software publishers.”
He adds that he is particularly proud of the energy, enthusiasm and professionalism demonstrated by Bytes’ people through what has been, and remains, a challenging time.
The company says it carries strong momentum going into the second half of the year, where it has already gotten off to a good start.
However, Bytes notes that travel and marketing expenses have not reverted to pre-lockdown levels and are still broadly in line with those experienced in the first half of 2020. As such, these costs are expected to increase gradually in the second half of the year.
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