Bytes Technology signals income growth of a third

Gross invoiced income grew in the year to end-February 2022, increasing more than 26% to about £1.2bn . Gross profit grew 20%, with adjusted operating profit up 23%.Bytes Technology CEO Neil Murphy said: “The last year has seen Bytes continuing to strengthen its market position in cloud, security and annuity software and services, working with some of the world’s most successful software companies.

The group said cash collections continued to be strong and cash conversion for the business is expected to be “well over 100%”, with cash on the balance sheet of £68m at the end of the period.Bytes is the biggest reseller of tech giant Microsoft’s products in the UK and is chasing a market of 42,000 private sector companies, which collectively spent about £105bn on IT in 2019.

The company has a 3% share of the UK software market, valued at £23.4bn three years ago. This is expected to grow at a compound annual growth rate of 5%, up to £30.1bn by 2024.

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