BYTES TECHNOLOGY GROUP PLC - Half Year Trading Update

Bytes Technology Group plc
(Incorporated in England and Wales)
(Registered number: 12935776)
LEI: 213800LA4DZLFBAC9O33
Share code: BYI
ISIN: GB00BMH18Q19
("BTG" or "the Company")

21 September 2022

Half Year Trading Update


Bytes Technology Group, one of the UK's leading software, security and cloud services specialists, is
pleased to provide the following update on trading for its financial half year ended 31 August 2022 ("H1
FY23").


The Company continued to trade strongly during the first half of the financial year. During H1 FY23 BTG
performed well across its key financial performance metrics, with year-on-year growth in Gross Invoiced
Income and Gross Profit of more than 20%, and Adjusted Operating Profit growth comfortably in the
high-teens. This reflects robust demand from both the corporate and public sectors.


We expect to report a strong cash balance of circa #35 million at the end of H1 FY23, after accounting
for tax and #25 million of dividends. Cash conversion in the period reflect the accelerated adoption by
customers of cloud usage or subscription-based products and a consequent increase in debtor days
during the first half. Management is confident cash conversion will return to normal higher levels in H2
FY23.


BTG expects to release its half year results for FY23 on 26 October 2022.


Neil Murphy, Chief Executive Officer, commented: 'We've made a very positive start to the year,
extending our track record of double-digit growth we have delivered since our IPO in 2020. Despite the
difficult economic conditions, corporate and public sector organisations continue to invest in their IT
systems. We are well placed to capture these growth opportunities thanks to our strong partnerships
with many of the world's leading software companies and high levels of customer service.'


                                                -Ends-

Enquiries:

Bytes Technology Group
Neil Murphy, Chief Executive Officer
Andrew Holden, Chief Financial Officer

Tel: +44 (0)1372 418 500

Headland Consultancy
Stephen Malthouse
Henry Wallers
Jack Gault

Tel: +44 (0) 20 3805 4822
Email: bytes@headlandconsultancy.com

About Bytes Technology Group plc:

BTG is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud
and security products. The Company enables effective and cost-efficient technology sourcing, adoption
and management across software services, including in the areas of security and cloud. It aims to
deliver the latest technology to a diverse and embedded non-consumer customer base and has a long
track record of delivering strong financial performance.

The Company has a primary listing on the Main Market of the London Stock Exchange and a secondary
listing on the Johannesburg Stock Exchange.

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21-09-2022 08:00:00

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