Bytes Technology Group has “a very ambitious growth target for the next few years and is planning accordingly”.
That’s the message of its CEO Sam Mudd, who was speaking to IT Channel Oxygen this morning following the publication of full-year results confirming the LSE-listed software reseller’s top line has broken through £2bn.
In its year to 29 February 2025, BTG saw GII power up 15.2% to £2.1bn, with GII growth by our calculations accelerating from 13.7% to 15.8% half-on-half.
Gross profit pogoed 12% to £163.3m and operating profit by 17.1% to £66.4m.
Notably, BTG invested much more heavily in headcount expansion than its peers during the year, with staff numbers rising 17.8% year on year. It opened new offices in Sunderland and Portsmouth, expanded floorspace in London and – towards the end of the year – acquired two buildings adjacent to its Leatherhead HQ to “cater for our further expansion”.
In an interview with IT Channel Oxygen, Mudd pinpointed “doubling down on staff” and “thinking about the next five years and beyond” as the biggest change she has made since being made permanent CEO last May.
“I’ve got my eyes on a very ambitious growth target for the next few years and we’re planning accordingly,” she said.
BTG did indicate that it expects operating profit growth to decelerate to “high single digits” in its fiscal 2026, which Mudd attributed partly to the recent national insurance increase. This alone will blow a £1.6m hole in its bottom line this year, she indicated.
Mudd also commented on Microsoft’s recent EA and CSP incentive changes, stressing that BTG is about “much, much more than the transaction”.
“Microsoft is the ticket to go and sell everything else,” she added.
The success BTG enjoyed in its fiscal 2025 with VMware – which it flagged as a key vendor in its results commentary – was “a bit of a surprise to me, if I’m honest”, Mudd added.
“18 months ago I might have predicted that VMWare was on the slide, but it’s been a very robust year and we were highly engaged with them,” she said.
What did Mudd say on the call? Read the full interview starting on the following page…
