Bytes Technology Group (BTG) has bucked a wider trend by pretty much maintaining its top-line growth rate into the first half of its fiscal 2025.
While other big resellers have seen UK sales slow in recent quarters, the LSE-listed Microsoft partner’s gross invoiced income (GII) rose by around 13.5% in the six months ending 31 August 2024, it indicated in a trading update this morning.
BTG’s adjusted operating profit leapt by around the same amount.
In the same period last year, it hauled in GII of £1.082bn and operating profit of £30.6m.
This means that BTG has almost maintained its pace of growth from the second half of its fiscal 2024, when – by our calculations – gross invoiced income rose 14% year-on-year.
“We delivered a strong performance in the period and I am grateful to our teams for their efforts. We remain confident in our growth strategy and believe we are well positioned to benefit from the structural demand drivers we see in our markets including cloud computing, cyber security and AI,” BTG CEO Sam Mudd said.
The news impressed the market, with BTG’s share price vaulting by around 8% today.
Its growth came despite the likes of Computacenter and SCC seeing UK sales stutter in their most recent periods, with the latter’s group Co-CEO Steve Rigby indicating its fiscal 2024 had been a “more difficult year”. Softcat has also seen growth decelerate in its more recent reporting periods.
The results cover a period which saw BTG appoint Mudd as its new CEO following the abrupt resignation of predecessor Neil Murphy.
Talking exclusively to IT Channel Oxygen last month, Murphy expressed his relief after confirming the Financial Conduct Authority (FCA) has closed its enquiry into him.
