Bytes Technology interim profit lower as administrative costs increase

Bytes Technology Group PLC on Tuesday reported a decline in interim profit as administrative expenses rose, but the enterprise software firm indicated that it had started the second half of its financial year ‘well’.

For the six months that ended August 31, the Surrey, England-based company saw its pretax profit fall 7.0% to £38.6 million from £41.5 million a year earlier. Earnings per share and headline EPS were down 5.1% to 12.03p from 12.67p.

But revenue was up 2.5% to £108.1 million from £105.5 million, while gross invoiced income rose 9.1% to £1.34 billion from £1.23 billion.

Administrative expenses rose 6.9% to £49.7 million from £46.5 million, with finance income falling 5.5% to £5.6 million from £5.9 million.

Bytes declared an interim dividend of 3.2 pence, up slightly from 3.1p.

‘We delivered a resilient performance, building positive momentum through the period as we settled into our new corporate sales structure,’ Bytes Chief Executive Officer Sam Mudd said.

‘Despite the challenging economic climate, and our internal and industry changes over the past six months, we have maintained our share of wallet amongst our existing customers as they continued to invest in their IT needs and we have continued to expand our client base in both the public and corporate sectors,’ Mudd added.

Looking ahead, Bytes said it remains confident of delivering a full-year outcome within the range of market expectations.

It said it has a strong pipeline and has started the second half of its financial year well, but is mindful that ‘comparatives will be impacted by the particularly strong trading performance we saw in the last few months of the prior financial year’.

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