Despite the juicy drama of its CEO Neil Murphy’s hush-hush exit over some sneaky trades, Bytes Technology is raking in the cash.
The company has bagged a whopping £89 million in the kitty, with profits and sales through the roof – we’re talking a stellar 25 per cent jump in demand.
Gross invoiced income growth exceeded 25 per cent, indicating strong demand for software and IT services from corporate and public sector clients.
The company’s cash position stood at approximately £89 million at the year-end, reflecting a cash conversion in line with the group’s target of 100 per cent.
Current boss Sam Mudd is pleased with the results, saying that his team’s done a blinder and that they’re on track for even more money from their IT gear.
Meanwhile, the story of Murphy’s exit is getting more involved. Apparently, The FCA sniffed out some dodgy dealings and suspects that he had been trading on the sly – 119 times no less, and even his missus got in on the action.
Subsequent investigations revealed unauthorised trading of the company’s ordinary shares on 66 trading days between January 2021 and November 2023.
Additional transactions conducted by Murphy on behalf of his wife were disclosed later, further highlighting the lack of transparency in his dealings.
Yet, the market’s buzzing and BTG’s not sweating it. They’re all hands on deck, promising to play nice with the investigators and keep things squeaky clean.
