Bytes had a good first six months of its financial year.
The reseller says it performed well across its key financial performance metrics in an update on trading thanks to “robust demand” which helped achieve double-digit growth in gross invoiced income.
It secured year-on-year growth in gross invoiced income and gross profit of more than 20 percent, while adjusted operating profit growth was in the high-teens.
Some of the money was due to accelerated adoption by customers of cloud usage or subscription-based products and a consequent increase in debtor days.
Bytes expects cash conversion will return to normal higher levels in H2 FY23 and anticipates reporting a cash balance of £35 million at the end of H1 after accounting for tax and £25 million of dividends.
CEO Neil Murphy said: “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.
The business is aiming to release its full half year results for FY23 on 26 October 2022.
