Bytes goes beyond £2bn GII in FY25
Results were driven by high demand for software, AI and IT services from both corporate and public sector clients
Bytes Technology Group (Bytes) reported “a strong performance” in its FY25 trading note.
Gross invoiced income (GII) “comfortably” exceeded £2bn for the first time, marking what the company referred to as “a significant milestone.”
The VAR’s GII stood at £1.8bn in FY24.
Operating profit also reportedly went up 12 per cent, driven by balanced results across both corporate and public sector clients in the second half of the year.
Cash conversion remained strong in FY25, surpassing the group's target of 100 per cent, with a cash balance of over £110m at year end.
These results include two full months of trading under the recently updated Microsoft incentive plan, rooted inBytes’ strategic growth goals.
High demand for software, AI, and IT services from both corporate and public sector clients also turbocharged the organisation’s positive results.
It now relies on its vendors partnerships, opportunities with new providers across different technology sectors, long-lasting customer relationships, and headcount investments to keep this momentum in the future.
"These results demonstrate the positive trajectory of our business which benefits from an ever-evolving industry,” said Sam Mudd, CEO of Bytes.
“Our unwavering focus on great customer service drives expansion in our customer base and an increasing share of wallet from our existing customers.
“BTG remains at the forefront of IT delivery, and we are highly engaged in areas such as AI adoption, cloud services and cybersecurity, which continue to be strong industry drivers.
“Our strategy is underpinned by our strong vendor relationships and the commercial acumen and dedication of our people, which means we are primed to capture the significant growth opportunities ahead and drive continued success."
Sam Mudd took over as CEO of the company last year, after the resignation of former CEO Neil Murphy The company will share its definitive FY25 financial results in May.
Bytes ranks number three in CRN’s Top VARs List.