Bytes CEO resigns over undisclosed trades

The reseller’s board said it is working to clarify details as current MD Sam Mudd will lead as interim CEO

Bytes Technology CEO Neil Murphy has resigned over a number of undisclosed trades, news24.com reports.

The JSE-listed reseller said in a statement that certain trades were not disclosed to the market as required by regulations.

"The board is working to clarify the details of these undisclosed trades," the statement read.

Based on information given to the board and reported on news24.com, Murphy's stake in Bytes was the same as what was previously disclosed to the market on 28 November.

At that time, it was announced that he held around 2.9 million shares, which amounted to about 0.8 per cent of Bytes' total shares.

Sam Mudd, current executive director and MD of Bytes' subsidiary Phoenix Software, will take on the role of interim CEO, the group announced.

Bytes announced in October 2023 hitting the £1bn mark in its half-year results for the six months ended 31 August 2023.

In the period, gross invoiced income (GII) had surged 38 per cent, totalling £1.082bn.

The strong growth in GII stems from Bytes winning large public sector Microsoft contracts, leading to public sector GII spiking 44.4 per cent.

Revenues came in at £108.7m, representing a growth of 16.3 per cent for H1 FY24.