Bytes Technology was spun out of Altron and separately listed on the London Stock Exchange (LSE) and the JSE. At the time of listing, it had a market capitalisation of approximately R13 billion, which has since grown to R26.5 billion. Altron shareholders received GBP 542 million in shares and cash during the demerger, representing a significant release of value.
Bytes Technology describes itself as "one of the UK's leading software, security, and cloud services specialists." It is the largest reseller of Microsoft products in the UK and derives about 60% of its revenue from annuity-based contracts. In its results for the year ending 29th February 2024, the company reported a 26.7% increase in gross income and a 15.8% rise in headline earnings per share (HEPS). The company highlighted that, "The exceptional level of growth was underpinned by strategically important contract wins in the public sector (most notably with the NHS and HMRC) and by continued demand from corporate customers. Revenue increased 12.3% to £207.0 million (2022/23: £184.4 million)."
In a trading update for the first half of 2024, Bytes Technology stated that "Gross Invoiced Income and Adjusted Operating Profit growth was comfortably in the double digits at circa 13.5% each, and Gross Profit growth was circa 9%."
Technically, the share rose sharply to a cycle high of 16,100c on 25th January 2024. It is expected that the share will surpass this high in the near future. As a solid rand-hedge, the company is positioned to perform well going forward.
On 21st February 2024, Bytes Technology announced the resignation of its CEO, Neil Murphy, with immediate effect. He has been replaced by Sam Mudd.
Bytes Technology describes itself as "one of the UK's leading software, security, and cloud services specialists." It is the largest reseller of Microsoft products in the UK and derives about 60% of its revenue from annuity-based contracts. In its results for the year ending 29th February 2024, the company reported a 26.7% increase in gross income and a 15.8% rise in headline earnings per share (HEPS). The company highlighted that, "The exceptional level of growth was underpinned by strategically important contract wins in the public sector (most notably with the NHS and HMRC) and by continued demand from corporate customers. Revenue increased 12.3% to £207.0 million (2022/23: £184.4 million)."
In a trading update for the first half of 2024, Bytes Technology stated that "Gross Invoiced Income and Adjusted Operating Profit growth was comfortably in the double digits at circa 13.5% each, and Gross Profit growth was circa 9%."
Technically, the share rose sharply to a cycle high of 16,100c on 25th January 2024. It is expected that the share will surpass this high in the near future. As a solid rand-hedge, the company is positioned to perform well going forward.
On 21st February 2024, Bytes Technology announced the resignation of its CEO, Neil Murphy, with immediate effect. He has been replaced by Sam Mudd.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.