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AGM Statement
Bytes Technology Group plc
(Incorporated in England and Wales)
(Registered number: 12935776)
LEI: 213800LA4DZLFBAC9O33
Share code: BYI
ISIN: GB00BMH18Q19
("BTG", "the Company" or "the Group")
2 July 2025
AGM Statement
Bytes Technology Group, one of the UK and Ireland's leading software, security, cloud and AI services
specialists, is holding its Annual General Meeting at 14:00 (BST) today. Ahead of the meeting, the
Board issues the following business update.
Trading across the first months of the year has been impacted by a challenging macroeconomic
environment, leading to some deferral of customer buying decisions, particularly in the corporate
sector.
As indicated at our final results, we evolved our corporate sales division, shifting from a generalist
model to specialised, customer-segment-focused teams, in line with our commitment to customer
centricity. While this transition has resulted in a longer than expected readjustment period, it positions
us to deliver more relevant solutions and drive sustainable services annuity income growth during the
second half of the financial year ending 28 February 2026 and beyond.
Also, as previously noted, the impact of changes to Microsoft enterprise incentives is weighted more
to the first half due to high levels of renewals in March and April around the public sector year end
and June around Microsoft's year end; whilst the benefit from services growth, where profit is spread
over the contract term, builds up across the whole year.
For the first half, the Board now expects Gross Profit to be at a similar level to last year and Operating
Profit marginally lower, followed by more normalised growth in both metrics in the second half.
We continue to prioritise investment in our front-line sales teams to drive growth, while taking a
measured approach to other areas of the business.
The Company will update on full year guidance at the time of the interim results in October.
Sam Mudd, Chief Executive Officer, said:
"In recent weeks, we've navigated a more challenging macro environment, compounded by the near-
term effect of transforming our corporate sales team. While this has affected trading, our value
proposition remains strong. We're seeing continued engagement, a healthy pipeline and remain
confident that as these sales team changes bed in, we will be a stronger business, better aligned to
meeting our customer needs and drive sustainable growth."
-Ends-
Enquiries:
Bytes Technology Group plc
Sam Mudd, Chief Executive Officer
Andrew Holden, Chief Financial Officer
James Zaremba, Investor Relations
Tel: +44 (0)1372 418 500
Email: IR@bytesplc.com
Sodali & Co
Elly Williamson
Tilly Abraham
Maria Zander
Tel: +44 (0)2072 501446
Email: btg@info.sodali.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
About Bytes Technology Group plc:
BTG is one of the UK and Ireland's leading providers of IT software offerings and solutions, with a focus
on AI, cloud and security products. The Company enables effective and cost-efficient technology
sourcing, adoption and management across software services, including in the areas of security, cloud
and AI solutions. It aims to deliver the latest technology to a diverse and embedded non-consumer
customer base and has a long track record of delivering strong financial performance.
The Company has a primary listing on the Main Market of the London Stock Exchange and a secondary
listing on the Johannesburg Stock Exchange.
Sponsor
Investec Bank Limited
Date: 02-07-2025 08:00:00
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