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Highlights
- BYIT’s FY24 saw a 12.3% revenue increase to GBP 207 million, with a 16.1% rise in profit after tax
- The company’s FY24 net margin was 22.6%, with a low debt-equity ratio of 0.02x, outperforming industry averages.
- The company’s FY25 began with double-digit growth in gross income and operating profit, as per July 11, 2024, AGM statement.
Bytes Technology Group PLC (LSE: BYIT) is a United Kingdom-based company and a constituent of the FTSE 250 Index. It is a leading provider of world-class IT solutions & services. It has a market cap of GBP 1177.97mn.
In FY24, the company’s revenue climbed 12.3% to GBP 207 million, accompanied by a 16.1% rise in profit after tax. Additionally, the company enhanced its dividend payout by 16%. Strong profitability and improved cash conversion rates contributed to a notable 21.6% increase in the cash balance during the fiscal year.
Moreover, in FY24, the company had a net margin of 22.6% and a lower debt-equity ratio of 0.02x, surpassing the industry averages of 12.2% and 0.17x, respectively.
Recent business update
According to the company's AGM statement dated July 11, 2024, BYIT has recorded double-digit percentage growth in both adjusted operating profit and gross invoiced income during the first four months of FY25.
BYIT has announced dividends for shareholders, with a special dividend of 8.7 pence per share and a final dividend of 6.0 pence per share. It is scheduled to be paid on August 2, 2024. Shareholders must own shares by July 18, 2024, to qualify for these dividends.
Company outlook
Throughout FY24, the company sustained its trend of achieving double-digit growth across essential financial benchmarks. Despite operating within highly competitive markets and navigating challenging macroeconomic landscapes, BYIT retained strong confidence in its capacity to thrive and advance further in FY25. Overall, the company claims to be strategically positioned for ongoing success, bolstered by its focus on cultivating customer relationships, strengthening vendor alliances, and harnessing the technical and commercial expertise of its teams.
Top 10 shareholders
The top 10 shareholders of BYIT together hold approximately 42.66% of the total shares in the company. Biltron (Pty) Ltd. holds the largest portion, with approximately 7.59% of the shares, followed by JPMorgan Asset Management U.K. Limited, which holds around 7.01% of the shares, as illustrated in the chart provided.
Stock performance
BYIT's stock price has seen a decrease of approximately 9.11% over the past month and a decline of 15.66% over the last six months. The stock's 52-week range shows a low of GBX 452.60 and a high of GBX 665.00, with its current price positioned below the average of this range.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 11 July 2024. The reference data in this report has been partly sourced from EODHD/Others.
