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Shares in Bytes technology jumped as much as 15% in early London trade after the IT supplier was boosted by “high demand” for software and AI products.
The Surrey-based business saw gross invoiced income comfortably exceed £2bn for the first time for the 12 months to the end of February, helped along by increased customer spend.
Bytes said delivered double-digit growth across its key financial metrics of gross invoiced income, gross profit and operating profit.
CEO Sam Mudd said: “These results demonstrate the positive trajectory of our business which benefits from an ever-evolving industry.
“Our unwavering focus on great customer service drives expansion in our customer base and an increasing share of wallet from our existing customers.”
The firm stands to benefit from an increased focus on digitisation in the public sector. As much as 62% of its invoice income came from public sector contracts, including the likes of the NHS and HMRC, according to Byte’s previous annual report. This year the company said it second-half profits were balanced across both corporate and public sector clients, to deliver full year growth of around 12%.
Last week, the government said it hopes to save as much as £45bn spent on public services through tech upskilling and the outsourcing civil service work to AI.
In a speech made on Thursday, Prime Minister Kier Starmer said the state had grown larger but weaker and a digital transformation was required to “deliver for working people”.
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