Sam Mudd (pictured) has led Bytes Technology Group plc to double-digit growth in its latest financial year.
The software, security, AI and cloud services specialist, based in Surrey, reported double-digit growth in gross invoiced income, gross profit and operating profit for the year ended 28th February 2025.
Gross invoiced income comfortably exceeded £2bn for the first time, it said, while the firm had a cash balance of over £110m at year end.
Last year Bytes began investigating the shock resignation of its former CEO Neil Murphy after he was accused of unauthorised trading in the company’s shares.
The investigation ultimately found 119 unauthorised transactions on 66 trading days between January 2021 and November 2023 which sent the London-listed stock plummeting.
However it would rebound as the software company announced a 12.3% rise in annual revenue to £207m and 12.2% leap in adjusted operating profit to £63.3m.
Mudd, installed as interim CEO, was appointed to the role on a permanent basis in the summer while two independent non-executive directors were also added to its board.
“These results demonstrate the positive trajectory of our business which benefits from an ever-evolving industry,” said Mudd. “Our unwavering focus on great customer service drives expansion in our customer base and an increasing share of wallet from our existing customers.”
“BTG remains at the forefront of IT delivery, and we are highly engaged in areas such as AI adoption, cloud services and cybersecurity, which continue to be strong industry drivers. Our strategy is underpinned by our strong vendor relationships and the commercial acumen and dedication of our people, which means we are primed to capture the significant growth opportunities ahead and drive continued success.”
A Bytes investigation last summer found no evidence that Murphy’s share dealing involved any other parties, nor any evidence of a wider pattern of misconduct by him impacting or implicating any of BTG’s staff, customers or suppliers.
Murphy expressed “profound regret for his failure to comply with regulations and the impact of his actions on both BTG and his former colleagues”, the group said as it announced a settlement which saw him forfeit entitlements under its performance share plan and deferred bonus plan in their entirety, and repay his after-tax bonuses since the 2020 IPO on the London Stock Exchange.