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UK IT reseller providing software licensing, cloud and cybersecurity solutions to enterprise and public-sector customers.
UK IT reseller providing software licensing, cloud and cybersecurity solutions to enterprise and public-sector customers.
Earns a margin when it resells software licences, mainly Microsoft's, plus incentive payments from vendors and fees for cloud, security and advisory services. Dependence on Microsoft's terms for paying resellers is large, because changes feed straight into profit. It was separated from South Africa's Altron and listed in London in 2020.
In one line: A UK Insight Enterprises/CDW for software licensing.
Moat: narrow (distribution, customer qualification). Long-standing Microsoft/vendor partner status and public-sector procurement framework access.
Headquarters: Leatherhead, UK · Founded: 1982 · Employees: 1,331
Size Bytes Technology (BYIT.L) is a United Kingdom Information Technology company (Information Technology Services) with a market value of $1.36B, the 196th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £440.20 on 6 Nov 2026.
Performance Over six months the shares gained 32.6%, against -19.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 9.6% over the last twelve months (peer median +10.1%); the operating margin is 27.1% (peer median 0.1%).
Valuation It trades at 19.4× forward earnings against a peer median of 44.9× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is -11%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 25 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £241M | £221M | £217M | £207M | £184M |
| Revenue growth | — | +2% | +5% | +12% | — |
| Gross profit | £178M | £164M | £185M | £165M | £149M |
| EBITDA | £69.0M | £66.0M | £69.1M | £59.2M | £53.3M |
| Net income | £52.1M | £51.3M | £54.8M | £46.9M | £40.4M |
| Free cash flow | £61.6M | £59.2M | £68.6M | £55.7M | £36.8M |
| Capital expenditure | £3.32M | £5.91M | £10.1M | £1.33M | £1.36M |
| Total debt | n/a | £1.98M | £1.94M | £1.74M | £992,000 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bytes Technology BYIT.L | $1.36B | +33% | +10% | 27% | 19.4× | 3.1% |
| Softcat SCT.L | $4.53B | +14% | +35% | 11% | 17.9× | -4.1% |
| Computacenter CCC.L | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% |
| Insight Enterprises NSIT | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BYIT.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.9% | -4.1% | 8th highest of 21 |
| 6-month return | +32.6% | -19.4% | 4th highest of 20 |
| Distance from 52-week high | -10.9% | -46.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +9.6% | +10.1% | 11th highest of 21 |
| Operating margin | 27.1% | 0.1% | 3rd highest of 21 |
| Forward P/E | 19.4× | 44.9× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 11.3% | 5th least demanding of 11 |
| Growth delivered (Del g) | -10.9% | +10.4% | lowest of 11 |
| Hurdle (Req g minus delivered) | +14.0 pp | +3.1 pp | 3rd most demanding of 11 |
| EV / EBITDA | 13.7× | 24.0× | 3rd cheapest of 6 |
| Net debt / EBITDA | -1.0× | 0.1× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bytes Technology BYIT.L | United Kingdom | $1.36B | +33% | +10% | 27% | 19.4× | 3.1% | -10.9% |
| Future 4722.T | Japan | $1.36B | +59% | +8% | 20% | 17.2× | -5.4% | +11.4% |
| Doushen (Beijing) Education & Technology 300010.SZ | China | $1.34B | -15% | +24% | -31% | 31.1× | n/a | n/a |
| ESDS Software Solution ESDS.NS | India | $1.38B | n/a | +31% | 36% | 64.8× | 22.6% | +22.4% |
| Digital China Information Service 000555.SZ | China | $1.39B | -30% | -8% | 0% | 80.2× | n/a | n/a |
| Both Engineering Technology 601133.SS | China | $1.34B | -26% | +14% | 5% | 35.7× | 24.3% | +16.2% |
| Everforth EFOR | United States | $1.41B | +69% | 0% | 6% | 8.3× | -1.5% | +2.6% |
| VSTECS 0856.HK | Hong Kong | $1.42B | -30% | +11% | 2% | 6.4× | -12.2% | +6.9% |
| Bittium BITTI.HE | Finland | $1.31B | -3% | +48% | 22% | 42.4× | 18.4% | +8.8% |
| Quantum Computing QUBT | United States | $1.43B | -34% | +3,635% | -775% | n/a | n/a | n/a |
| Jiangsu Eazytec 688258.SS | China | $1.46B | -33% | 0% | 28% | 47.5× | 40.1% | +11.1% |
| ZW Soft 688083.SS | China | $1.27B | -12% | +2% | -15% | 95.2× | 30.3% | +14.5% |
| Zhejiang Whyis Technology 301218.SZ | China | $1.27B | +147% | +23% | -15% | n/a | n/a | n/a |
| Voyager Technologies VOYG | United States | $1.49B | -19% | +42% | -82% | n/a | n/a | n/a |
| Taiji Computer 002368.SZ | China | $1.24B | -23% | -37% | -27% | n/a | 4.1% | -1.8% |
| Neusoft 600718.SS | China | $1.51B | -3% | -5% | -5% | 37.1× | -6.1% | +9.7% |
| Guangzhou Sie Consulting 300687.SZ | China | $1.52B | 0% | +3% | -3% | 79.8× | n/a | n/a |
| Cetc Potevio Science & Technology 002544.SZ | China | $1.52B | -41% | 0% | 0% | 375.0× | n/a | n/a |
| Shenzhen Forms Syntron Information 300468.SZ | China | $1.52B | -33% | +9% | 9% | n/a | n/a | n/a |
| Black Box BBOX.NS | India | $1.53B | +10% | +12% | 7% | 47.3× | n/a | n/a |
| Shenzhen YSSTech Information Technology 300377.SZ | China | $1.53B | -24% | +14% | -3% | n/a | n/a | n/a |