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Security and cloud services group Bytes Technology reported a decline in profit in its maiden set of results as a public company as the costs of going public on the London Stock Exchange offset a rise in revenue.
For the 12 months ended 28 February 2021, pre-tax profit fell 10.7% to £26.7 million year-on-year as revenue grew by 5% to £393.6 million.
IPO costs were £8.1 million.
'During the period, we achieved a successful IPO which provides the group with a strong platform to take advantage of the tremendous opportunities we see in the market,' the company said.
'Looking ahead, we remain confident that Bytes is well-positioned to enhance its market share and capitalise on the exciting market opportunities ahead.'