Bytes Technology's shares have skyrocketed by as much as 15% due to high demand for software and AI products. The Surrey-based IT supplier reported gross invoiced income exceeding £2 billion for the first time, driven by increased customer spending.
This surge in demand is largely attributed to the UK government's increased focus on digitization, particularly in the public sector. Bytes Technology stands to benefit from this trend, with around 62% of its invoice income coming from public sector contracts, including the NHS and HMRC.
The company's CEO, Sam Mudd, emphasized the importance of great customer service in driving expansion and increasing market share. With the UK government aiming to save £45 billion through tech upskilling and AI adoption, Bytes Technology is well-positioned to capitalize on this growing demand.
