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Bytes Technology announces £25m share buyback, shares spark
(Sharecast News) - Bytes Technology surged on Friday as the software, security, cloud and AI services specialist announced a share buyback programme of up to £25m. The company said its capital allocation policy "prioritises enhancing business growth, both organically and through select inorganic opportunities as they arise, whilst maintaining an appropriate level of liquidity headroom and returning excess capital to shareholders (through normal and special dividends, and share buybacks), where appropriate".
It also said the board continuously reviews capital allocation opportunities.
"After considering the company's strong balance sheet position and prevailing share price, the board believes that it would be beneficial to return capital to shareholders through a share repurchase," Bytes said.
At 1225 BST, the stock was up 8% at 390.40p.
Shares in Bytes Technology tumbled at the beginning of July after it warned that first-half operating profit was set to be "marginally" lower than last year, with customers delaying purchase decisions amid a "challenging" macro environment.
It said that trading across the first months of the year was impacted by a challenging macroeconomic environment which led to some deferral of customer buying decisions, particularly in the corporate sector.
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