Another strong and resilient financial performance for BMIT Technologies

29th May 2024 – Leading hybrid IT, cybersecurity and digital infrastructure services provider BMIT Technologies plc today reported its consolidated accounts for the financial year 2023. The company reported another strong financial performance and substantial investments in digital infrastructure.

BMIT’s results show a year-on-year increase of 11% in revenues, to €28.7 million, and earnings before tax, depreciation and amortisation (EBITDA) of €10 million. Profit before tax amounted to €7.7 million.

Speaking to shareholders at its annual general meeting, Chairman of the Board, Nikhil Patil described 2023 as a ‘game changing’ year for BMIT.

He spoke about the substantial investments being made and plans for future investments, describing the company as “a one-of-a-kind investment asset class in Malta for equity investors that provides growth and dividends at the same time”.

“I firmly believe that we are on the right path propelled by twin engines of growth - our hybrid IT and managed services vertical, as well as our digital infrastructure vertical. This will allow us to embrace new opportunities to continue creating long-term value for you, our shareholders,” Mr Patil said.

BMIT Technologies’ Chief Executive Officer, Christian Sammut, expressed satisfaction with the company’s progress despite market challenges and financial pressures.

“Technology is changing at a rapid pace and to remain at the forefront we need to adapt, change and renew our products and services if we want to be in a position to meet our clients’ needs. I am pleased to say that our plans are starting to bear fruit,” Ing Sammut said. Ing. Sammut also addressed the challenges of market size, technological changes, and pressure on margins, stating that the company is implementing a strategy for long-term growth. He highlighted last year’s €46.6 million acquisition of GO plc’s passive mobile infrastructure as a key initiative. Additionally, the company is investing in expanding its service offering and exploring new market opportunities in its main business areas.

He emphasised that through strategic investments, process improvements, and a focus on operational efficiencies, BMIT have “demonstrated our ability to adapt and thrive in a rapidly changing market”.

“Our transformation journey is not just about expanding services or upgrading systems; it is about shaping an identity that ensures competitiveness in a dynamic market. By investing in our digital infrastructure and adapting to new technologies, we are positioning ourselves to meet the evolving needs of our clients and secure our future in a competitive landscape.”

Looking ahead, Mr Sammut said: “We are building on what we achieved in 2023 and will continue to invest in our digital infrastructure and our portfolio to attract new opportunities and clients. I am convinced that through further strategic investments and product diversification we will ensure growth for years to come.”

The financial results for 2023 were approved by the board of directors and confirmed at this year’s Annual General Meeting, held on 29th May 2024. The board has also approved a net dividend of €5m, or 2c46 per share, with a scrip option.

The final dividend for the year ended 31st December 2023 will be paid on the 20th June 2024.