BMIT Technologies delivers over 35% growth in dividend to €5.9m

Last Updated on Thursday, 11 March, 2021 at 11:33 am by Andre Camilleri

While 2020 will go down as one of the most challenging years in recent memory, it has nonetheless proved to be another successful year for BMIT Technologies plc, the premier provider of secure and reliable technology solutions, as it reported strong results for the year.

These results are reflected in a company announcement that its board of directors is recommending annual dividends of €5.95 million for the financial year ending 2020, or almost €0.03 per share (€0.02922), 22% higher than the projected net dividend of €0.024 per share at the time of Initial Public Offering.

Earlier this week, BMIT Technologies also published its 2020 financial results, showing a year-on-year increase of 6.9% in revenues to €24 million, with the main drivers for this growth being a greater demand for cloud and managed connectivity services.  EBITDA rose by 5% to €10.5 million, whilst operating profit surged by over 8% to €7.9 million.

“This year’s dividend to shareholders is our best one since our initial public offering in 2019, and exceeds the targets we set in our IPO”, said Nikhil Patil, Chairman of BMIT Technologies plc. “The Group’s positive performance ties in with the elevated levels of investment we are making in our strategic growth priorities and reflecting our confidence in our ability to create long-term value for our shareholders,” Mr Patil said.

“Our financial performance reflects the efforts we are making across our main service pillars, including our datacentre and cloud services. This will allow us to strengthen our offering further in the coming years as we continue to pursue a well-managed investment programme to help achieve sustainable business growth and long-term return to our shareholders,” added Ing Christian Sammut, BMIT Technologies’ CEO.

The final dividend for the year ended 31st December 2020 will be paid on the 28th May 2021 to all shareholders who are on the shareholders’ register of Monday 26th April 2021. The Annual General Meeting will be held remotely on Wednesday 26th May 2021.

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