Record revenues and a solid performance for BMIT Technologies plc as it announces 2023 results

Leading cloud, infrastructure, and cybersecurity provider BMIT Technologies has reported record-breaking revenues for 2023.

In announcing its financial results for the fiscal year ended 31^st December 2023, the company said that revenues had increased by almost €2.9 million to €28.7 million, up by 11% over the previous year.

Notably, revenue from cloud and managed IT services experienced significant growth, with cloud revenue up by 38% year-on-year and managed services by 22%, and an increase in annual commitments from customers.

During 2023, BMIT Technologies also completed the acquisition of GO plc’s nationwide passive mobile infrastructure, with an investment of €46.6 million. This acquisition allowed the company to create a new tower operations business segment, which segment is expected to enhance revenue streams and strengthen the overall EBITDA margin in the coming years.

Whilst the initial financial impact of the new Towers Operations business was reflected in the reported figures, the performance of this operation is expected to improve the overall company’s profitability in the following years, strengthening BMIT’s resilience across its business segments.

BMIT said the financial results also reflected prudent cost management strategies, with cost of sales and administrative expenses increasing to €20.7 million, primarily attributed to investments in infrastructure, systems, processes, and personnel. Despite these investments, the company maintained a stable EBITDA of slightly over €10 million. Profit before tax amounted to €7.7 million, a decrease of 8% over 2022, primarily a result of acquisition costs related to the tower operations investment and an evolving technology portfolio.

The acquisition of the nationwide passive mobile infrastructure had a substantial impact on the Group’s assets and liabilities. Non-current assets surged to €64.7 million, compared to

€16.6 million in 2022. Total liabilities increased to €69.9 million, primarily due to borrowings to finance such acquisition.

BMIT announced that the board of directors is recommending a dividend payment of

€0.02456 per share after tax, resulting in a total net dividend payment of €5 million.

Shareholders will have the option to receive the dividend either in cash or new ordinary shares.

Reflecting on the financial performance of the company, Christian Sammut, BMIT Technologies plc CEO stated: “We are pleased with the solid growth trajectory demonstrated by the company, underpinned by our strategic investments in critical infrastructure and commitment to delivering innovative solutions to our customers. While we registered record- breaking revenue in 2023, we are taking the necessary steps to minimise the impact of a changing market on our margins. That said, we remain focused on driving sustainable growth, enhancing operational efficiency, and delivering value to shareholders.”

“Our vision is clear – to be a leading digital infrastructure and managed IT services provider operating mission critical infrastructure and offering hybrid IT and cybersecurity solutions to an enhanced customer base. With a strategic mindset and organisational adaptability, we are well-prepared to turn challenges into opportunities for continued progress”, concluded Ing. Sammut.