“BMIT Technologies plc reports record revenues and solid performance…”

In announcing its financial results for the fiscal year ended December 31, 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.

While the initial financial impact of the new TowerOps 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.

Dividend

The Directors are recommending a payment of a net dividend of €0.02456 per share. The dividend will be payable to all shareholders as at close of trading on 25 April 2024, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.351 per share.

BMIT also scheduled its Annual General Meeting for 29 May 2024.

Commenting on the performance, BMIT Chairman Nikhil Patil said that during 2023, the group experienced a “significant transformation.”

“We live in a fast-paced world driven by technological change and an ever-fluid business landscape. As a business we face several challenges, and it is our ability to proactively address them that sets us apart. This commitment has been a key factor in presenting another positive financial year for BMIT Technologies,” he affirmed.

Malta Company Announcements:

Lombard Bank Malta plc

The Board of Directors of Lombard Bank Malta p.l.c. (the ‘Bank’) is scheduled to meet on 26 April 2024 to:

• Approve the Group’s and the Bank’s final Audited Accounts for the Financial Year ended 31 December 2023; and

• Consider the declaration or otherwise of a final dividend to be recommended to the Bank’s forthcoming Annual General Meeting.

Central Business Centres plc

The Company is pleased to announce that it has entered into a Promise of Sale Agreement for the eventual purchase of a commercial property located at Central Business District, Birkirkara, Malta in order to further consolidate its asset base and service offering.

The Company shall provide the public and its stakeholders with further updates upon the acquisition of the property as necessaryry.

Bank of Valletta plc

Bank of Valletta plc (the Bank) hereby announces that the forthcoming Annual General Meeting (AGM) of the Bank will be held on Friday 31 May 2024. Further information relating to the AGM will be announced at a later date.

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