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BMIT Technologies plc – Full-Year Results

Jonathan Falzon

March 11, 2025

Market News
11 March, 2025
6 min read
Market News
11 March, 2025
6 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 11 March 2025, BMIT Technologies plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenues increased by 17.2% (or €4.9 million) to a record of €33.6 million reflecting the first full year of income amounting to €4.0 million from the management of the mobile network towers purchased from GO in December 2023 and the 9.2% growth in revenue from data centre and related services to €27.5 million, which offset the decline of 33.2% from sales of hardware and licenses to €2.1 million.

Operating costs increased by 18.9% to €24.6 million in line with the expansion in business. Operating profit (EBIT) climbed 12.9% higher to €9.02 million compared to €8.0 million in the previous year, however since expenses increased at a sharper rate than revenues, the EBIT Margin dropped to 26.9% from 27.9% in the previous year. Nonetheless, excluding depreciation and amortisation charges of €3.7 million, EBITDA surged by 26.7% to €12.7 million and the EBITDA margin improved to 37.8% compared to 35.0% in 2023.

Net finance costs amounted to €1.8 million compared to €0.35 million in the previous year, reflecting the additional borrowings for the acquisition of the mobile network towers.

BMIT reported a pre-tax profit of €7.22 million which is 5.6% lower than the previous corresponding figure of €7.65 million. After accounting for a tax charge of €3.05 million, the net profit amounted to €4.17 million (-11.7%), which translates into a return on average equity of 35.4% (2023: 43.2%).

The Statement of Financial Position as at 31 December 2024 shows that when compared to a year earlier, total assets dropped by 7.2% (or €5.78 million) to €74.9 million due to lower level of trade and other receivables. Likewise, total liabilities dropped by 11.1% (or €7.76 million) largely due to lower trade and other payables. BMIT’s total debt eased by 1.5% to €49.9 million consisting of bank borrowings amounting to €47.9 million and lease liabilities of €1.93 million. Overall, total equity increased by 18.4% (or €2.0 million) to €12.8 million, which includes the impact of the scrip issue in June 2024.

Dividend

The Directors of BMIT are recommending the payment of a net dividend of €4.0 million, which is 20% lower than last year and corresponds to a payout ratio of 96% (2023: 106%). The net dividend per share amounts to €0.0189 which is 23% lower than the previous year, partly reflecting the impact of the additional outstanding shares due to the scrip issue in June 2024.

The dividend will be payable to all shareholders as at close of trading on Thursday 15 May 2025, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.319 per share. BMIT also scheduled its Annual General Meeting for Wednesday 18 June 2025.

Outlook

In the commentary to the 2024 Annual Report, the CEO remarked that the evolution of cyber resilience, cloud scalability, and digital infrastructure presents new growth avenues. He explained that BMIT is also actively looking at opportunities in AI and machine learning.

The CEO stated that the BMIT will continue to invest across its main pillars and core business, strengthening existing revenue streams and exploring opportunities on an international stage. The company aims to refine solutions, optimise processes, and strengthen its client relationships to ensure that BMIT remains the trusted partner for businesses navigating an increasingly complex digital landscape.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 11 March 2025, BMIT Technologies plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenues increased by 17.2% (or €4.9 million) to a record of €33.6 million reflecting the first full year of income amounting to €4.0 million from the management of the mobile network towers purchased from GO in December 2023 and the 9.2% growth in revenue from data centre and related services to €27.5 million, which offset the decline of 33.2% from sales of hardware and licenses to €2.1 million.

Operating costs increased by 18.9% to €24.6 million in line with the expansion in business. Operating profit (EBIT) climbed 12.9% higher to €9.02 million compared to €8.0 million in the previous year, however since expenses increased at a sharper rate than revenues, the EBIT Margin dropped to 26.9% from 27.9% in the previous year. Nonetheless, excluding depreciation and amortisation charges of €3.7 million, EBITDA surged by 26.7% to €12.7 million and the EBITDA margin improved to 37.8% compared to 35.0% in 2023.

Net finance costs amounted to €1.8 million compared to €0.35 million in the previous year, reflecting the additional borrowings for the acquisition of the mobile network towers.

BMIT reported a pre-tax profit of €7.22 million which is 5.6% lower than the previous corresponding figure of €7.65 million. After accounting for a tax charge of €3.05 million, the net profit amounted to €4.17 million (-11.7%), which translates into a return on average equity of 35.4% (2023: 43.2%).

The Statement of Financial Position as at 31 December 2024 shows that when compared to a year earlier, total assets dropped by 7.2% (or €5.78 million) to €74.9 million due to lower level of trade and other receivables. Likewise, total liabilities dropped by 11.1% (or €7.76 million) largely due to lower trade and other payables. BMIT’s total debt eased by 1.5% to €49.9 million consisting of bank borrowings amounting to €47.9 million and lease liabilities of €1.93 million. Overall, total equity increased by 18.4% (or €2.0 million) to €12.8 million, which includes the impact of the scrip issue in June 2024.

Dividend

The Directors of BMIT are recommending the payment of a net dividend of €4.0 million, which is 20% lower than last year and corresponds to a payout ratio of 96% (2023: 106%). The net dividend per share amounts to €0.0189 which is 23% lower than the previous year, partly reflecting the impact of the additional outstanding shares due to the scrip issue in June 2024.

The dividend will be payable to all shareholders as at close of trading on Thursday 15 May 2025, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.319 per share. BMIT also scheduled its Annual General Meeting for Wednesday 18 June 2025.

Outlook

In the commentary to the 2024 Annual Report, the CEO remarked that the evolution of cyber resilience, cloud scalability, and digital infrastructure presents new growth avenues. He explained that BMIT is also actively looking at opportunities in AI and machine learning.

The CEO stated that the BMIT will continue to invest across its main pillars and core business, strengthening existing revenue streams and exploring opportunities on an international stage. The company aims to refine solutions, optimise processes, and strengthen its client relationships to ensure that BMIT remains the trusted partner for businesses navigating an increasingly complex digital landscape.