On 21 November 2019, BMIT Technologies plc (“BMIT”) issued an Interim Directors’ Statement providing indications about the company’s performance since the start of 2019. In this respect, BMIT explained that its performance continues to be positive reflecting the company’s drive to increase its service offerings. In fact, revenues during the first nine months of 2019 were 5.8% higher when compared to the same period last year and amounted to €16.7 million as against €15.8 million in 2018. The growth in revenues of 5.8% is also superior to the rate of increase of 4.5% as projected in the Prospectus dated 7 January 2019. At the time, the company was also anticipating revenues for the 2019 financial year to amount to €22.6 million which was expected to lead to a net profit of €5.15 million and a net dividend of €0.0216 per share. Furthermore, BMIT noted that as revenue growth is expected to be sustained during the last three months of 2019, it is now expecting to achieve its 2019 objectives comfortably.
BMIT also referred to some of its major initiatives pursued recently which are aimed at sustaining the improved performance of the company in the longer term. These include: (i) an investment programme in the cooling plants within its data centre facilities with the final result expected to be a sustained decrease in energy costs which represent a substantial part of the cost base of BMIT; (ii) the acquisition of the data centre located in Ħandaq which is expected to be concluded in early 2020; (iii) the expansion of its cloud service offerings through the launch of a new suite of managed services related to Microsoft Azure cloud; and (iv) the continued work on the completion of the new data centre located in Zejtun which is expected to become fully operational by the end of 2020. The latter will almost double the number of racks that BMIT will have to support and service its client base. In fact, prior to the share offer by GO plc, BMIT had a total of 450 racks (300 at the Ħandaq date centre and another 150 racks at the Smart City date centre). However, following the acquisition of the Ħandaq data centre and the completion of the Zejtun data centre, it is expected that the total number of racks to be owned by BMIT will increase by 420 to 870. Furthermore, it is worth highlighting that the Prospectus dated 7 January 2019 had already indicated that out of the new racks, GO plc had already committed itself to 50 racks from BMIT.