BMIT Technologies plc - Interim Report

On 1 December 2020, BMIT Technologies plc issued an announcement providing information on its financial performance during the nine-month period ended 30 September 2020 and the company’s future prospects. BMIT explained that despite the current unprecedented and challenging times due to the COVID-19 pandemic, it remains resilient and has continued to produce good results. In fact, as at the end of Q3 2020, BMIT generated revenues of €17.9 million (+6.1% over the comparative period last year) whilst EBITDA amounted to €7.9 million representing an increase of 4% over 2019. At the time of the IPO in early 2019, BMIT had projected that its revenues for the 2020 financial year would amount to €24.6 million whilst EBITDA was estimated at €11.4 million.

BMIT also noted that despite the prevailing extraordinary times, it maintained a strong cash position whilst honouring its commitments towards stakeholders including the timely payment of a net dividend of €0.02157 per share which was paid on 4 June 2020. Moreover, whilst all major investments are being re-evaluated from a strategic perspective (including the development of the Żejtun Data Centre), in view of the realities brought about by the pandemic, several consolidation and growth opportunities are being explored with a view of achieving further growth in the future. Such initiatives include the consideration of deployment of new products and services, including a further diversification of the company’s solutions portfolio, as well as assessing the possibility of tapping into new markets.