On 13 May 2021, BMIT Technologies plc published a Quarterly Update providing information about its performance in Q1 2021 when compared to the same period in 2020. In this respect, BMIT explained that despite the unprecedented times, its performance continued the positive trend across all business lines recorded throughout 2020 as revenues surged by 13% to €6.6 million compared to €5.8 million in Q1 2020. BMIT noted that revenue from cloud and connectivity services continued to grow steadily whilst revenue derived from managed services is increasing, thus showing that this segment is successfully overcoming the challenges brought about by the pandemic.
Cost of sales and administrative expenses increased by around 6% to €3.6 million compared to €3.4 million in the first three months of 2020, mainly reflecting higher hardware and software sales which offset the savings in administrative expenses. In view of the much stronger increase in revenues than the growth in costs, EBITDA surged by around 20% to just below €3 million. Moreover, the EBITDA margin climbed to over 45% from 43% in Q1 2020.
In conclusion, BMIT stated that whilst economic recovery post pandemic (both locally and globally) remains uncertain, the results obtained in Q1 2021 are encouraging and the company remains cautiously optimistic for the rest of the year.