BMIT Technologies plc - Quarterly Update

On 24 November 2021, BMIT Technologies plc published a quarterly update providing indications about its performance during the nine-month period ended 30 September 2021. In this respect, BMIT explained that revenues increased by 6.8% to just over €19 million (Q1 to Q3 2020: €17.9 million) reflecting the growth across all income streams particularly the sale of cloud services which surged by 12%. Similarly, expenses increased by 8% to €10.7 million (Q1 to Q3 2020: €9.9 million) reflecting the growth in business activity as well as additional investments in HR. However, given the higher growth in revenues in absolute terms than the increase in costs, EBITDA increased by 5.5% to €8.4 million compared to €8 million in the corresponding period in 2020, whilst the EBITDA margin remained high at around 44%. Overall, BMIT recorded a profit before tax of €6.4 million (+6.7%) which, in turn, translates into an annualised post-tax return on equity of around 50%.


Looking ahead, BMIT explained that recent months were characterised by a thorough evaluation of a number of initiatives aimed at growing the business both locally and internationally, as well as continue transforming the company into a holistic digital enabler and advisory partner. These measures will ensure that BMIT taps into the right opportunities at the appropriate time, whilst keeping in mind the strategic business objectives and the commitments to shareholders. In this context, BMIT also noted that it will continue to add new solutions and enhance existing product offerings aimed at delivering the right digital solutions to customers. Moreover, the company has been very active in participating in several international gaming events, and indeed it was awarded the ‘Hosting Provider of the Year Award’ during the 2021 European Gaming Awards held in Malta in November 2021.