BMIT Technologies plc - Full-Year Results

On 29 March 2022, BMIT Technologies plc published its Annual Report and Financial Statements for the year ended 31 December 2021.

Performance Overview

Revenues increased by 5.5% to a record of €25.3 million as despite the challenges brought about by the pandemic, BMIT registered double-digit growth in the provision of cloud services (+13.4%) and managed services (+33.3%), as well the resale of hardware and software (+23.5%).

Operating costs also increased by 5.5% to €16.9 million in line with the expansion in business. However, given the sharper increase in revenues in absolute terms, operating profit (“EBIT”) rose by 5.5% to €8.36 million compared to €7.93 million in 2020. Excluding depreciation and amortisation charges, EBITDA increased by 1.5% to €10.7 million whilst the EBITDA margin eased to 42.1% compared to 43.8% in 2020. On the other hand, the EBIT margin remained virtually unchanged at 33%

After taking into account a marginal finance cost of €0.27 million, BMIT reported a pre-tax profit of €8.09 million, representing a growth of 6.1% over the previous corresponding figure of €7.63 million. The tax charge for the year amounted to €3.03 million, thus leading to a net profit figure of €5.06 million (+6.8%) which translates into a return on average equity of just over 45%.

The Statement of Financial Position shows total assets remained relatively unchanged at €25.5 million. On the other hand, total liabilities increased by 5.7% to €14.7 million largely reflecting the higher level of trade and other payables. As a result, the company’s equity base contracted by 7.6% to €10.8 million compared to €11.7 million as at 31 December 2020.


The Directors of BMIT are recommending the payment of a net dividend of €0.02497 per share which is 14.5% lower than the net dividend of €0.02922 per share paid for the 2020 financial year. Shareholders as at close of trading on 20 April 2022 will be entitled to receive the dividend which is expected to be paid on 26 May 2022 subject to shareholders’ approval during the upcoming Annual General Meeting which is scheduled to be held remotely on 24 May 2022.


In the commentary to the 2021 Annual Report, BMIT explained that despite the adverse effects of the pandemic, during the year the company continued with its transformation to a full suite advisor and provider of technology solutions by extending its product and service portfolio.

Look ahead, BMIT will seek to expand its horizons beyond Malta and also develop new capabilities which will allow the company to reap the opportunities brought about by existing and emerging technologies.