BMIT Technologies plc on Wednesday announced that BMIT Technologies Group registered €8.3 million in profit before tax during what proved to be a “stable” 2022.
This represented a marginal increase of three per cent from 2021’s €8.1 million pre-tax profit.
During 2022, it recorded a two per cent rise in revenue, increasing to €25.8 million from 2021’s €25.3 million. CEO Christian Sammut remarked that the increase was “impacted by the loss of key customers”.
Cost of sales also marginally increased from €13.3 million to €13.7 million during 2022, while administrative expenses dropped from €3.6 million to €3.5 million.
The group’s total equity and liabilities remained relatively stable at €25.5 million. It also closed the year with a cash balance of €6.3 million, a rise of nine per cent from 2021’s €5.8 million. During 2022, a net dividend of €5.1 million was paid to shareholders, and the Board of Directors has since recommended at that the next Annual General Meeting, the shareholders will approve the payment of a net dividend of €0.02456 per share (after tax), resulting in a net dividend payment of €5 million.
BMIT Technologies Group, made up of BMIT Technologies plc, BM IT Limited, BM Support Services Limited, and Bellnet Limited, offers its customers a range of data centre and hosting services, public, private and hybrid cloud services, as well as managed IT services. It delivers its services to over 500 corporate customers from various industries, including online gaming, financial services, ICT, and manufacturing, among others.
Commenting on the results, Mr Sammut said that the group made progress during 2022 and will look at 2023 as a “year of transformation” for its portfolio and identity.
“The pandemic presented new and unique challenges, but we remained steadfast in our commitment to serving our customers. We expanded our product and service offerings and invested in developing our solutions portfolio to further extend our reach,” he explained, before adding that a combination of events and market changes resulted in a “serious challenge” to BMIT Technologies.
BMIT Technologies CEO Christian Sammut
“The uncertainty and tensions created by the war in Ukraine did not help either as businesses sought to gain some stability. From a technology perspective, the accelerated drive to the cloud also had an impact on our business. However, despite these hurdles, I am pleased to report that we were able to meet our targets for the year. We have shown resilience and perseverance time and again. As we move forward, I am confident in our ability to navigate the road ahead and emerge stronger,” Mr Sammut said.
He remarked that BMIT Technologies has sought to “re-evaluate” its business, due to complex technical requirements and more aggressive and global competition.
Additionally, he reiterated that the group’s core business remains “hugely important”, yet knows that its future cannot “rely solely on legacy”, as he expects the demand for colocation and datacentre services, along with cloud services, to “slow down” in the long term. As a result, BMIT Technologies has taken the step to transform its business, expanding its advisory and solutions benefits and to also focus on cybersecurity.
He explained that cybersecurity is a “huge business opportunity” which is becoming “increasingly important as the world becomes more connected”. “In a world where technology is becoming increasingly integrated into our daily lives, security is a top priority for individuals and businesses alike,” he added. In addition to this, Mr Sammut said that by leveraging the group’s expertise and experience in cybersecurity, it aims to delivering a “comprehensive” offering and service package to its customers.
“Our transformation journey is about more than just expanding our business. It is about shaping a new future for BMIT. It is about our identity. By protecting and strengthening our core business, whilst embracing new opportunities and technologies, we are positioning ourselves to remain competitive in an ever-changing market. This pursuit goes beyond simply boosting revenue and extends to creating a better future for our stakeholders and customers alike,” he said.
Mr Sammut added that BMIT Technologies’ efforts to reduce its carbon footprint during 2022 also paid off, as it successfully implemented new technologies at the Ħandaq datacentre and made “important investments” in solar energy for its internal needs. The group stated that it aims to continue to build on these achievements by introducing further improvements to tackle future challenges.
Looking ahead, Mr Sammut said that the group’s transformation journey is “just beginning” and that he is “confident” in its ability to achieve sustainable growth and success in the years ahead. BMIT Technologies’ primary focus remains that of growing the business and expanding its customer base, and he believes that it has the “right strategy in place to achieve this”.
Former BMIT Technologies Chairman Nikhil Patil
Nikhil Patil, who resigned from his position as Chairman last September, remarked that 2022 proved to be a year of “challenges, successes, and reflections” for the group.
He explained that BMIT Technologies’ transformation journey and consequent innovation is “critical” as it allows it to “create value for its existing clients whilst attracting new ones”, a process which is “essential” for growth in an “ever-changing technology landscape”.
Mr Patil, who is CEO at GO plc, expressed gratitude for his five years at BMIT Technologies, and for having to witness its journey, before thanking clients and business partners for their “loyalty and trust”, as well as the Board Members who have “continuously supported” the group during “difficult times”. He concluded by wishing the group every success in the future.