According to its quarterly financial report, released on Thursday, BMIT Technologies recorded a Q1 2021 revenue of €6.6 million, “a significant growth” of 13 per cent on the €5.8 million figure it recorded during the same period in 2020.

These unaudited figures, the company commented, came “despite the unprecedented times”, with “good performance across all [its] business lines”.

“One year after the pandemic outbreak, the financial results achieved by the Company during the first quarter of the year were positive”, it added.

According to the report, revenue from cloud and connectivity services continued growing steadily during the quarter in question, in a continuation of the trend experienced in prior months.

BMIT Technologies’ revenue derived from managed services is increasing and this, the company posited, shows the segment “is successfully overcoming the challenges brought about by the pandemic”.

Regarding expenses, cost of sales and administrative expenses amounted to €3.6 million in the first quarter of 2021, representing a slight increase on the €3.4 million figure recorded in Q1 2020.

This increase, the company commented, “is mainly the result of more hardware and software sales, which has driven up the cost of goods sold”.

BMIT’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached just below €3 million up to Q1 2021, which is an increase of €0.5 million on the figure recorded during the same quarter in 2020.

Looking to the future, the company acknowledged that “whilst economic recovery post pandemic, both locally and globally, is yet uncertain and may have an unexpected adverse impact on performance, the results are encouraging, and the Company remains cautiously optimistic for the rest of the year”.

BMIT Technologies plc is a public company listed on the Malta Stock Exchange which describes itself as a leading provider of technology, IT, data centre, cloud and managed IT services.