BMIT Technologies plc has reported a robust financial performance for 2024, with revenue increasing by 17.2 per cent year-on-year, reaching €33.6 million.

This growth came despite macro and microeconomic pressures, an evolving technological landscape, and intensifying competition from both local and global players.

Christian Sammut

In his CEO’s report, Christian Sammut highlighted the significance of BMIT Technologies' strategic direction in overcoming industry challenges. The company maintained a strong focus on cybersecurity, cloud services, managed services, and cyber resilience. He also underlined the growing concern over cybersecurity threats and evolving regulatory frameworks surrounding data protection and governance.

One of the most notable developments was BMIT Technologies' strategic acquisition of GO plc’s passive mobile infrastructure in 2023, which expanded its digital infrastructure vertical. The investment not only diversified revenue streams but also strengthened the company’s position in the market. The company further invested in advanced technologies, reinforcing its international private network with new routes, making it the only data centre operator in Malta with operational resiliency across all submarine cables connecting Malta to the rest of the world.

Financial performance

The company achieved significant growth across its key segments. EBITDA rose by 26.7 per cent to €12.7 million compared to €10 million in 2023. However, profit before tax saw a slight decline of 5.6 per cent, amounting to €7.2 million, while profit after tax stood at €4.2 million, down from €4.7 million the previous year. This resulted in an earnings per share of €0.020 (2023: €0.023).

The digital infrastructure segment, primarily comprising mobile network towers, generated €4 million in revenue in 2024, a significant increase from €328k recorded in December 2023 when operations first commenced. Meanwhile, the data centre, cloud, cyber resilience, and managed services segment contributed €29.6 million in revenue, compared to €28.3 million in 2023.

Cost of sales, administration, and related expenses totalled €24.6 million, reflecting increased operational costs, including rental costs for mobile network sites and amortisation charges from the Master Services Agreement for Towers Operations. Finance costs surged to €1.8 million, up from €347k in 2023, due to full-year interest expenses related to the mobile infrastructure acquisition.

Investments and future outlook

BMIT Technologies continued its investment trajectory by acquiring an additional eight mobile network tower sites, bringing the total to 286 by the end of 2024. The demand for cloud services remained a key growth driver, with cloud-related revenue increasing by 21.6 per cent year-on-year. Revenue from the data centre segment remained relatively stable.

The company's liquidity and equity position improved in 2024. Total assets stood at €74.9 million (2023: €80.7 million), while total liabilities decreased to €62.1 million (2023: €69.9 million). BMIT Technologies also closed the year with a healthy cash balance of €6 million (2023: €3.8 million). The introduction of a scrip dividend option contributed to stronger cash generation, bolstering the company’s financial resilience.

The overall equity position of the Group increased from €10.8 million in 2023 to €12.8 million in 2024. The scrip dividend issue led to an €800k increase in share capital and the recognition of a €2 million share premium reserve.

Dividend recommendation and shareholder structure

The Board of Directors has recommended a net dividend of €0.0189 per share (after tax), amounting to a total net dividend payment of €4 million. Shareholders will have the option to receive their dividend in cash or as new ordinary shares at an attribution price of €0.319 per share.

As of 31 December 2024, BMIT Technologies' issued share capital stood at €21.16 million, divided into 211,601,892 ordinary shares with equal voting rights. The only shareholders holding more than 5 per cent of the issued share capital were GO plc and Rizzo Farrugia & Co. (stk) Ltd.