BMIT Technologies plc holds first AGM following listing

BMIT Technologies plc held its first Annual General Meeting following its listing on the Malta Stock Exchange last February.

In addition to reporting a successful 2018 to its shareholders, the company outlined major initiatives it is undertaking in order to reach its strategic objectives, including the opening of a new data centre.

Addressing shareholders at the Hilton Malta, BMIT Technologies plc Chairman, Nikhil Patil, touched upon the company’s growth strategy and its journey from a privately-owned organisation to a listed company worth €100 million. “Our strategy saw us investing in Kinetix IT Solutions Limited in 2016, and eventually consolidating it through full acquisition in 2018. This acquisition enables us to continue enhancing our services portfolio, by providing holistic solutions to our customers and positions us to provide a new breed of services to our customers”, added Mr Patil.

Shareholders were also addressed by BMIT Technologies plc CEO, Christian Sammut, who provided an overview of the company’s main strategic initiatives, as well as a status update on a new data centre, which is scheduled for completion in 2020. “We are already in the advanced stages of developing a new data centre in Żejtun that promises to be the largest purpose-built data centre facility on the island. This new data centre has been designed and is being built according to established international standards. We expect it to be certified as a Tier 3 data centre from a leading international institution. In addition to new co-location and hosting capacity, we plan to offer enhanced cloud services as well as to roll-out new and advanced IT solutions”, said Mr Sammut.

Chief Finance Officer Alexia Muscat provided an overview of the financial performance of the company and explained that for the year ended 31 December 2018, BMIT Technologies plc generated revenues in excess of €21 million, thereby registering an increase of 8% over revenues generated in 2017. EBITDA grew by €0.7 million to €9.3 million while profit before tax amounted to €7 million, an increase of 10%.

Shareholders also approved all the resolutions presented for their consideration.