BMIT Technologies CEO Christian Sammut has reaffirmed the IT solutions group’s commitments towards transforming the business, including an increased focus on cybersecurity services in the long term.
This came as he was commenting on the group’s financial performance for 2022, during which it recorded €8.3 million in pre-tax profit, a marginal increase of three per cent from the previous year’s figures. Revenue also increased minimally by two per cent, while cost of sales increased from €13.3 million to €13.7 million. The group’s total equity and liabilities remained relatively stable at €25.5 million. The Board of Directors has recommended the payment of a net dividend of €0.02456 per share (after tax), resulting in a net dividend payment of €5 million.
Mr Sammut said that BMIT Technologies 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.
“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.
Due to complex technical requirements and more aggressive and global competition, he said that BMIT Technologies is seeking to “re-evaluate” its business.
With regards to its transformation journey, Mr Sammut explained that BMIT Technologies’ core business as a colocation and data services provider remains “hugely important”.
“Using legacy to describe our core business is somewhat misleading. It contributes in no small measure to our revenues. It contributes to our strength, and we will continue investing in infrastructure services. At the same time, it is evident that our future cannot rely solely on our legacy, and we envision that in the long term, demand for such services will slow down,” he added.
He explained that since the group must “transform and align” its offerings and services with the market, it is expanding its advisory and solutions benefits, while also initiating a focus on cybersecurity.
He remarked 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”.
Mr Sammut has served as CEO at the colocation, cloud and IT managed services provider since 2011, having gained a wide array of experience in the IT and communications field at various other firms, including GO plc and Innovate Limited.
BMIT Technologies CEO Christian Sammut / BMIT Technologies
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