‘Technology is changing at a rapid pace, so staying at the forefront means we need to adapt’ – BMIT CEO

With the global business landscape changing and evolving at a rapid pace, one industry that stands out for the pace of change are the technology and digital infrastructure sectors.

Acutely aware of this, BMIT Technologies plc CEO Christian Sammut, in a message accompanying the organisation’s 2023 financial results, discussed the need to constantly revamp products and services to remain competitive, and expressed satisfaction with the company’s progress despite market challenges and financial pressures:

“Technology is changing at a rapid pace and to remain at the forefront we need to adapt, change and renew our products and services if we want to be in a position to meet our clients’ needs. I am pleased to say that our plans are starting to bear fruit,” Ing Sammut said.

In 2023, BMIT registered a pre-tax profit of €7.7 million, dipping by 7.2 per cent when compared to 2022’s €8.3 million pre-tax profit.

It also registered a robust increase in revenues, registering a year-on-year increase of 11 per cent in 2023, reaching €28.7 million. As for earnings before tax, depreciation and amortisation (EBIDTA), this clocked in at €10 million.

In his message, the CEO of BMIT also addressed the challenges of market size, technological changes, and pressure on margins, stating that the company is implementing a strategy for long-term growth. He highlighted last year’s €46.6 million acquisition of GO plc’s passive mobile infrastructure as a key initiative. Additionally, the company is investing in expanding its service offering and exploring new market opportunities in its main business areas.

He emphasised that through strategic investments, process improvements, and a focus on operational efficiencies, BMIT have “demonstrated our ability to adapt and thrive in a rapidly changing market”.

“Our transformation journey is not just about expanding services or upgrading systems; it is about shaping an identity that ensures competitiveness in a dynamic market. By investing in our digital infrastructure and adapting to new technologies, we are positioning ourselves to meet the evolving needs of our clients and secure our future in a competitive landscape.”

Looking ahead, Ing Sammut said: “We are building on what we achieved in 2023 and will continue to invest in our digital infrastructure and our portfolio to attract new opportunities and clients. I am convinced that through further strategic investments and product diversification we will ensure growth for years to come.”

Speaking to shareholders at its annual general meeting, Chairman of the Board, Nikhil Patil described 2023 as a ‘game changing’ year for BMIT.

He spoke about the substantial investments being made and plans for future investments, describing the company as “a one-of-a-kind investment asset class in Malta for equity investors that provides growth and dividends at the same time”.

“I firmly believe that we are on the right path propelled by twin engines of growth – our hybrid IT and managed services vertical, as well as our digital infrastructure vertical. This will allow us to embrace new opportunities to continue creating long-term value for you, our shareholders,” Mr Patil said.