“IFSP Conference 2023…”

The IFSP’s Annual Conference will be looking at the changes the industry in Malta needs to undertake, in the short term, to ensure a brighter future for practitioners in a constantly evolving economic and political climate.

Malta

IFSP to hold conference on transforming financial services

The IFSP’s Annual Conference will be held this Friday, 19 May 2023 in the Hilton Malta’s Portomaso Suite. Under the banner “Transforming Financial Services: The Time is Now!”, the conference programme covers a number of topics and takes the 10 Year Strategy for Financial Services, which was recently launched by the Malta Financial Services Advisory Council, as its starting point.

Joseph Zammit Tabona will address the conference explaining the manner in which the Strategy for Financial Services will be put into practice.

Financial services in Malta are at a critical crossroads. Indeed, the entire economy is in flux. Speakers at the conference are set to examine a range of the issues that need to be addressed in order to ensure continued prosperity and growth for Malta. Panel discussion sessions will look at the role of bureaucracy, asking at what point it shifts from an enabler of business to a drag on the economy. This should be interesting: moderated by Wayne Pisani, the panel includes the Minister for Finance and Employment, the Hon Clyde Caruana, the newly appointed CEO of the MFSA Kenneth Farrugia, Prof Michael Mainelli, Tonio Zarb, IFPS President and Marthese Portelli, CEO of the Malta Chamber.

Prof Mainelli, who heads Z/Yen a leading think tank and venture firm in London known for its Global Financial Centres Index, will also be addressing the conference.

This is but one of the panels during the conference. Juanita Bencini will be leading a discussion titled “Malta at an Economic Crossroads: Where do we go from here?” Participants in the discussion will include Vincent Rizzo, Mark Micallef, Stefano Mallia and Nick Xuereb. Gordon Cordina, a leading economist and Chair of Bank of Valletta, will also be participating and giving an address on the “Economic Myths in our Path”.

The conference will close with a discussion on “Malta’s banking situation – lifeline or stifler to business?”

Two of the now regular items on IFSP conference agendas also promise to be of interest. Stephen Attard will have a chat with Geraldine Spiteri Lucas on developments at the Malta Business Registry, while, Neville Gatt, Robert Attard, Conrad Cassar Torregiani and Andre Zarb, four of Malta’s leading tax experts, will engage in a free-wheeling – and often exciting – exchange about the trends they see in taxation and the impact these may have on practitioners and indeed the economy as a whole.

The three breakout sessions will look at developments in tax, in particular two EU Directives (DAC7 and the Unshell Directive), at what is to be expected with funds and capital markets, and finally the impact and potential of AI and Fintech.

Market News:

BMIT Technologies reports strong financial results for 2022 despite challenging economic environment

Leading cloud, infrastructure and tech advisory services provider BMIT Technologies plc reported its consolidated accounts for the financial year 2022. Despite a challenging environment, BMIT Technologies demonstrated resilience and achieved strong financial results.

BMIT’s results show a year-on-year increase of almost 2% in revenues, to €25.8 million, and earnings before tax, depreciation and amortisation (EBITDA) of €10.7 million.

“Our performance in 2022 is a result of the strategy we have embarked upon over these last couple of years,” said Christian Sammut, CEO of BMIT Technologies plc. “We navigated a challenging economic environment and made many changes in how we operate and enhanced our portfolio to achieve healthy growth and results.”

BMIT Technologies has been on a journey of transformation, meeting the ever-changing IT demands of businesses and diversifying its product portfolio. The journey began in 2022, and the company is now seeing the results of its efforts.

“Our diversification of portfolio, new services in cybersecurity and modern work, and tech advisory are the foundations of future growth,” Sammut added. “We will continue to build on the company’s core infrastructure services and expertise to ensure we remain at the forefront of our industry.”

BMIT Technologies has invested heavily in developing new tech resilience solutions. They have also increased the number of cybersecurity services we offer as these are in high demand due to the increase in cyber threats. The company’s modern work and tech advisory services are also in demand as businesses seek to adapt to the changing work environment.

“We are committed to supporting our clients in their digital transformation journey, and we are pleased to see the positive results of our efforts,” said Sammut. “Our team is focused on driving growth and delivering value to our shareholders.”

The financial results for 2022 were approved by the board of directors and confirmed at this year’s Annual General Meeting, held on 10^th May 2023. The board has also approved a dividend of €5m, or 2c46 per share which was paid on the 12^th May 2023.

Malta Company Announcements:

Trident Estates p.l.c

The Board of Directors are scheduled to meet on Friday 19 May 2023 to consider and approve the financial results for the year ended 31 January 2023. The directors will also consider the declaration of a dividend to be recommended to the Annual General Meeting which is scheduled for 16 June 2023.

Mapfre Middlesea p.l.c

The Board of directors are recommending the payment of a net dividend of €0.038043 per share. Shareholders are expected to receive the dividend payment on the 23^rd May 2023 to all shareholders as at the close of trading on the 8^th May 2023 subject to shareholders’ approval during the upcoming Annual General Meeting which is scheduled to be held on 28^th April 2023.

MedservRegis p.l.c

The Board of Directors are scheduled to meet on Friday 2819 May 2023 to consider and approve the financial results for the year ended 31 January 2023. The directors will also consider the declaration of a dividend to be recommended to the Annual General Meeting which is scheduled for 16 June 2023.

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