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Annual Results

BATM earnings rise

23 March 2016 08:11

BATM Advanced Communications - a leading provider of real-time technologies for networking solutions and medical laboratory systems - posts an adjusted operating profit of $0.7m for the year to the end of December against a loss of $1m last time.

Group revenues totalled $97.1m (2014: $109.2m); on a constant currency basis, revenues amounted to $111.7m (2014: $109.2m). Gross margins rose to 31.8% (2014: 31.2%) and EBITDA increased to $2.5m (2014: $0.9m).

Chief executive Dr Zvi Marom said: "We believe that we have turned a corner and transformed the Group in both our divisions. In particular, the Diagnostics unit reached a major milestone by reaching breakeven for the first time and also increased its production capacity, for both instruments and reagents, to cater for anticipated demand in 2016. We also gained significant traction in our other emerging growth units with the first multi-million dollar contracts for cyber and treatment of biohazardous waste in the biopharma and agri-business sectors. As a result, on a constant currency basis, we achieved an increase in Group revenues.

"Looking ahead, we entered 2016 in a stronger position, with a higher backlog, than at the same time in the prior year. We expect to maintain the momentum of last year across our divisions, supported by our recent Green Lab acquisition, and are particularly excited by the interest being received by Ador, our Diagnostics joint venture company with Gamida. As a result, the Board expects to deliver growth in line with market expectations."

At 8:11am: (LON:BVC) BATM Advanced Communications Ltd share price was -0.13p at 16.75p

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