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06 Mar 2019 | 09:38

BATM upgrades outlook on earnings, revenue following 'strong' growth in 2018

BATM Advanced Communications upgraded its outlook on earnings and revenue even after delivering 'strong' growth for the year.

For the year ended 31 December 2018, profit before tax more than halved to $1.21m from $3.81 a year earlier and revenue increased 11.6% to $119.6m.

The fall in profits was due to an increase in operating expenses to $33.0m for the year from $28.5m for the previous year, with the increase 'primarily due to exceptional operating income in 2017 related to the disposal of one of the group's buildings,' the company said.

Excluding the disposal, 2017 operating expenses would have been $34.0m. Adjusted operating profit fell to $2.6m from $5.6m a year earlier, but excluding the impact of the disposal the group achieved a significant increase in adjusted operating profit to $2.6m compared with $0.1m in 2017. This was led by a strong growth in Networking and Cyber division, which accounts for 48% of total revenues. The division saw revenues increased by 16.4% to $57.5m for the year. While the Bio-Medical Division, which accounts 52% of total revenue, saw revenues rise by 8.2% to $62.1m. 'In the Bio-Medical division, our Diagnostics and Eco-Med units took large steps forwards and we will see growth in these businesses in 2019,' the company said. 'Post period, we entered a significant investment agreement for the commercialisation of the molecular biology-based solutions being developed by Ador Diagnostics, which also demonstrates the inherent value within our IP.' 'Looking ahead, the momentum achieved in the second half of 2018 has carried into 2019 with a substantially higher backlog of orders than at equivalent period last year. As a result of increased visibility from long-term contracts as well as confirmed projects to be completed in the year, we anticipate revenue and EBITDA growth ahead of market expectations for full year 2019.'

At 9:38am: (LON:BVC) BATM Advanced Communications Ltd share price was +0.95p at 47.45p

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