BATM Advanced Communications Limited (LON:BVC), a provider of real-time technology for networking and lab systems, said it was reaping the financial rewards following a period of investment, new product launches and bolt-on acquisitions.
“We’ve seen good growth across the board and we believe it is going to continue and maybe accelerate,” executive Dr Zvi Marom told Proactive’s Andrew Scott.
In its results statement BATM confirmed it expects growth for the full-year to be in line with market expectations.
CEO Marom said the biomedical division was “making further inroads”, gaining new customers and increasing sales to current ones.
The cyber business continued to experience “increased interest” from government agencies across the globe, he added.
Order backlog up
“As a result of this, the group has increased its backlog substantially compared with this time last year and, consequently, expects to report growth for full year 2017, in line with market expectations," Marom said.
Revenues for the six months ended June rose 10% to US$49.8mln, which led to an improvement in gross profits, which increased US$200,000 year on year to US$15mln.
The adjusted operating loss was US$1.4mln; more importantly, the group had cash in the bank of US$22.4mln.
“BATM remained loss-making in the first half, but we note the traction evident in revenue development from the investments made in core technologies across the group,” said Shore Capital in a note to clients.
The group operates two divisions: Bio-medical (which includes diagnostics and accounts for 58% of total revenues) and the networking and cyber division, which accounts for 42%.
The bio-medical arm is split into three further sub-units: distribution operation, eco-med (waste treatment) and sterilisation and diagnostics. The networking and cyber division is just that and does what it says on the tin.