Results for 2017 came in ahead of expectations at BATM Advanced Communications Limited (LON:BVC) in what the company termed a milestone year for the group.
Revenue for real-time technologies group rose 18% to US$107.1mln in 2017 from US$90.4mln the year before, a tad ahead of the US$106mln predicted in a trading update two weeks ago.
WATCH: BATM Advanced Communications lays groundwork for strong growth in 2018
The bio-medical division, which accounted for 54% of revenue, saw the top line rise 11.2% to US$57.4mln from US$51.6mln the previous year.
The networking and cyber division’s revenue returned to growth, with sales up 28.3% to US$49.4mln from US$38.5mln the previous year.
Underlying earnings (EBITDA) rose to US$7.7mln from US$2.8mln the previous year; the group had guided towards EBITDA of US$7mln.
Excluding the benefit of profits on the disposal of property, plant and equipment, EBITDA was US$2.2mln in 2017 compared with a loss in 2016 of US$0.3mln.
The group ended the year with cash and financial assets of US$24mln, up from US$22.4mln at the half-year stage but down from US$27.6mln at the end of 2016.
"This was a turnaround year for BATM as the Networking and Cyber division achieved increased year-on-year revenue for the first time since 2011 on the back of a decade of development, testing and POCs [proof of concept] with significant customers and establishing a healthy order book,” said Dr Zvi Marom, chief executive officer of BATM.
“The Bio-Medical division continued to demonstrate growth in product sales and we made a strong start in providing services while we continued to advance the development of disruptive patented technologies that will soon be introduced to the market,” he added.
"In 2017, we achieved the goals that we set for the year: gaining new customers and partners, securing new contracts, expanding into new territories and continuing to establish leading positions in our target markets. The strategies that we have implemented in both our divisions are coming to fruition as new products and technologies have completely replaced legacy products and are gaining traction in areas that we had previously identified as growth markets,” Marom declared.
The BATM boss said the group entered 2018 in a strong position than at the same stage the year before, with a higher order book across its Networking & Cyber and Bio-Medical divisions.
“We are confident that the growth momentum across both divisions will be maintained during 2018 and we, therefore, look forward to the future with continued optimism," Marom concluded.