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BATM sees full year earnings double

As a result of the improved performance, CEO Zvi Marom said the company had entered 2020 with a “substantially higher” order backlog than the previous year

BATM Advanced Communications Ltd - BATM sees full year profits double
Last week, BATM unveiled a new diagnostics kit to detect coronavirus

BATM Advanced Communications Ltd (LON:BVC) has seen earnings double in 2019 after what its chief executive said was a “great performance in the second half”.

For the year ended 31 December, 2019, the networking tech and bio-medical firm reported underlying earnings (EBITDA) of US$9.8mln, up from US$4.9mln in 2018, while revenues rose to US$123.4mln from US$119.6mln. Adjusted operating profit, meanwhile, was up to US$5.3mln from US$2.6mln.

WATCH: BATM sees full year earnings double for 2019

CEO Zvi Marom said revenues in the second half had been 20% higher year-on-year, which alongside a “robust fourth quarter” had helped deliver “increased sales and profit…along with strong cash generation”.

As a result of the improved performance, Marom said the company had entered 2020 with a “substantially higher” order backlog than the previous year.

The company said it expected growth in both its networking and bio-medical divisions for the coming year, and as a result, BATM expected that its 2020 performance will be “in line with market expectations”.

"Much value is being created within BATM which is not yet being recognised in the income statement. Nevertheless, we observe revenues and profitability continuing to rise with further progress set to flow through [its 2020 financial year]", said analysts at house broker Shore Capital.

BATM shares were 4.9% lower at 43.2p in late-morning trading on Wednesday.

--Adds broker comment and share price--

Quick facts: BATM Advanced Communications Ltd

Price: 90 GBX

LSE:BVC
Market: LSE
Market Cap: £396.25 m
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