BATM Advanced Communications Ltd (LSE:BVC, OTC:BTAVF) remains on track to deliver significant growth for full-year 2022, in line with market expectations.
The company’s results for 2021 revealed revenue rose 18.0% to US$132.8mln from US$112.6mln the year before.
The underlying growth of the group was led by the significant increase in sales in the Diagnostics unit of the Bio-Medical division. This was based on sustained demand for the group’s COVID-19 diagnostic solutions.
In the Networking and Cyber division, the group launched its edge computing and network function virtualisation offering, Edgility, which the board expects will be a key driver of future growth.
Underlying earnings (EBITDA) from ongoing operations soared 139% to £15.7mln from £6.6mln while profit before tax on a reported basis increased by 87.5% to US$24.9mln (2020: $13.3m), reflecting the growth in the business and the gain from the sale of NGSoft.
"We are delighted to be announcing another excellent set of results with growth from ongoing operations in all of our business units. We are particularly proud of the significant progress made in our Diagnostics unit, where our investment in recent years has really come to fruition, and of the substantial contracts awarded during the year in our cyber business. We were also excited to launch our Edgility platform for edge computing and virtual networking, which we believe will be a key driver of our future growth,” said Dr Zvi Marom, the chief executive officer of BATM.
"Looking ahead, we entered the new year with sustained momentum across the business and we remain on track to deliver significant growth for full-year 2022, in line with market expectations. We have established solid foundations in core technologies that are now at an inflexion point of becoming market disrupters. We will continue to cultivate growth and development across our business as well as pursue opportunities to accelerate the realisation of the value of the IP within our different units through strategic transactions. We have an exciting future ahead of us and we look forward to reporting on our progress and delivering value for our shareholders,” he added.