6th Mar 2019 11:06
LONDON (Alliance News) - BATM Advanced Communications Ltd on Wednesday said it expects its earnings to be ahead of market expectations in 2019 despite a 68% fall in profit in 2018.
The medical laboratory systems provider reported pretax profit of USD1.2 million for 2018, less than a third of USD3.8 million the year before, despite revenue rising by 12% to USD119.6 million form USD107.1 million.
Total operating expenses were USD33.0 million compared with USD28.5 million for the previous year, with the increase primarily due to exceptional operating income in 2017 related to the disposal of one of the company's buildings. Excluding the disposal, 2017 operating expenses would have been USD34.0 million.
For 2018, the group generated earnings before interest, taxes, depreciation, and amortization of USD4.9 million, which on an underlying basis, excluding the exceptional gain from the disposal of property in 2017, more than doubled from USD2.2 million.
"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," said Chief Executive Zvi Marom.
"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 2019," added Marom.
BATM Advanced shares were trading 1.5% higher on Wednesday at 47.20p each.
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