4th Mar 2020 11:05
(Alliance News) - BATM Advanced Communications Ltd on Wednesday reported "another good year", with second-half performance particularly strong.
BATM provides technology for the networking and cybersecurity industries, and also provides biomedical and biowaste treatment services.
Revenue in 2019 rose 3.2% to USD123.4 million, with pretax profit multiplying from the year before to USD4.8 million from USD1.2 million.
Hod HaSharon, Israel-based BATM said both divisions achieved increased sales and profit, with performance in the second half of 2019 "great", rising 20% on the first half. The fourth-quarter was "particularly robust", it said.
Revenue in the Bio-Medical division rose 3.7% to USD64.4 million, while Networking & Cyber revenue increased by 2.6% to USD59.0 million.
"We achieved important operational milestones in 2019 that significantly advanced the execution on our strategy in NFV and molecular diagnostics, our key future growth markets. We are also very pleased with the solid commercial traction that we have established in our Eco-Med and Cyber businesses," said Chief Executive Zvi Marom.
"We believe the strategy we adopted in both of our divisions is proving to be correct."
Going into 2020, BATM has a "substantially" higher backlog than at the same time a year before.
"As a result, BATM expects to report results for full-year 2020 in line with market expectations and the board continues to look to the future with confidence," said BATM.
Shares were down 5.7% on Wednesday morning at a price of 42.80 pence each.
By George Collard; [email protected]
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