28th Aug 2018 11:02
LONDON (Alliance News) - BATM Advanced Communications Ltd on Tuesday expressed confidence for the reminder of 2018 after its loss narrowed in the first-half.
The real-time technologies provider said its pretax loss narrowed in the six months to the end of June to USD1.3 million from USD2.3 million reported for the same period a year earlier, as revenue rose 17% to USD58.2 million from USD49.8 million.
Sales & marketing expenses were USD7.8 million, up 8.3% year-on-year from USD7.2 million, while general & administrative costs rose 9.6% to USD5.7 million from UDS5.2 million, due to an expansion.
Research & development investment decreased, however, to USD3.8 million from USD4.0 million, primarily as a result of a higher grant secured in Israel.
On a divisional basis, revenue in Bio-Medical rose by 3.5% to USD29.6 million from USD28.6 million the year before.
During the period, the company finalised the development of the new molecular biology diagnostics Adaltis product line, and it sold 50 units of its new model ELISA analyser and achieved first sales of metabolism testing analyser Metabo.
BATM also invested in its laboratories expansion in Romania, Israel, and Moldova.
Meanwhile, in the Networking & Cyber division revenue increased by 37% to USD28.6 million from USD21.0 million the year prior, due to the higher sales of information & communication technologies.
"In the first half of 2018 we've seen sustained momentum in all our areas of activity," said Chief Executive Zvi Marom.
"We expect the momentum of activity across our divisions to increase throughout the year," continued Marom. "Consequently, the board remains confident of achieving sustained growth and delivering shareholder value."
Shares were 1.1% lower on Tuesday at 40.64 pence each.
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