28th Feb 2022 16:26
BATM Advanced Communications Ltd - Israel-based networking and medical technology company - For 2021, posts pretax profit at USD24.9 million, up 88% from USD13.3 million the year before, in spite of total revenue declining 24% year-on-year to USD140.0 million from USD183.6 million.
The revenue drop is due to the contribution from a large exceptional ventilator contract delivered in 2020, as well as from software subsidiary NGSoft, which was sold by BATM in March 2021.
This lack of contribution more than offset solid growth from BATM's Bio-Medical division, with continued strong demand for Covid-19 test kits and diagnostic instruments and increased sales in other disease areas.
On an adjusted basis, revenue increases 18% year-on-year to USD132.8 million from USD112.6 million.
Profit rise is due to the gain made from the sale of NGSoft.
BATM's board will keep the prospect of declaring a dividend under review. However, in an upcoming general meeting, it will seek shareholder approval for the buyback of up to 44.0 million shares in the company.
Looking ahead, the group expects significant growth for 2022, coming in line with market expectations.
"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," says Chief Executive Officer Zvi Marom.
Current stock price: 53.50 pence
12-month change: down 48%
By Dayo Laniyan; [email protected]
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