16th Jun 2008 07:00
BATM Advanced Communications Limited
AGM Statement and Trading Update
At the Company's Annual General Meeting to be held today, Peter Sheldon, Chairman of BATM, will make the following statement:
I would like to take this opportunity of giving shareholders an up-to-date report on the considerable progress made by the Company since the year end. I am very pleased to report that we are significantly exceeding our expectations within all parameters - trading and financial.
Growth has continued to be very strong and we confidently expect that revenues and operating profits for 2008 will be significantly higher than present market forecasts and our earlier expectations. Whilst it is too early in the year to give an accurate estimate, for the full year as a whole we anticipate exceeding current market forecasts of revenues of $110m, following last year's reported figure of $97 million, by at least a further $10 million, with a corresponding increase in forecast operating and net profits.
This outcome is being achieved despite a background of widespread economic uncertainty and the considerable strengthening of the Israeli Shekel against all of the currencies in which we trade, especially the US$ and Euro.
We have also started to extend our intellectual property and technological expertise into new niche areas of opportunity. We have made a small number of investments in developing businesses, primarily in Eastern Europe (CIS and Balkans), where we see added value for the Company. Our main focus is in the field of IP controllers and associated management software for medical instruments and the distribution channels for those products. Our investments to date have been modest and have been financed entirely from our positive cash flow. We expect them to make a positive contribution to our performance this year and to grow substantially next year and beyond, adding a new dimension to BATM and its future prospects.
I hope that shareholders will recognise the fast and accelerating progress that we are making in our traditional field of telecommunications, based on firm relationships with our customers, together with the exciting prospects offered by our new initiatives.
I would like to congratulate our whole BATM team for their dedication; enterprise; expertise and innovation that is an essential element in the achievement of the excellent position that the Company now enjoys.
Enquiries:
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BATM Advanced Communications |
+972 9866 2525 |
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Dr Zvi Marom, Chief Executive |
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Threadneedle Communications |
020 7936 9606 |
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Josh Royston / Graham Herring Kaupthing Singer & Friedlander |
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Nicholas How / Marc Young |
020 3205 7620 |
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Shore Capital |
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Graham Shore |
020 7408 4090 |
About BATM Advanced Communications
BATM is a world leader in the design and supply of IP packet-based systems such as high-capacity, self-routing switches with extensive QoS capabilities. For more information, visit the BATM Advanced Communications web site at www.batm.com
Telco Systems is a wholly owned subsidiary of BATM Advanced Communications Based in Foxboro, Massachusetts; the company provides industry-leading networking solutions to the carrier and enterprise markets. Telco Systems' focus is to maximize the power of customers' networks by integrating transport, access, and packet technologies onto industry-leading platforms, therefore fully meeting today's and tomorrow's network requirements. For more information, visit the Telco Systems web site at www.telco.com
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