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BATM Advanced Communications sees pre-tax profit up 63% in first half

By BFN News | 07:47 AM | Monday 17 August, 2020


Provider of real-time technologies for networking solutions and medical laboratory systems BATM Advanced Communications saw pre-tax profit up 62.8% year-on-year in the first half to $1.9m. This result was achieved on revenue 37% to $77.4m, driven by a strong performance for its Bio-Medical division amid demand linked to Covid-19 solutions. The company said full year results would be better than expectations with revenue up 32% and earnings up 48% as reported a substantially higher backlog and announced plans to reinstate dividends at the full year stage. Commenting on the results, Dr Zvi Marom, chief executive officer of BATM, said: 'I am pleased to report an outstanding set of results as we delivered increased sales in all of our business units along with strong cash generation. 'This reflects a great performance in the first half, in particular by our Bio-Medical division, which was able to respond rapidly to the pandemic and provide solutions including COVID-19 antigen and antibody diagnostic tests and the manufacture of critical care ventilators. 'Looking ahead, we entered the second half of the year with an increased backlog and with sustained demand for our COVID-19 solutions.' Story provided by StockMarketWire.com

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