Information  X 
Enter a valid email address

BATM maintains momentum

By BFN News | 09:36 AM | Wednesday 01 March, 2017

BATM Advanced Communications maintained the the momentum achieved in the first six months of 2016 with a number of significant contracts across all divisions being announced in the second half. It said the majority of these will fall into 2017, giving the group good visibility on revenues. The group said the improvement had been largely driven by the bio-medical division. It expected this to account for 57% of group revenue for 2016. A trading update said: "Consequently, BATM is expected to report that its adjusted operating profit improved in the second half such that it expects to be profitable at this level for the period. "The group also expects to report that EBITDA in the second half of the year was significantly ahead of the first half and that for FY 2016 there was a cash inflow compared with cash outflow in 2015. "As a result of certain expected revenue streams falling outside of the period, BATM expects to report revenues of slightly more than $90m for the period. "The delay in revenue was due to the delivery of a contract in the Cyber business moving from 2016 to 2017 as well as the timing of the closing of some significant tenders in the Telecom business. "The delay in delivery of the contract in the Cyber business was due to the counterparty being late in integrating their services which meant BATM completing the supply of its goods and services in Q1 2017 instead of Q4 2016. "The group's customer has amended this contract with the total value increasing to $5.2m from $4.5m. "The group remains optimistic in its outlook due to the visibility of revenues from contracts already signed as well as growth in the Bio-Medical division in which Adaltis, which received the investment from its Chinese Joint Venture partner before the end of the period, is expected to accelerate its progress in 2017 and further enhance the already growing Diagnostics business." At 9:36am: (LON:BVC) BATM Advanced Communications Ltd share price was -0.12p at 19.63p Story provided by

a d v e r t i s e m e n t