BATM Advanced Communications H1 Profit Down; Says On Track To Report Y-o-Y Growth For FY23

BATM Advanced Communications Limited (BVC.L), a provider of real-time technologies for networking solutions and medical laboratory systems, reported that its profit attributable to owners of the company for the first half of 2023 declined to $71 thousand or 0.02 cents per share from $145 thousand or 0.03 cents per share in the previous year.

Profit before tax was $726 thousand up from $611 thousand in the previous year.

On an adjusted basis, net profit after tax attributable to equity holders of the parent rose to $1.7 million from last year’s $0.5 million, primarily reflecting the tax expense compared with a tax income in the previous year.

Earnings per basic share, excluding amortization of intangible assets and share-based payments, were 0.39 cents up from 0.12 cents in the prior year.

Revenues for the period grew to $60.17 million from $57.52 million in the prior year, reflecting growth in both the Networking & Cyber and Bio-Medical divisions.

For full year 2023, the company expects to deliver year-on-year growth in Networking as revenue from the Group’s carrier ethernet and Edgility solutions continue to increase. Cyber revenues are expected to be higher in the second half than in the first half as the Group ramps up delivery of the large contract signed in the first-half of 2023. The group also remains confident of securing further cyber orders in the near term.

BATM expects Diagnostics to return to growth in the second half compared with the first half, as it delivers on orders received during the year. The Distribution and Eco-Med businesses are also expected to deliver an increase in revenue over the previous year.

The company said it is on track to report year-on-year growth for fiscal year 2023, in line with market expectations.

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