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BATM H1 Adj. Operating Profit Declines

BATM Advanced Communications Limited (BVC.L) reported that its first half adjusted operating profit for ongoing operations declined to $1.5 million from $6.7 million, prior year, primarily due to the lower revenue from COVID-19 products. Adjusted gross margin was 31.6% compared to 38.4%, last year.

Net profit after tax attributable to equity holders of the parent was $0.1 million compared to $12.0 million, previous year. Profit per share, in cents, was 0.03 compared to 2.70.

Total Group revenue for ongoing operations was $57.5 million compared to $64.2 million, prior year, with growth in the Networking & Cyber division being offset by a reduction in the Bio-Medical division, primarily reflecting lower sales in the Diagnostic unit as well as the impact of the strengthening of the US dollar. On a constant currency basis, revenue for ongoing operations for the first half was $61.1 million.

Looking forward, the Group said it remains on track to deliver revenues for full year 2022 in line with market expectations.

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