BATM Advanced Communications Ld. (BVC.L), a provider of technologies for networking and medical lab systems, reported Monday that its first-half profit before tax increased slightly to $0.8 million from last year's $0.7 million.
Profit for the period was $0.06 million, same as last year. Earnings per share were 0.00 US cents, compared to 0.02 US cents a year ago.
Operating profit, however, increased significantly to $1.5 million from prior year's $0.6 million, on lower total operating expenses.
EBITDA increased to $4.3 million from $3.1 million for the first half of the prior year.
Adjusted operating profit was $2.3 million, compared to $2.2 million last year. Adjusted EBITDA was $4.7 million, up from $4.4 million a year ago.
Gross margin was 31.1 percent, down from 34.9 percent last year.
Total Group revenue for the first half edged down to $60.0 million from prior year's $60.2 million. This reflects growth in the Cyber and Diagnostics divisions being offset by reductions in the Networking division and Secondary Activities.
Looking ahead, the company said it is on track to report results for fiscal 2024 in line with market expectations.
In the Networking division, the Group expects performance in the second half to be much stronger than the first, with new orders expected for its carrier ethernet and Edgility solutions.
The Cyber division continues to perform well. In the Diagnostics division, further growth is being driven by the continued expansion of the customer base.
Looking further ahead, the company anticipates the launch of its cyber solution into commercial markets, which represents a substantial increase in the addressable market.
The Board is also continuing to actively pursue M&A and disposal opportunities that will enable the firm to accelerate execution on its growth strategy in its core divisions.
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