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BATM annual profit soars as Covid-19 test kits, ventilators sales jump
StockMarketWire.com
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Technologies for networking solutions company BATM as its biomedical business doubled revenue, driven by sales from COVID-19 diagnostic kits and critical care ventilators.
For the year ended 31 December 2020, pre-tax profit climbed to $13.3 million from $4.8 million year-on-year as revenue increased 49% to $183.6 million.
The jump in revenue 'reflects significant growth in the bio-medical division, which accounted for 70% of total revenue (2019: 52%) and 30% was contributed by the networking and cyber division (2019: 48%),' the company said.
The company said it would recommend the distribution of a dividend for full year 2020 following the publication of its audited annual report and accounts.
For 2021, the company expected revenue growth from continuing operations, excluding the impact of the large ventilator contract received in 2020.
The company also expects to 'achieve further improvement in its gross margin for 2021 resulting from the anticipated increased contribution to group revenue from its molecular diagnostics and NFV solutions,' it added.
At 9:16am: (LON:BVC) BATM Advanced Communications Ltd share price was 0p at 94p
Story provided by StockMarketWire.com
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