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BATM Advanced Communications Ltd on Thursday announced a multi-year contract with CityFibre Holdings Ltd, and expects multi-million dollar sales of diagnostic products.
The Israel-based networking technology and medical lab systems provider said that it expects its contract with UK-based CityFibre for its Edgility virtual networking solution will see deployment and recurring revenues scale significantly in the short term.
The company said Edgility is being recognised internationally as a breakthrough solution and winning multiple awards, and that BATM is in ‘advanced discussions’ with several customers.
BATM said that its cyber business had also made progress, due to Russia’s invasion of Ukraine, as well as other geopolitical instabilities and organized criminal activity. The company said that it is ‘optimistic of winning a substantial multi-year, multi-million dollar government contract, which would increase the revenues of this division in 2023 and beyond’.
BATM’s bio-medical division has seen a dramatic increase in sales volume of non-Covid diagnostic products. Sales were ‘practically non-existent in 2021’, the company said, but it is expecting low double-digit million dollar revenue for the products this year.
The firm said that it has a strong balance sheet, with financial assets of around $40 million as well as ‘valuable’ intellectual property.
BATM shares were down 1.6% at 21.00 pence per share on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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