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BATM revenues fall

By BFN News | 07:32 AM | Monday 24 August, 2015

BATM Advanced Communications saw group revenue fall to $47.6m in the six months to the end of June - down from $56.7m a year ago. The group - a leading provider of real-time technologies for networking solutions and medical laboratory systems - said the decline was due to the adverse effect of foreign exchange rate fluctuations. Gross margins fell to 31.7% (H1 2014: 33.2%) and the group posts a gross operating loss of $0.3m (H1 2014: $0.4m profit). As at 30 June 2015, the Group had cash and financial assets of $30.2m (31 December 2014: $34.9m; 30 June 2014: $36.1m). Chief executive Dr Zvi Marom said: "In the first half of the year, the underlying business was robust as both divisions made significant operational advances as new products and technologies continued to replace legacy products. Specifically, we are pleased that the Diagnostics unit reached a major milestone by being profitable for the first time. We believe that we have transformed the Group in both divisions and have positioned them for growth as market demand to our products and solution increases. "Looking ahead, the Group entered the second half in a better position than this time last year. The Bio-Medical division will continue to accelerate through the second half and the Telecom division remains on track for improved performance compared with the first half of 2015. Whilst we cannot predict the extent, full year 2015 revenues will be adversely effected by foreign exchange fluctuations. "However, the effect of reduced revenues in our reporting currency has an immaterial impact on operating profit because expenses are mostly in the same currency as revenues. As a result, we expect to report full year profitability in line with market expectations." Story provided by

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