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LONDON (Alliance News) - BATM Advanced Communications Ltd on Wednesday said its pretax loss widened in 2015 as the strong dollar dragged on revenue and it booked extra financing costs.
BATM said its pretax loss for the year to the end of December was USD11.4 million, compared to a USD3.6 million loss a year earlier. The group booked higher financing costs, up to USD10.9 million from USD1.5 million, and took a hit to revenue from the strong dollar.
Revenue fell to USD97.1 million from USD109.2 million, taking a USD14.6 million translation hit from the strong dollar. In constant currencies, revenue increased to USD111.7 million.
BAT said its Bio-Medical unit returned to operating profitability in the first half, while its Telecom arm started to show a recovery in the second half. New products and technologies have continued to replace legacy products, BATM said, leaving the group well-positioned to deliver better revenue and expanded margins.
"Looking ahead, we entered 2016 in a stronger position, with a higher backlog, than at the same time in the prior year. We expect to maintain the momentum of last year across our divisions, supported by our recent Green Lab acquisition, and are particularly excited by the interest being received by Ador, our Diagnostics joint venture company with Gamida. As a result, the board expects to deliver growth in line with market expectations," said Chief Executive Zvi Marom.
BATM shares were down 1.6% to 16.61 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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