Batm Advanced Share News (BVC)

Telecoms equipment firm BATM Advanced Communications has announced strong results for the six months ended 30 June 2011 reflecting a good recovery. The group's revenue was up 16.64% to $64.5m (2010: $55.3m) with gross profit up 17.67% to $23.3m (2010: 19.8m). Chief executive Dr Zvi Marom said: "Our Telecoms division has shown recovery and growth despite the loss of orders from a major OEM experienced last year. "We continue to invest in the future growth of the business, whilst maintaining a very robust balance sheet. We are also proposing to file our shares to be listed on the Tel Aviv Stock Exchange, due to investor demand, which we expect to take place before the end of the current year. "We continue to believe that we are building a strong company whose strength lies in the quality of its technology and we remain confident of long term future success."The gross profit margin for the first half the year was slightly up from 35.8% to 36.1%. The company saw a $5.5m reduction in its cash balance, mainly due to the acquisition of the assets of ANDA Networks and the payment of Vigilant debt of $1.5m. The share price was up 3.75% to 20.75p at 10:56. NR