Last checked at 1 Feb 2021 07:00
LEI: 213800FLQUB9J289RU66
1 February 2021
BATM Advanced Communications Limited
("BATM" or "the Group")
Trading Update and Notice of Results
BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, provides the following update on trading for the year ended 31 December 2020 ahead of announcing its annual results on Monday 22 February 2021.
As stated in the interim results announcement, the Group entered the second half of 2020 with a substantially higher backlog than at the same point in the prior year. This momentum continued through the second half, with stronger than anticipated demand for the Group's diagnostics solutions towards the end of the year as the second wave of the COVID-19 pandemic spread across the globe. Consequently, BATM expects revenue for full year 2020 to be at least $180m - significantly ahead of the upgraded market expectations - representing annual growth of over 45% and, consequently, EBITDA to be substantially ahead of market expectations.
The substantial growth over the previous year was driven by the Bio-Medical division. In particular, the Diagnostics unit rapidly developed testing kits in response to the outbreak of COVID-19 and received strong demand throughout the year for its reagents and instruments. These sales were primarily to public health authorities in Europe and South East Asia, and the Group has continued to receive significant orders for its diagnostic solutions into 2021. The Eco-Med unit also contributed to the exceptional performance of the Bio-Medical division in 2020 with the manufacture of critical care ventilators.
The Networking & Cyber division remained resilient despite the restrictions on travel and ability to install equipment in customers' premises due to global lockdowns. In addition, the Group continued to make significant progress with its network function virtualisation ("NFV") solution - which the Group expects to become a key growth engine of the business - securing its first tier 1 customer for NFVTime with a three-year licensing agreement and conducting several successful proofs-of-concept with tier 1 operators in Europe and APAC, including Vodafone.
The Group will provide further detail in its full year results announcement.
Full Year Results Presentation
Dr Zvi Marom, Chief Executive Officer, and Moti Nagar, Chief Financial Officer, will be hosting a presentation via webinar for investors and analysts at 2.00pm GMT on Monday 22 February 2021. To register to participate, please contact clairenorbury@luther.co.uk
Enquiries:
BATM Advanced Communications | |
Dr Zvi Marom, Chief Executive Officer | +972 9866 2525 |
Moti Nagar, Chief Financial Officer | |
Shore Capital | |
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) Henry Willcocks (Corporate Broking) | +44 20 7408 4050 |
Luther Pendragon | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |