BATM H1 revenues flat, underlying earnings grow

19th Aug 2024 09:29

(Sharecast News) - Data and telecommunications technology firm BATM Advanced Communications said on Monday that interim revenues were broadly flat despite reporting "substantial growth" in its cyber unit.

BATM said interim revenues came to $60.0m, unchanged from the same time a year earlier, even as its cyber division experienced "significant growth" on both the top and bottom lines, principally driven by the fulfilment of backorders.

The London-listed group said underlying earnings moved higher during the period, growing from $3.0m in the first six months of FY23 to $4.0m in H124.

Chief executive Moti Nagar said: "The first half of 2024 was characterised by the continued implementation of operational changes in line with our renewed strategy whilst delivering increased profits.

"We have made significant progress in aligning our business with the new strategic vision that we set out last year, which the board feel will, and has, added substantial value to our core networking, cyber and diagnostics divisions."

As of 1030 BST, BATM shares were down 4.08% at 19.76p.

Reporting by Iain Gilbert at Sharecast.com