Business
AGM Statement and Trading Upd
AGM Statement and Trading Upd.
About this update from Batm Advanced Communications Ltd.
[{"type":"text","content":"\n RNS Number : 6694W BATM Advanced Communications Ld 16 June 2008 \n \n \n\nBATM Advanced Communications Limited\nAGM Statement and Trading Update\n\nAt the Company's Annual General Meeting to be held today, Peter Sheldon, Chairman of BATM, will make the following statement:\n\nI would like to take this opportunity of giving shareholders an up-to-date report on the considerable progress made by the Company since the year end. I am very pleased to report that we are significantly exceeding our expectations within all parameters - trading and financial.\n\nGrowth has continued to be very strong and we confidently expect that revenues and operating profits for 2008 will be significantly higher than present market forecasts and our earlier expectations. Whilst it is too early in the year to give an accurate estimate, for the full year as a whole we anticipate exceeding current market forecasts of revenues of $110m, following last year's reported figure of $97 million, by at least a further $10 million, with a corresponding increase in forecast operating and net profits. \n\nThis outcome is being achieved despite a background of widespread economic uncertainty and the considerable strengthening of the Israeli Shekel against all of the currencies in which we trade, especially the US$ and Euro.\n\n \nWe have also started to extend our intellectual property and technological expertise into new niche areas of opportunity. We have made a small number of investments in developing businesses, primarily in Eastern Europe (CIS and Balkans), where we see added value for the Company. Our main focus is in the field of IP controllers and associated management software for medical instruments and the distribution channels for those products. Our investments to date have been modest and have been financed entirely from our positive cash flow. We expect them to make a positive contribution to our performance this year and to grow substantially next year and beyond, adding a new dimension to BATM and its future prospects. \n\nI hope that shareholders will recognise the fast and accelerating progress that we are making in our traditional ...