BATM Advanced Communications Ltd on Monday reported a plunge in full-year profit and revenue as demand dropped for Covid-19 products, but expects revenue to up by a double-digit percentage in new year.

Shares were down 3.1% at 24.70 pence each on Monday morning in London.

The Hod Hasharon, Israel-based networking and medical technology company said revenue was down 17% to $116.1 million for 2022, from $140.0 million a year ago.

Pretax profit plunged to $1.9 million from $24.9 million, as total operating expenses jumped to $34.8 million from $26.7 million year ago. Finance expenses widened to $2.0 million from $911,000 a year earlier.

Earnings before interest, tax, depreciation and amortisation amounted to $8.0 million, down from $29.6 million in 2021.

Chief Executive Officer Moti Nagar said: ‘In 2022, there was robust underlying performance across our business as the effects of the pandemic increasingly subsided and we returned our focus to our regular activities. Accordingly, while our revenues were negatively impacted by currency and lower demand for Covid-19 products, we exited the year as a stronger business than we were prior to the outbreak of the pandemic.’

Looking ahead, BATM said it has entered 2023 with strong momentum across the business and a solid backlog to be delivered during the year. It expects to report a double-digit percentage increase in revenue in all units.

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