Israeli tech firm BATM Advanced Communications has seen its revenue remain flat despite “substantial growth” in its cyber division, according to newly-filed results.
The London-listed firm, which has its headquarters in Hod Hasharon, saw its revenue hit $60m (£46m) in the first six months on 2024 – unchanged from the same period last year.
BATM’s earnings before interest, taxes, depreciation, and amortization (EBITDA) however did tick up, hitting just over $4m (£3m) during the half, up from $3m (£1.5m) in the year before.
The firm’s stagnant revenue was despite its cyber arm reporting “significant growth” in both revenue and EBITDA, driven by the fulfilment of a backlog of orders, which it said was now making a “notable impact” on overall group performance.
Post-period, BATM secured a partnership with a mystery tech firm, which it described as a”significant global technology, engineering and defence group”.
It said the partnership would allow it to bring its cybersecurity solutions to the commercial market.
Additionally, the company received over $2.3m (£1.7m) in new orders, including projects focused on developing advanced encryption technology integrated with quantum key distribution.
Moti Nagar, chief executive of BATM, 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.
“The board continues to look at ways of creating and ultimately delivering value to shareholders which, in time, should be reflected in the valuation ascribed to the group.
“We are continuing to experience excellent momentum in our cyber and diagnostics divisions, and we are eagerly looking forward to launching our cyber solution into the commercial markets alongside our major new partner, which represents a substantial opportunity.
“In the networking division, we expect a much stronger performance in the second half of the year compared with H1. Consequently, we continue to look to the future with confidence.”