Updates

BATM

April 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Sales for FY08 were up 39% to a record US$134.5m. Pretax profit came in at US$24m and eps at 6.1 cents. These numbers have been adjusted for a loss of US$4m on BATM's holding of Nortel bonds (which has entered Chapter 11 and has been written down to US$1.4m). Net cash at the period end was US$57m or 10p a share.One keynote was the greater than expected contribution from sales to the medical sector of US$18.4m vs US$3.6m in FY07 and it was largely this change in product mix as well as adverse foreign exchange rate movements (Euro/US$) that diluted overall gross margin to 45.6%. Second half margins were 41%. The gross margin compares to the 49% recorded by telecoms sales where BATM continued to see strong demand as telecom operators ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

BATM

April 2009

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