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BATM swung to a profit in the first half of the year as lower costs eased the impact of a slight decline in revenues amid weaker growth in its networking and cyber division.
For the six months ended 30 June, the company reported a pre-tax profit of $1.18m, compared with a loss of $1.31m a year earlier, while revenue fell 3.4% to $56.22m.
Total operating expenses fell to $14.15m from £17.76m a year earlier.
The slight reduction in total revenue was due to lower sales in the networking and cyber division whilst sales in the Bio-Medical division increased over the first half of the year, the company said.
The £14.1m fundraise supported the group's balance sheet as BATM geared up for the expected ramp up in sales from second half of 2019.
'As a result of the strong backlog, BATM is on track to deliver significantly higher revenue in H2 2019 - its seasonally stronger period - compared with H1 2019, along with improved margins,' the company said. 'Consequently, the Group expects to report good growth for full year 2019, in line with the Board's expectations.'