MTI Wireless Edge Limited (LON:MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, today announces its unaudited results for the six months ended 30 June 2017.
Highlights:
· Revenues increased by 13% year-on-year to $12.8m (H1 2016: $11.3m)
· Operating profit increased year-on-year by 79% of $0.9m (H1 2016: $0.5m)
· Profit before tax nearly tripled year-on-year to $1m (H1 2016: $0.35m)
· Earnings per share of 1.55 US cents (H1 2016: 0.45 US cents)
· Shareholder’s equity grew during the period to $19.5m (31 December 2016: $18.9m), equivalent to 28.2 pence per share (converted at 1.31 US dollar/ British Pound)
· Cash at 30 June 2017 of $4.8m (30 June 2016: $4.9m)
Dov Feiner, CEO of MTI Wireless Edge Limited, commented: “During the first half of 2017, we have continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we continue to see opportunities in various geographical areas, some of which we announced recently including in China, where we see traction from various sectors and territories. In the antenna segment we had a very good first half, in both the broadband access and RFID product lines, whilst in the military division we had good bookings and a good pipeline of opportunities, which provides us greater visibility of longer-term revenues. Given the current performance, order book and pipeline of opportunities in the antenna segment, we strongly believe that our growth will continue in 2017 and beyond.”
