Dov Feiner, Chief Executive Officer MTI Wireless Edge LON:MWE , commented: “I am pleased to announce that during the nine months of 2015 the Company continued to increase its revenue and profits.
The consolidation of our antenna and irrigation businesses has continued to contribute to our profits and we are happy with the progress made. We continue to see demand for our antennas across markets and believe that the strength of our technology will continue to lead our business. In the irrigation market we see many opportunities in various territories and are confident in this market and our ability to develop it internationally.”
MTI Wireless Edge Ltd. (MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider, today announces its unaudited results for the nine months ended 30 September 2015.
Highlights:
— The results include of the nine months includes approximately four months consolidation of the Company’s newly acquired wireless irrigation solution provider, Mottech Water Solutions Ltd (“Mottech”).
— Revenue increased by 26% year-on-year in the nine months to 30 September 2015 to US$13.4m (nine months to 30 September 2014: US$10.7m).
-- In Q3 2015, revenue increased 51% year-on-year to US$5.4m (Q3-2014: US$3.5m)
— Gross profit increased by 37% year-on-year to US$5.35m (nine months to 30 September 2014: US$3.9m) and represent s 40% of revenue (nine months to 30 September 2014: 37%).
-- In Q3 2015 gross profit grew 113% year-on-year to US$2.35m (Q3-2014: US$1.1m )
— Operating Profit increased by nearly four times year-on-year to US$1.05m (nine months to 30 September 2014: US$0.2m).
-- In Q3 2015, Operating Profit was US$0.55m against breakeven in Q3-2014.
— Profit after tax increased 315% year-on-year to US$0.75m (nine months to 30 September 2014: US$0.2m).
-- Dividend of US 0.68 cent per share paid on 2 April 2015.
— Shareholder’s equity of US$17.9m (at June 30, 2015: US$17.8m), equivalent to 22.6 pence per share (a 37% premium to the closing mid-price on 12 November 2015).
