MTI Wireless Edge Ltd. (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider, today gave DirectorsTalk its unaudited results for the nine months ended 30 September 2016.
Highlights:
· Revenue increased by 31 per cent. year-on-year in the Period to US$17.6m (nine months to 30 September 2015: US$13.4m), primarily due to the acquisition of Mottech.
· Gross profit increased by 22 per cent. year-on-year to US$6.5m (nine months to 30 September 2015: US$5.4m).
· Operating profit of approximately US$1.0m in the Period, in line with nine months to 30 September 2015.
· Cash flow generated from operations tripled to US$1.5m (nine months to 30 September 2015: US$0.5m).
· Dividend of US 1.1 cent per share for the year ended 31 December 2015 paid on 1 April 2016.
· Shareholders’ equity of US$18.6m (at 30 September 2015: US$17.9m) after payment of dividend, equivalent to 28.9 pence per share.
Dov Feiner, the Company’s Chief Executive Officer, commented: “I am happy to report on another excellent quarter for Mottech and its contribution to revenue growth and profit. Our antenna business is continuing to make a good progress in the third quarter, with another military contract win, as announced in August, which provides us with longer-term visibility. The RFID business has experienced a very good year to date and together with the continued development of the 60 – 80 GHz line we continue to be confident about the long-term future of the antenna business. At Mottech, we continue to see a variety of opportunities over many continents, all of which makes us believe that the combined business will continue to grow and be successful in 2016 and beyond”.
