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 gave DirectorsTalk its unaudited results for the six months ended 30 June 2015.
Highlights
· The results include one month consolidation of our newly acquired wireless irrigation solution provider, Mottech Water Solutions Ltd (“Mottech”).
· Revenue increased by 13% to US$8m (H1 2014: US$7.1m).
· Operational profit increased by 150% to US$0.5m (H1 2014: US$0.2m).
· Total comprehensive income doubled to US$0.5m (H1 2014: US$0.25m).
· Dividend of US 0.68 cent per share paid on 2 April 2015.
· Shareholder’s equity of US$17.8m (at March 31, 2015: US$17.8m), equivalent to 22.2 pence per share (a 100% premium to the closing mid-price on 26 August).
· Integration of Mottech is progressing well.
Dov Feiner, Chief Executive Officer, commented: “I am pleased to announce that during the first half of 2015 the Company continued to increase its revenue and profits.
The antenna business has continued to grow, and we have recorded growth across the majority of our core product range compared with H1 2014 with the exception of the 80 GHz products. These 80 GHz products have nevertheless continued to gain traction in the market and we remain confident in the long term market opportunity for these multi-gigabit wireless backhaul solutions and their future contribution to the business.
On 10 of June 2015, the Company completed the earnings enhancing acquisition of Mottech and I am especially pleased to report that this has made an immediate profit contribution for the month of June, the last month of the H1 reporting period.
The integration of the Mottech business is proceeding well and we anticipate that the Mottech management office will move to MTI’s facilities in September, which will accelerate the integration process and and help us achieve operational efficiencies. We continue to see many opportunities for Mottech’s water management services, as well as applying Mottech’s remote control and monitoring systems in other markets.”
