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 announced its unaudited results for the three months ended 31 March 2017.
Highlights:
· Revenues increased by 18% year-on-year to $6.2m (Q1 2016: $5.3m)
· Gross profit increased 38% year-on-year to $2.46m (Q1 2016: $1.78m)
· Operating profit of $0.45m (Q1 2016: loss of $0.1m)
· Earnings per share of 0.43 US cents (Q1 2016: loss of 0.29 US cents)
· Shareholder’s equity grew during the period to $19.4m (31 December 2016: $18.9m), equivalent to 28.4 pence per share.
Dov Feiner, CEO of MTI Wireless Edge Limited, commented: “During the first quarter of 2017 we continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we see many additional opportunities to grow the business in various geographical areas, some of which we announced recently. In the antenna segment we continue to see good demand in all areas (military, RFID and broadband access) and given the current orderbook and pipeline of opportunities in the antenna segment, we have a strong belief that the growth will continue in 2017 and beyond.
Notwithstanding the decline in value of the US dollar against the New Israeli Shekel in Q1 2017 we were delighted to grow the operating profit, as this decline is reflected in the higher financial costs we incurred during the quarter. We believe that once the exchange rate stabilises our net earnings will grow even further.”
