MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, today announces its unaudited results for the three months ended 31 March 2019.
Highlights for the three month period ended 31 March 2019:
- Revenues increased by 16% year-on-year to $9.1m (Q1 2018: $7.8m)
- Operating profit increased 66% year-on-year to $0.6m (Q1 2018: $0.36m)
- Profit before tax more than doubled year-on-year to $0.56m (Q1 2018: $0.25m)
- Earnings per share increased 54% year-on-year to 0.64 US cents (Q1 2018: 0.42* US cents)
- Shareholder’s equity grew during the period to $21.1m (31 March 2018: $20.2m), equivalent to 18.6 pence per share (converted at 1.29 US Dollar/British Pound)
- Net cash and cash equivalents increased by $1.8m year-on-year to $5.25m (31 March 2018: $3.45m)
* This figure excludes one-time tax credit recorded in Q1 2018 which increased Earnings per Share to 0.64 US cents.
Zvi Borovitz, Chairman of MTI, commented:
“We are very pleased with the first quarter’s results, which showed double digit year-on-year growth in revenue and profits. As previously announced, since the beginning of 2019 we have seen significant growth in the Company’s order book as we have won four new large contracts that amount to over US$6m, including a contract worth more than US$3m for the provision of Mottech’s wireless irrigation control services in the Chinese market, which was the largest individual order ever received by the Company. We continue to see many more opportunities in the pipeline across all segments of the business, and this alongside the long term trends of: demand for broadband; efficient water management solutions; and increased defence budgets, supports our business proposition and provides us with confidence in meeting our goals of increasing revenue, profits and free cash flow”.