Business
Final Results for 2022
Final Results for 2022.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \n \n 13 March 2023\n \n \n \n \n \n \n \n \n MTI Wireless Edge Ltd\n \n \n \n \n (\"MTI\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n Final results for 2022\n \n \n \n \n and\n \n \n \n \n Extension of the Company's share repurchase programme\n \n \n \n \n \n \n \n \n MTI Wireless Edge Ltd (AIM:MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce its audited results for the year ended 31 December 2022\n .\n \n \n \n 2022 Highlights\n \n \n \n \n \n \n \n \n \n A strong financial performance in 2022\n \n \n \n \n \n \n \n \n ·\n Delivered revenue growth of 7% to US$46.3m (2021: US$43.2m)\n \n \n ·\n A 12% increase in adjusted EBITDA to US$6.06m (2021: US$5.4m), helped by the economies of scale from the increasing size of the Group\n \n \n ·\n Profit from operations increased 4% to US$4.59m (2021: US$4.42m), including some one off costs related to the acquisition of PSK\n \n \n ·\n Net profit growth of 4% to US$3.85m (2021: US$3.7m)\n \n \n ·\n Earnings per share increased by 3% to 4.21 US cents (2021: 4.07 US cents)\n \n \n ·\n Net cash of US$8.1m at 31 December 2022 (31 December 2021: US$12.5m), after significant expenditure (together totalling approximately $7m) comprising:\n \n \n o \n the initial net consideration paid in respect of PSK\n \n \n o \n the Group's exit from its Russian operations\n \n \n o \n the dividend paid in March 2022\n \n \n offset by US$3.59m of net cash generated from operating activities.\n \n \n \n \n \n ·\n Increased final dividend of 7% to 3.0 US cents per share (2021: 2.8 US cents per share)\n \n \n \n Sales growth and future growth drivers established across all three divisions\n \n \n \n \n \n \n \n \n ·\n Antennas - completed a successful year with 3% revenue growth in 2022 and the prospect of increasing revenues in 2023. Sale of commercial antennas increased with unanticipated demand for legacy fixed wireless access antennas, combined with increasing sales of the 5G backhaul solutions and the ABS® antenna solution to counter small mast movements, attracting strong interest from three tier one customers and several tier two customers.\n \n \n ·\n Water management - delivered 3% revenue growth with price increases agreed in 2022 that...