Business
Final results for 2023
Final results for 2023.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n\n\n \n \nMTI Wireless Edge Ltd\n(\"MTI\" or the \"Group\")\n \nFinal results for 2023\n \nMTI 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 2023.\n2023 Highlights\nStrong financial performance and a threefold increase in share buyback programme\n· Revenue of US$45.6m (2022: US$46.3m) on a constant currency basis, this represents an increase of 2% over last year\n· Profit from operations increased 1% to US$4.65m (2022: US$4.59m), including US$0.2m impairment of goodwill related to the acquisition of PSK\n· Profit before tax increased 12% to US$4.84m (2022: US$4.32m)\n· Earnings per share increased by 9% to 4.58 US cents (2022: 4.21 US cents)\n· A 2% increase in adjusted EBITDA to US$6.16m (2022: US$6.06m), helped by the economies of scale from the increasing size of the Group\n· Net cash of US$8.1m at 31 December 2023 (31 December 2022: US$8.1m)\n· Increased final dividend by 3% to 3.1 US cents per share (2022: 3.0 US cents per share)\n· Expansion of buyback programme effective from 12 March 2024 until March 2025 with increased funding from £200K to a maximum of £700K\nSolid performance coupled to strong growth drivers for 2024 and beyond\n· Antennas - completed a successful year with 5% revenue growth in 2023 and the prospect of increasing revenues in 2024. Sales of military antennas increased sharply with demand from both local and international markets, while commercial antenna sales decreased primarily in legacy fixed wireless access antennas (after a sharp increase in 2022). Sales of the Group's 5G backhaul solutions and the ABS® antenna solution to counter small mast movements continued to attract strong interest from several Tier One customers.\n· Water management - revenue reduced by 6% due to slower activity in some international markets, while price increases and a preferable exchange rate increased the operating profit of this division by 8% over 2022. Water scarcity remains a fundamental issue, resulting in increasing demand for Mottech's exp...