Business
Interim Results
Interim Results.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n\n\n\n\n\n\n21 August 2024\nMTI Wireless Edge Ltd\n(\"MTI\", the \"Company\" or the \"Group\")\nInterim results\nMTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to today announce its financial results for the six month period ended 30 June 2024.\n \n \n'Solid H1 - well placed for continued growth'\n \nFinancial highlights\n· Revenues level at US$22.3m (H1 2023: US$22.3m)\n· 18% increase in EBITDA* to US$3.3m (H1 2023: US$2.8m)\n· Profit before tax increased 10% to US$2.3m (H1 2023: US$2.1m)\n· Earnings per share increased 8% to 2.14 US cents (H1 2023: 1.99 US cents)\n· Strong financial position maintained with net cash standing at US$5.5m on 30 June 2024 (31 December 2023: $8.1m) after payment of dividend (US$2.7m) and purchase of shares (US$0.6m) via the buyback facility during H1 2024\n· Expansion of buyback programme effective from 22 August 2024 with increased funding from £0.7m to a maximum of £1.0m\n*Earnings before interest, tax, depreciation and amortisation.\nOperational highlights\n· The Antenna division delivered a 16% increase in sales, driven by strong demand from the defence sector and for the Group's 5G backhaul antenna solution. There is a significant order backlog for both military antennas and 5G, plus an increased number of opportunities in the pipeline which provides reasonable visibility of future revenues.\n· Domestic sales for Mottech were slower during this period as a result of the conflict, combined with some weakening in North America and Western Europe, leading to an 11% decrease in revenues. Nevertheless, profitability for the period was substantially higher, reflecting a higher margin business mix, some currency benefits and successful price increases. Q3 trading has started well and prospects in Europe for Q4 onwards, in particular, look positive.\n· MTI Summit increased sales by 1%, held back by lower than expected revenues from PSK. Profitability was below the same period in last year after absorbing losses from PSK. The core business continues to perform well, tendering a good range of new designs and is well ...