Business
Q1 2020 Financial Results
Q1 2020 Financial Results.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \n \n RNS Number : 1205N\n MTI Wireless Edge Limited\n 18 May 2020\n \n \n \n \n Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)\n \n \n 18 May 2020\n \n \n MTI Wireless Edge Ltd\n \n \n (\"MTI\" or the \"Company\")\n \n \n Q1 2020 Financial Results\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 today to announce its financial results for the three month period ended 31 March 2020.\n \n \n Financial highlights\n \n \n · \n Solid revenue growth delivered, up by 5% to $9.56m (Q1 2019: $9.08m) \n \n \n · \n Increasing scale and improved profit margins, led to a 40% increase in profit from operations to $0.84m (Q1 2019: $0.6m)\n \n \n · \n Finance expenses in Q1 were higher than typical, as a result of certain significant currency exchange fluctuations due to the COVID-19 pandemic, with some of this effect having reversed to date \n \n \n · \n Earnings per share increased by 4% to 0.67 US cents (Q1 2019: 0.64 US cents) \n \n \n · \n Solid generation of cash from operations of $1.3m (Q1 2019: $1.3m), increasing net cash to $8.6m at 31 March 2020 (31 March 2019: $5.25m, 31 December 2019: $7.7m)\n \n \n · \n 2019 dividend of $0.02 per share (2018 dividend: $0.015 per share) paid on 10 April 2020\n \n \n Operational highlights\n \n \n · \n Good order book and pipeline of opportunities across all three of the Company's divisions \n \n \n · \n New customers for Mottech's water management solutions from China, a key market for future expansion\n \n \n · \n Substantial demand for mobile usage and connectivity bodes well for MTI's 5G backhaul antenna solution\n \n \n · \n MTI Summit continued to perform well as we continue seeing increased demand for our solutions from the Israeli market and from our St Petersburg office \n \n \n Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:\n \n \n \"I am extremely pleased to report that during Q1 we delivered growth consistent with previous years. We believe that technology companies will be at the forefront of the recovery from the COVID-19 pandemic, particularly those such as our antenna division, as our end customers look to new technology, such as 5G, to increase their netwo...