Business
Replacement: Financial results to 30 June 2019
Replacement: Financial results to 30 June 2019.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \nRNS Number : 5457J MTI Wireless Edge Limited 19 August 2019 \n\nThe following amendment has been made to the 'Financial results for the six months ended 30 June 2019' announcement released today at 08:05 a.m. under RNS Number : 3880J. \nIn the interim consolidated statement of cash flows for the six month period ended June 30, 2019, the cash and cash equivalents at the end of the period figure has been amended to $5,662,000. \nAll other details remain unchanged.\nThe full amended text is shown below.\n \nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)\n19 August 2019 \nMTI Wireless Edge Ltd\n(\"MTI\" or the \"Company\")\nFinancial results for the six months ended 30 June 2019\n \nMTI 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 six months ended 30 June 2019.\n \nHighlights \n· Revenues increased by 12% to $19.1m (H1 2018: $17.1m)\n· Operating profit increased 41% to $1.5m (H1 2018: $1.06m)\n· Profit before tax increased 67% to $1.43m (H1 2018: $0.86m) \n· Earnings per share increased 56% to 1.47 US cents (H1 2018: 0.95* US cents) \n· Shareholder's equity grew during the period to $20.7m (30 June 2018: $19.3m), equivalent to 19.5 pence per share**\n· Cash flow from operations increased 22% year-on-year to $2.6m (H1 2018: $2.1m) providing a cash balance of over $5m at period end\n* This figure excludes a one-time tax credit recorded in Q1 2018 which increased earnings per share to 0.64 US cents. \n** Converted at 1.21 US Dollar/British Pound.\n \nMoni Borovitz, CEO of MTI, commented:\n\"In the first half of 2019 we continued to perform in accordance with our business plan, delivering significant revenue growth and increased profitability, whilst at the same time converting this growth into operating cash flow. \nWe are very pleased with the results for the first half. These demonstrate the financial benefits of the recent merger, which has delivered double digit year-on-year revenue growth and increased profit margins.\nAs previously announced, since the beginning o...