Business
Results for the nine months to 30 September 2017
Results for the nine months to 30 September 2017.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \nRNS Number : 9840V MTI Wireless Edge Limited 09 November 2017 \n\nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)\n9 November 2017\nMTI Wireless Edge Ltd\n(\"MTI\" or the \"Company\")\nFinancial results for the nine months ended 30 September 2017\nMTI Wireless Edge Ltd. (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, today announces its unaudited results for the nine months ended 30 September 2017.\n \nHighlights: \n· Profit before tax increased 54% year-on-year to $1.2m (nine months ended 30 September 2016: $0.76m) \n· Revenues increased by 12% year-on-year to $19.6m (nine months ended 30 September 2016: $11.3m)\n· Earnings per share increased by 47% year-on-year to 1.63 US cents (nine months ended 30 September 2016: 1.11 US cents)\n· Strong cash flow from operations during the period of $1.7m (nine months ended 30 September 2016: $1.5m)\n· Shareholder's equity grew during the period to $19.6m (31 December 2016: $18.9m), equivalent to 27.9 pence per share (converted at 1.31 US dollar/1 British Pound)\n· Cash at 30 September 2017 of $5.35m (30 September 2016: $5.1m, 31 December 2016 $4.4m)\n \nThe third quarter has seen strong revenue generation from both the antenna division and the wireless irrigation division. As announced on 25 October 2017, greater than anticipated costs have been incurred and recognised in the third quarter in relation to a military antenna project which has resulted in the antenna division making an operating loss in the third quarter, although the Board expects that this military antenna project will be profitable once completed. The wireless irrigation division continued to perform strongly in the third quarter and delivered robust operating profit margins.\n \nDov Feiner, CEO of MTI Wireless, commented:\n\"During 2017, we have continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we continue to see opportunities in various geographical areas as the requirement for water management solutions is increasin...