Business
Results for the nine months to 30 September 2020
Results for the nine months to 30 September 2020.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 3432F\n MTI Wireless Edge Limited\n 16 November 2020\n \n \n \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 1\n 6\n November 2020\n \n \n MTI Wireless Edge Ltd\n \n \n (\"MTI\", the \"Company\" or the \"Group\")\n \n \n \n Financial Results for the nine months ended 30 September 20\n \n \n 20\n \n \n \n MTI Wireless Edge Ltd (AIM: MWE), the technology group specialising in comprehensive radio frequency communication solutions across multiple sectors, is pleased to announce its financial results for the nine-month period ended 30 September 2020.\n \n \n Financial highlights \n \n \n · \n Despite the disruption caused by the Covid-19 pandemic, the Group still recorded 2% revenue growth to $29.6m (2019: $29.0m) \n \n \n · \n 20% increase in operating profit to $3.0m (2019: $2.5m), reflecting the benefits of increasing scale and reduced expenditure\n \n \n · \n Earnings per share increased by 12% to 2.65 US cents (2019: 2.36 US cents)\n \n \n · \n Net cash increased 33% to $8.2m at 30 September 2020 (30 September 2019: $6.2m) \n \n \n Operational highlights\n \n \n · \n Overall, our diversified business and global footprint helped us weather the negative impact from Covid-19 \n and continue to grow revenues. \n Lower expenditure (e.g. no international travel costs or exhibitions etc.) also contributed to the Company delivering a solid trading performance for the first nine months of the year \n \n \n · \n Water scarcity is a growing issue reflected in the increased demand for Mottech's water management solutions, which has successfully increased its presence in Australia, China and the French vineyard sector with new innovative products expected in Q4 2020\n \n \n \n · \n The global switch to 5G is gathering pace, translating into the first stages of deployment of our 5G backhaul solution, with initial sales starting to come through to the antenna division \n \n \n · \n MTI Summit continues to perform strongly, underpinned by its partnership with leading brands and increased spending in the global defence market, together with growing demand from its satellite office in Russia\n \n \n · \n Ongoing commitment to the Company's share repurchase programme, which was extended in July 2020\n \n \n &...