Q1 2022 Financial Results

About this update from Mti Wireless Edge Ltd

[{"type":"text","content":"\n \n \n 23 May 2022\n \n \n \n MTI Wireless Edge Ltd\n \n \n \n (\"MTI\", the \"Company\" or the \"Group\")\n \n \n \n Q1 2022 Financial Results\n \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 to announce its financial results for the three-month period ended 31 March 2022.\n \n \n \n Financial highlights\n \n \n \n ·\n Good revenue growth, up by 1\n 2\n % to $\n 11.2\n m (Q1 2021: $9.95m) reflecting the strength of the Group's long term customer base with over 60% of revenue being generated from clients for 10 years or more\n \n \n ·\n Profit before tax up 8% to $\n 0.97\n m (Q1 2021: $0.9m) after costs associated with the acquisition of P.S.K. WIND Technologies Ltd (\"PSK\")\n \n \n ·\n EBITDA* increased by 1\n 5\n % to $\n 1.35\n m (Q1 2021: $\n 1.18\n m)\n \n \n ·\n Earnings per share increased by 1\n 2\n % to 0.\n 89\n US cents (Q1\n 2021\n : 0.80 US cents)\n \n \n ·\n Continued strong operating cash generation with net cash standing at $6.5m on 31 March 2022 (31 March 2021: $9.5m), with the majority of the change reflecting: i) the initial net consideration paid and loan provided in respect of PSK; ii) the Group's exit from its Russian operations (as described in note six to the financial statements); and iii) the dividend paid in March 2022 - together totaling approximately $7m.\n \n \n \n Operational highlights by division\n \n \n \n \n Antennas\n \n \n \n ·\n A one stop shop for the sale of 'off the shelf' flat and parabolic antennas, combined with the provision of custom-developed antenna solutions to a range of commercial and military customers, with a growing focus on providing 5G backhaul antenna solutions to support mobile phone operators as they roll-out their 5G networks.\n \n \n ·\n In Q1 2022, there was further interest from Tier 1 corporations for our 5G automatic beam steering (\"ABS\") antenna solution, which ensures the antenna adapts to any small movements caused by different climate conditions, including wind or temperature changes.\n \n \n ·\n Orders for our 5G backhaul solution remain strong, but fulfilment is slower due to external issues relating to supply chains at customers (mainly microchip shortages and the impact of lockdowns in China). RFID revenues significantly improved w...

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