MTI Wireless Edge Ltd. (MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider, has given DirectorsTalk its audited full year results for the year ended 31 December 2015.
· Completed the acquisition of Mottech Water Solution – profit enhancing acquisition
· Revenues increased by 36% to $19.6m (2014: $14.3m)
· Gross profit increased by 50% to $7.7m (2014: $5.14m)
· Profit from operations increased five times to $1.76m (2014: $340K)
· Earnings per share of $2.37 cents (2014: $0.48 cents)
· Shareholder’s equity grew to $18.4m (31 December 2014: $17.6m)
· Dividend of $1.1 cent per share declared – to be paid on 1 April 2016 to shareholders on the register at close of trading on 9 March 2016.
Zvi Borovitz, Non-Executive Chairman of MTI Wireless, commented: “I am pleased to report on our audited results for the financial year ended 31 December 2015, during which we made significant change in our business. The acquisition of Mottech Water Solutions moved us up the food chain providing a full solution with better margins and recurring revenue model for services and maintenance. We continue to develop this wireless irrigation segment with our software based solution and Motorola IRRiNet products and look forward to growing this business as water is becoming a critical nature resource and its management becoming essential.
In parallel we continued to develop our antenna segment and achieved good progress in our 60-80 GHz products range, penetrating to more customers, the benefit of which we expect to see in the future.“