LONDON (ShareCast) - (Sharecast News) - Radio frequency and communications technology company MTI Wireless Edge reported "solid" revenue growth in its final results on Monday, rising 13% to $40m.
The AIM-traded firm said its performance in the year ended 31 December reflected the benefits of increasing scale and improved profit margins, leading to a 29% increase in profit before tax to $3.4m.

Earnings per share were ahead 21% at 3.27 US cents, while the company generated $5.6m of cash from operations, up from $2.3m year-on-year, increasing its net cash to $7.7m as at 31 December.

Shareholder's equity grew to $22.3m at period end, from $20.6m a year earlier, which the board said represented 19.7p per share.

It declared a dividend of two US cents per share, up from 1.5 cents in the prior year.

MTI also noted that its ongoing share repurchase programme had contributed to a tripled average daily share trading in 2019.

On the operational front, the company reported "good" demand for its products across multiple geographies and sectors.

It said no single customer generated more than 7% of revenues, with income spread across its three divisions.

Macro trends were said to have underpinned its growth in 2019, and were expected to continue into 2020 and beyond, with climate change and water shortages driving demand for Mottech's water management solutions.

It also said increases in defence spending globally and MTI's Indian offset solution led to growth in military antenna sales and solutions, and added that the move by mobile operators to next-generation 5G networks was driving requests for tests and early deployments of its 5G backhaul antennas from large original equipment manufacturer suppliers.

MTI also highlighted the acquisition of a 50% shareholding in Parkland, Australia, adding that it was assessing other similar value-enhancing acquisition opportunities.

"This is an excellent result for 2019 and we are well placed for 2020," said chief executive officer Moni Borovitz.

"Our business is diversified across several markets with a core focus on providing radio frequency solutions.

"We will continue to seek to expand through a mix of acquisition led and organic growth."

At 1533 GMT, shares in MTI Wireless Edge were up 5.48% at 32.7p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE