2nd Mar 2020 09:10
(Alliance News) - MTI Wireless Edge Ltd on Monday hiked its dividend by a third after reporting double-digit earnings growth in 2019.
The communications technology company reported pretax profit of USD3.4 million for 2019, up 29% compared to GBP2.7 million reported a year earlier as revenue grew by 13% to USD40.0 million from USD35.5 million.
MTI said its performance reflects the benefits of increasing scale and improved profit margins. Gross margin improved by 6%, reflecting the mix of products sold in different markets.
The company declared a dividend of USD0.020 per share, up from USD0.015 paid for 2018.
Looking forward, MTI said it has an "encouraging" order-book from design solution wins, which are maturing into profitable sales.
"This is an excellent result for 2019, and we are well placed for 2020. Our business is diversified across several markets with a core focus on providing radio frequency solutions," said Chief Executive Moni Borovitz.
"We will continue to seek to expand through a mix of acquisition-led and organic growth," added Borovitz.
MTI shares were trading 12% higher in London on Monday at 34.65 pence each.
By Evelina Grecenko; [email protected]
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