17th Feb 2016 08:30
LONDON (Alliance News) - MTI Wireless Edge Ltd Wednesday reported a rise in pretax profit for 2015, boosted by its acquisition of Mottech Water Solutions, and increased its dividend.
MTI Wireless makes flat panel antennas for fixed wireless broadband and provides wireless irrigation services via the newly integrated Mottech.
The company reported a pretax profit of USD1.4 million for 2015, up from USD153,000 a year before, as revenue rose to USD19.6 million from USD14.3 million. It said its acquisition of Mottech moved it "up the food chain", and said the addition of this business, as well as work to control costs, helped increase profitability.
MTI Wireless said it enters 2016 with confidence in its growth prospects, citing continued growth in data usage and requirement for efficient water management as underlying drivers, as well as its order backlog of USD6.7 million.
"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," said Non-Executive Chairman Zvi Borovitz in a statement.
"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," Borovitz added.
The company proposed a dividend of USD1.1 cent for 2015, up from the USD0.68 it paid in 2014.
Shares in MTI Wireless were up 8.8% at 24.62 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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