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MTI Wireless Edge Ltd - Israel-based communication and radio frequency technology - Pretax profit is flat in 2021 at USD4.04 million, versus USD4.06 million in 2020. Revenue rises 5.6% to USD43.2 million from USD40.9 million but net finance expense increases. Raises final dividend by 12% to 2.8 US cents from 2.5 cents. MTI pays no interim dividend.
Chief Executive Officer Moni Borovitz comments: "2021 was a solid trading year for the business, and we will seek to repeat and build upon it in 2022. We have a very strong financial platform and MTI will continue to seek to expand its business through a mix of acquisition-led and organic growth."
MTI also says it has decided to exit all operations in Russia, following the invasion of Ukraine. These operation contributed 6% of revenue and 5% of net profit in 2021, all related to distribution and professional consulting services.
Current stock price: 46.89 pence, up 1.9% on Monday
12-month change: down 47%
By Tom Waite; thomaslwaite@alliancenews.com
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