Last checked at 25 Oct 2017 12:00
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
25 October 2017
MTI Wireless Edge Ltd
("MTI" or the "Company")
TRADING UPDATE
MTI Wireless Edge Ltd (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, announces a trading update for the three months ended 30 September 2017 (the "Third Quarter") and for the year ending 31 December 2017.
The Board expects to report strong Third Quarter revenue generation from both the antenna division and the wireless irrigation division. However, greater than anticipated costs were incurred and recognised in the Third Quarter in relation to a military antenna project. This has resulted in the antenna division making an operating loss in the Third Quarter, although the Board expects that this military antenna project will be profitable once completed. The wireless irrigation division continued to perform strongly in the Third Quarter and delivered robust operating profit margins, which has led to the group trading profitably on a consolidated basis in the Third Quarter.
The Board is optimistic regarding trading in the fourth quarter of 2017, however, given the antenna division's trading in the Third Quarter the Board now expects that group profitability for the current financial year likely will be slightly lower than current market expectations. The Board anticipates that MTI's group profitability for the year ending 31 December 2018 will remain in line with current market expectations for that year.
For further information please contact:
MTI Wireless Edge Ltd Dov Feiner, CEO Moni Borovitz, Financial Director | http://www.mtiwe.com/ +972 3 900 8900 |
Nomad and Joint Broker Allenby Capital Limited Nick Naylor Alex Brearley |
+44 20 3328 5656
|
Joint BrokerPeterhouse Corporate Finance Limited Lucy Williams Eran Zucker |
+44 20 7469 0930 |
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of high quality, low cost, flat panel antennas for commercial and for military applications. Commercial applications include: WiMAX; wireless networking; RFID readers; and broadband wireless access. With over 40 years' experience MTI supplies 100KHz to 90GHz antennas (including directional antennas and omni directional) for outdoor and indoor deployments, including smart antennas for WiMAX, Wi-Fi, public safety, RFID and base stations and terminals. For the utility market. Military applications include a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape and wastewater and storm water reuse.