MTI Wireless Edge sees growth skyrocket

The AIM-listed manufacturer of flat panel antennas for wireless broadband, and wireless irrigation solutions, saw revenues increase during the year by 36% to $19.6m (£13.7m), from $14.3m in 2014.

Gross profit increased by 50% to $7.7m, and profit from operations increased fivefold to $1.76m.

Earnings per share grew to 2.37c, from 0.48c, and shareholder equity grew to $18.4m to $17.6m.

"The acquisition of Mottech Water Solutions moved us up the food chain providing a full solution with better margins and recurring revenue model for services and maintenance," said non-executive chairman Zvi Borovitz.

"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," he added.

Borovitz also said the company continued to develop its antenna segment, and achieved good progress in its 60-80 GHz product range, reaching more customers.

MTI's board announced a dividend of 1.1c per share, which would be paid on 1 April to shareholders on the register at close of trading on 9 March.