MTI Wireless Edge Limited TRADING UPDATE (5957U)
25 October 2017 - 10:00PM
UK Regulatory
TIDMMWE
RNS Number : 5957U
MTI Wireless Edge Limited
25 October 2017
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 http://www.mtiwe.com/
Dov Feiner, CEO +972 3 900 8900
Moni Borovitz, Financial Director
Nomad and Joint Broker
Allenby Capital Limited
Nick Naylor
Alex Brearley +44 20 3328 5656
Joint Broker
Peterhouse 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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