The MTI Wireless Edge Board is pleased to declare a final dividend of US$0.03 per share representing a 7% increase on the previous year (2022: US$0.028). The dividend will be paid on 6 April 2023 to shareholders on the register at the close of trading on 24 March 2023 (ex-dividend on 23 March 2023). The currency translation into British Pounds will be made on 27 March 2023 and there will not be a scrip dividend alternative.
Other financial highlights include:
Delivered revenue growth of 7% to US$46.3m (2021: US$43.2m)
A 12% increase in adjusted EBITDA to US$6.06m (2021: US$5.4m), helped by the economies of scale from the increasing size of the Group
Profit from operations increased 4% to US$4.59m (2021: US$4.42m), including some one off costs related to the acquisition of PSK
Net profit growth of 4% to US$3.85m (2021: US$3.7m)
Earnings per share increased by 3% to 4.21 US cents (2021: 4.07 US cents)
Net cash of US$8.1m at 31 December 2022 (31 December 2021: US$12.5m), after significant expenditure (together totalling approximately $7m) comprising:
o the initial net consideration paid in respect of PSK
o the Group's exit from its Russian operations
o the dividend paid in March 2022
offset by US$3.59m of net cash generated from operating activities.
