We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mti Wireless Edge Ltd. | LSE:MWE | London | Ordinary Share | IL0010958762 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.00 | 41.00 | 43.00 | 42.00 | 42.00 | 42.00 | 30 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 45.63M | 4.05M | 0.0458 | 9.17 | 37.13M |
From Apr 2021 to Apr 2024
TIDMMWE
RNS Number : 6685I
MTI Wireless Edge Limited
16 August 2021
16 August 2021
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Interim Results
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to today announce its financial results for the six month period ended 30 June 2021.
Financial highlights
-- Solid revenue growth, up by 9% to $21.3m (H1 2020: $19.6m) -- 14% increase in operating profit to $2.2m (H1 2020: $1 . 9m) -- 13% rise in net profit to $1.73m (H1 2020: $1.54m) -- Earnings per share increased by 14% to 1.89 US cents (H1 2020: 1.65 US cents) -- Cash flow from operations increased by 53% to $3.1m (H1 2020: $2.0m) -- Strong balance sheet with net cash at $9.7m as of 30 June 2021 (30 June 2020: $7.6m)
-- 20 20 dividend of $0.02 5 per share (201 9 dividend: $0.0 2 per share) paid on 31 March 2021
Operational highlights
-- Another positive trading period with good contributions from all three divisions -- MTI Summit continues to benefit from increased government spending on defence
-- Mottech opened a new, wholly owned subsidiary and office in Canada and retained key city centre contracts in Israel and internationally
-- The Antenna division secured its first contract to develop antennas for use in space and the take up of 5G antennas is in line with internal forecasts
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"This has been another good trading period for the Company. We are winning new, and retaining existing contracts, and several of the new contracts we have won are with substantial corporations which may well lead to greater opportunities in the future. Alongside this, we made solid progress across all three divisions and as a result we are well placed to continue to grow our revenue streams and profitability."
Moni Borovitz, Chief Executive Officer, will provide a short investor presentation giving an overview of the results for the six month period ended 30 June 2021, via the Investor Meet Company (IMC) platform, today at 10.00am UK time.
Investors can sign up for free via: https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900 Moni Borovitz, CEO http://www.mtiwirelessedge.com Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656 Nick Naylor/Alex Brearley (Corporate Finance) Amrit Nahal/David Johnson (Sales and Corporate Broking) Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930 Lucy Williams/ Eran Zucker Novella (Financial PR) Tim Robertson/Fergus Young +44 20 3151 7008
Chief Executive's Statement
I am pleased to be able to report on a strong six months of trading. All three divisions are focused on addressing growth markets and this is reflected in the high demand for their services. Whether it is increased defence spending, demand for 5G mobile backhaul connectivity or the need for efficient irrigation due to water scarcity, our products and services are set up to provide solutions to these significant growth markets. As part of completing a successful trading period, the Company continues to be strongly cash generative with net cash now at $9.7 million at the end of the half-year, providing the capital to support future investment, if required and to pursue potential acquisitions.
Antenna Division
This division is a one stop shop for the sale of 'off the shelf' flat and parabolic antennas, combined with the provision of custom-developed antenna solutions to a range of commercial and military customers, with a growing focus on providing 5G backhaul antenna solutions to support mobile phone operators as they roll-out their 5G networks.
Trading was positive with consistent demand for antennas and associated products across the customer base. The roll-out of 5G networks across the world continues apace. Network operators are responding by rolling out higher bandwidth 5G services to their customers which presents a major opportunity for MTI's multi band and flat antennas, as operators will need to increase the backhaul connectivity between cell towers to deliver these faster services. Sales of MTI's 5G backhaul products are continuing to grow in line with the Company's internal targets.
After the half-year end, the Antenna division announced that it had been selected to partner with US engineering and technology firm, Craig Technologies and its subsidiary Sidus Space, to develop a new range of space antennas as part of a funded project. This represents a new market for the Antenna division and one perhaps which the Company can expand into.
Water Control & Management Division
This division provides wireless control systems to manage irrigation and water distribution for agriculture, municipal authorities and commercial entities. It operates under the Mottech brand and utilises part of the hardware technology from Motorola, integrated with the Company's own proprietary management software. Our solutions reduce water and power usage, whilst providing higher revenue from accurate irrigation, leading to more and higher quality crops and plants being grown.
2021 thus far has been another good trading period for Mottech. Awareness of the issue of water scarcity globally is increasing and this is leading to greater demand for the division's services. During the period, there was a healthy mix of retaining existing contracts and winning new mandates.
Six months ago, Mottech launched a new office in Alberta, Canada following the retirement of the Company's long-term Canadian re-seller. This office was quick to establish itself and has retained its key clients for both services contracts and upgrades of systems, which we consider to be an excellent beginning for a new venture with the potential to be an important long-term profit centre.
Since the successful launch of the Tethys system, a new wireless irrigation solution developed for the French wine market, demand for the system has been high and it is now installed in hundreds of French vineyards covering over 6,000 hectares.
It has been two years since the successful acquisition of 50% of our partner, Parkland PTY Ltd, now renamed Mottech Parkland in Australia and in that period the business has delivered over 35% growth in revenue, principally through winning new customers and it continues to see interesting opportunities for further expansion in this market.
Distribution & Professional Consulting Services Division
Operating under the MTI Summit Electronics brand, this division exclusively represents approximately 40 international suppliers of radio frequency/microwave components and sells these products to Israeli customers. Expert knowledge of both the international suppliers and customers further enables MTI to act as a consultant to all parties and assist with devising complete radio frequency/microwave solutions.
MTI Summit continues to benefit from high levels of spending by governments on defence and the demand for continued development of new wireless/radio frequency (RF) commercial solutions in Israel. During the period, the Company secured new orders from a number of significant military customers which bodes well for the future.
The Russian satellite office continued to perform well, while revenues from the large tethered balloon project that contributed strongly in the second half of 2020 and first quarter of 2021 were soft in Q2 as some delays occurred. However, we believe the remainder of 2021 will deliver good revenue streams and the prospect of a long term tethered balloon service contract. With the consistent increases in spending on defence and wireless solutions globally, MTI Summit looks well positioned for the future.
Outlook
Some markets are behind others in terms of recovering from the global COVID-19 pandemic, however, the diversity of the Group across multiple countries and markets has smoothed this disruption and enabled the delivery of a trading performance that we consider would be very satisfactory in a normal market environment. The Board believes that the business is financially strong and well placed to continue to grow, with three divisions utilising RF and wireless technology addressing separate markets where there are substantial natural drivers of future growth in addition to potential acquisition opportunities.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Six month period ended December
June 30, 31,
------------------------- ----------
2021 2020 2020
----------- ------------ ----------
U.S. $ in thousands
-------------------------------------
Unaudited
-------------------------
Revenues 21,344 19,605 40,893
Cost of sales 14,658 13,426 27, 816
----------- ------------ ----------
Gross profit 6,686 6,179 13,077
Research and development expenses 503 403 1,029
Distribution expenses 1,821 1,771 3,579
General and administrative expenses 2,203 2,087 4,379
Loss (profit) from sale of property,
plant and equipment (16) 8 14
----------- ------------ ----------
Profit from operations 2,175 1,910 4,076
Finance expenses 140 168 275
Finance income (14) (91) (255)
----------- ------------ ----------
Profit before income tax 2,049 1,833 4,056
Tax expenses 315 293 564
----------- ------------ ----------
Profit 1,734 1,540 3,492
----------- ------------ ----------
Other comprehensive income (loss)
net of tax:
Items that will not be reclassified
to profit or loss:
Re-measurement of defined benefit
plans - - 42
----------- ------------ ----------
Items that may be reclassified to
profit or loss:
Adjustment arising from translation
of financial statements of foreign
operations (61) (124) 253
----------- ------------ ----------
Total other comprehensive income
(loss) (61) (124) 295
----------- ------------ ----------
Total comprehensive income 1,673 1,416 3,787
=========== ============ ==========
Profit attributable to:
Owners of the parent 1,671 1,452 3,373
Non-controlling interests 63 88 119
----------- ------------ ----------
1,734 1,540 3,492
=========== ============ ==========
Total comprehensive income attributable
to:
Owners of the parent 1,610 1,328 3,668
Non-controlling interests 63 88 119
----------- ------------ ----------
1,673 1,416 3,787
=========== ============ ==========
Earnings per share (dollars)
Basic 0.0189 0.0165 0.0383
=========== ============ ==========
Diluted 0.0189 0.0165 0.0383
=========== ============ ==========
Weighted average number of shares
outstanding
88,53 1 ,
Basic 2 24 87,881,376 88,093,025
=========== ============ ==========
88,53 1 ,
Diluted 2 24 88,047,659 88,093,025
=========== ============ ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the six month period ended June 30 , 2021 (Unaudited) :
Attributed to owners of the parent
------------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Retained of the Non-controlling Total
capital capital transactions differences earnings parent interest equity
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
U.S. $ in thousands
Balance at
January 1, 2021 209 23,167 - 191 999 24,566 987 25,553
Changes during
the three month
period
ended March 31,
2021:
Comprehensive
income
Profit for the
period - - - - 1,671 1,671 63 1,734
Other
comprehensive
loss
Translation
differences - - - (61) - (61) - (61)
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
Total
comprehensive
income (loss)
for the
period - - - (61) 1,671 1,610 63 1,673
Profit from
acquisition
of treasury
shares (note
5B) - 5 - - - 5 - 5
Dividend - - - - (2,213) (2,213) - (2,213)
------- ---------- ------------ ----------- ---------- ------------ --------------- ----------
Balance at
June 30,
2021 209 23,172 - 130 457 23,968 1,050 25,018
======= ========== ============ =========== ========== ============ =============== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the six month period ended June 30 , 2020 (Unaudited) :
Attributed to owners of the parent
-------------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Accumulated of the Non-controlling Total
capital capital transactions differences losses parent interest equity
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
U.S. $ in thousands
Balance at January
1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during the
six month period
ended June 30,
2020:
Comprehensive
income
Profit for the
period - - - - 1,452 1,452 88 1,540
Other
comprehensive
loss
Translation
differences - - - (124) - (124) - (124)
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
Total
comprehensive
income (loss)
for the period - - - ( 124 ) 1,452 1,328 88 1,416
Dividend - - - - (1,758) (1,758) - (1,758)
Exercise of
options to
share capital 1 24 (4) - - 21 - 21
Profit from
acquisition and
disposal
of treasury
shares - 8 - - - 8 - 8
Acquisition of
the
non-controlling
interest in
subsidiary - (15) - - - (15) (15) (30)
Share based
payment - - 2 - - 2 - 2
------- ---------- ------------ ----------- ----------- ------------ --------------- ----------
Balance at June
30, 2020 20 8 22,885 50 (186) ( 964) 21,993 956 22,949
======= ========== ============ =========== =========== ============ =============== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2020 :
Attributable to owners of the parent
-------------------------------------------------------------------------
Capital
Reserve Total
from attributable
Additional share-based to owners
Share paid-in payment Translation Accumulated of the Non-controlling Total
capital capital transactions differences losses parent interests equity
------- ---------- ------------ ----------- ----------- ------------ --------------- ---------
U.S. $ in thousands
-----------------------------------------------------------------------------------------------------
Balance as at January
1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during 2020:
Comprehensive
income
Profit for the
year - - - - 3,373 3,373 119 3,492
Other
comprehensive
income
Re measurements on
defined benefit
plans - - - - 42 42 - 42
Translation
differences - - - 253 - 253 - 253
------- ---------- ------------ ----------- ----------- ------------ --------------- ---------
Total
comprehensive
income for the
year - - - 253 3,415 3,668 119 3,787
Dividend - - - - (1,758) (1,758) - (1,758)
Exercise of
options to share
capital 2 306 (54) - - 254 - 254
Acquisition of the
non-controlling
interest in
subsidiary - (15) - - - (15) (15) (30)
Profit from
acquisition and
disposal
of treasury
shares - 8 - - - 8 - 8
Share based
payment - - 2 - - 2 - 2
------- ---------- ------------ ----------- ----------- ------------ --------------- ---------
Balance as at
December 31,
2020 209 23,167 - 191 999 24,566 987 25,553
======= ========== ============ =========== =========== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
30.06.2021 30.06.2020 31.12.2020
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
----------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 9,717 7,860 9,577
Trade and other receivables 11,634 10,019 10,653
Unbilled revenue 2,488 3,158 2,318
Current tax receivables 454 559 557
Inventories 5,972 4,998 6,399
---------- ---------- ----------
30,265 26,594 29,509
---------- ---------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 37 44 44
Property, plant and equipment 5,612 4,976 4,818
Deferred tax assets 715 639 696
Intangible assets 1,040 1,090 1,065
---------- ---------- ----------
7,404 6,749 6,623
---------- ---------- ----------
Total assets 37,669 33,343 36,132
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
30.06.2021 30.06.2020 31.12.2020
---------- ----------- ----------
U.S. $ In thousands
-----------------------------------
Unaudited
-----------------------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank
credit and loans 20 229 105
Trade payables 6,075 4,082 5,098
Other accounts payable 4,906 4,657 4,094
Current tax payables 224 245 213
---------- ----------- ----------
11,225 9,213 9,510
---------- ----------- ----------
NON- CURRENT LIABILITIES:
Contingent consideration 66 69 51
Lease liabilities 495 239 155
Loans from banks , net of current maturities 27 53 37
Employee benefits, net 838 820 826
---------- ----------- ----------
1,426 1,181 1,069
---------- ----------- ----------
Total liabilities 12,651 10,394 10,579
---------- ----------- ----------
EQUITY
Equity attributable to owners of the parent
Share capital 209 208 209
Additional paid-in capital 23,172 22,885 23,167
Capital reserve from share-based payment
transactions - 50 -
Translation differences 130 ( 186 ) 191
Retained earnings 4 57 (964) 999
---------- ----------- ----------
23,968 2 1 , 993 24,566
Non-controlling interest 1,050 956 987
---------- ----------- ----------
Total equity 25,018 22,949 25,553
---------- ----------- ----------
Total equity and liabilities 37,669 33,343 36,132
========== =========== ==========
August 15, 2021
------------------------- ----------------- -------------- ------------------------
Date of approval Moshe Borovitz Elhanan Zeira Zvi Borovitz
of financial statements Chief Executive Controller Non-executive Chairman
Officer of the Board
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six month period Year ended
ended December
June 30, 31,
------------------- ----------
2021 2020 2020
-------- --------- ----------
U.S. $ in thousands
-------------------------------
Unaudited
-------------------
Cash Flows from Operating Activities:
Profit for the period 1,73 4 1,5 40 3,492
Adjustments for:
Depreciation and amortization 454 519 1,009
Loss (Gain) from sale of property, plant
and equipment (16) 8 13
Equity settled share-based payment expense - 2 2
Finance (income) expenses, net (14) (27) 69
Tax expenses 315 293 564
Changes in operating assets and liabilities:
Decrease (increase) in inventories 412 643 (557)
Decrease (increase) in trade receivables (709) (455) (1,053)
Decrease (increase) Increase in unbilled
revenues (170) (292) 548
Decrease (increase) in other accounts receivables (301) 207 255
Increase (decrease) in trade and other
accounts payables 1,645 (242) 140
Increase (decrease) in employee benefits,
net 12 (23) 25
-------- --------- ----------
Cash from operations 3,362 2,173 4,507
Interest received 2 27 28
Interest paid (19) (8) (43)
Income tax paid (220) (143) (494)
-------- --------- ----------
Net cash provided by operating activities 3,125 2,049 3,998
-------- --------- ----------
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Six month period Year ended
ended December
June 30, 31,
---------------------- ----------------
2021 2020 2020
---------- ---------- ----------------
U.S. $ in thousands
----------------------------------------
Unaudited
----------------------
Cash Flows From Investing Activities:
Proceeds from sale of property, plant
and equipment 28 21 28
changes in contingent consideration
regarding business acquisition 12 - (21)
Purchase of property, plant and equipment (488) (172) (454)
---------- ---------- ----------------
Net cash used in investing activities (448) (151) (447)
---------- ---------- ----------------
Cash Flows From Financing Activities:
Dividend (2,213) (1,758) (1,758)
Payments of lease liabilities (214) (305) (493)
Treasury shares acquired 5 (155) (155)
Treasury shares sold - 163 163
Exercise of share options - 21 254
Acquisition of the non-controlling
interest in subsidiary - (30) (30)
Repayment of long-term loans from banks (82) (65) (308)
---------- ---------- ----------------
Net cash used in financing activities (2,504) (2,129) (2,327)
---------- ---------- ----------------
Increase in cash and
cash equivalents during the period 173 (231) 1,224
Cash and cash equivalents
at the beginning of the period 9,577 8,140 8,140
Exchange differences on balances of
cash and cash equivalents (33) (49) 213
---------- ---------- ----------------
Cash and cash equivalents
at the end of the period 9,717 7,860 9,577
========== ========== ================
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General :
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company" , or collectively with its subsidiaries, the "Group" ) is an Israeli corporation. The Company was incorporated under the Companies Act in Israel on December 30, 1998, and commenced operations on July 1, 2000. Since March 2006, the Company's shares have been traded on the AIM market of the London Stock Exchange.
The formal address of the Company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel.
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the military and civilian sectors.
- A leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies.
- Providing consulting, representation and marketing services to foreign companies in the field of RF and Microwave, including engineering services in the field of aerostat systems and system engineering services.
In these financial statements, the Company included the results of its aerostat system division in its representation and consulting services division, as it deems this appropriate given the nature of the consulting services provided in both segments and the respective size of these segments.
Note 2 - Significant Accounting Policies :
The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not constitute full year-end accounts within the meaning of Israeli Companies Law. It has been prepared on the going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2020 was approved by the board on February 28, 2021. The report of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of June 30, 2021 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2020 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2020 are applied consistently in these interim consolidated financial statements.
Note 3 - REVENUES:
Year ended
Six month period ended December
June 30, 31,
------------------------ -------------------
2021 2020 2020
----------- ----------- --------------
U.S. $ in thousands
-----------------------------------------------
Unaudited
------------------------
Revenues arise from:
Sale of goods * 17,238 16,275 3 3 , 788
Rendering of services** 2,876 2,029 4, 863
Projects** 1,230 1,301 2 , 242
----------- ----------- --------------
21,34 4 19,605 40, 89 3
=========== =========== ==============
(*) at the point of time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the Group's operating segments for the six month period ended June 30, 202 1 and 20 20 respectively and for the year ended December 31, 2020 .
Six month period ended June 30, 2021 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
Revenues
External 5,772 8,601 6,971 - 21,344
Internal - - 59 (59) -
--------- ----------- ---------------- --------------- -------
Total 5,772 8,601 7,030 (59) 21,344
Segment profit 246 866 913 150 2,175
========= =========== ================ =============== =======
Finance expense, net 126
Tax expenses 315
-------
Profit 1,734
=======
As of June 30, 2021
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 14,866 10,890 9,068 - 34,824
======== =============== =============== ============== ========
Unallocated assets 2,845
========
Segment liabilities 3,226 4,411 4,089 - 11,726
======== =============== =============== ============== ========
Unallocated liabilities 925
========
Note 4- operating SEGMENTS (CONT.):
Six month period ended June 30, 2020 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
Revenues
External 5,916 7,942 5,747 - 19,605
Internal - - 81 ( 81 ) -
--------- ----------- ---------------- --------------- -------
Total 5,916 7,942 5,828 ( 81 ) 19,605
1,9 1
Segment profit 56 945 789 1 20 0
========= =========== ================ =============== =======
Finance expense, net 77
Tax expenses 29 3
-------
Profit 1,5 40
=======
As of June 30, 2020
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 13,976 9,256 7,518 - 30,750
======== =============== =============== ============== ========
Unallocated assets 2,593
========
Segment liabilities 3,287 2,425 3,845 - 9,557
======== =============== =============== ============== ========
Unallocated liabilities 837
========
Year ended December 31, 2020
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
U.S. $ in thousands
------------------------------------------------------------------
Revenues
External 11,187 16,121 13,585 - 40,893
Inter-segment - - 144 (144) -
--------- ----------- ---------------- --------------- -------
Total 11,187 16,121 13,729 (144) 40,893
========= =========== ================ =============== =======
Segment profit 158 1,928 1,614 376 4,076
========= =========== ================ =============== =======
Finance expense, net 20
Tax expenses 564
-------
Profit 3,492
=======
Note 4- operating SEGMENTS (CONT.):
Year ended December 31, 2020
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
--------------------------------------------------------------------
Segment assets 14,531 11,194 8,429 - 34,154
======== =============== =============== ============== ========
Unallocated assets 1,978
========
Segment liabilities 3,511 3,133 3,621 - 10,265
======== =============== =============== ============== ========
Unallocated liabilities 314
========
Note 5 - SIGNIFICANT EVENTS:
A. On 28 February 2021, the Board of directors declared a cash dividend of 2.5 US cents per share, representing approximately $2,213,000, in total. This dividend was paid on 31 March 2021 to shareholders on the register at the close of trading on 19 March 2021.
B. On 24 January 2019, the Company announced a share repurchase program to conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels each ("Ordinary Shares") in the Company up to a maximum value of GBP150,000 (the "Programme"). On 1 5 August 2021, the Company's board of directors and the board of directors of MTI Engineering had decided to continue with the Programme until end of August 2022. As at 30 June 2021, 50,000 Ordinary Shares were held in treasury under the Programme.
C. On 4 February 2021, the Company's subsidiary Mottech Water Solutions Ltd registered and opened a wholly-owned subsidiary in Canada and is working on establishing its activities in Canada.
D. The effects of the COVID-19 outbreak on the Company and Business Continuity in 2020 was disclosed in the 2020 annual report in note 26c. Since the beginning of 2021 and until the date of this report the Company was able to maintain good levels of operation using remote work procedures and a sufficient level of production in its production facilities while assuring the health of its employees.
All aspects of the Group's supply chain are working slower, and the Company's industry has been affected on the operational level, along with the rest of the world economy as it faces the risk of a global recession where the ability to predict the timing of a recovery is uncertain.
The introduction of vaccines, and their fast adoption in Israel and consequences, does provide hope that a worldwide recovery will start in the near term, but there is still uncertainty regarding the duration for which vaccines will be efficacious and the level of protection they provide against new variants of COVID-19. This, together with the uncertainty of the level of the global economic slowdown, its duration and its medium to long term effects creates challenges, but the Company believes that if there is no further deterioration in the situation, its financial strength and business stability will allow it to navigate through this.
E. On 19 April 2021 at an extraordinary shareholders meeting, Mrs. Lihi Elimelech Bechor was re-elected as an external director for another three year term.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR DKNBKBBKBFFD
(END) Dow Jones Newswires
August 16, 2021 02:00 ET (06:00 GMT)
1 Year Mti Wireless Edge Chart |
1 Month Mti Wireless Edge Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
