REG - MTI Wireless Edge - Q3 2024 Financial Results and Directorate Change
25/11/2024 07:00
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RNS Number : 4185N MTI Wireless Edge Limited 25 November 2024
25 November 2024
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Q3 2024 Financial Results
and
Directorate Change
Well-positioned for the full-year and beyond, with a valuable and growing
pipeline of opportunities across the business divisions particularly driven by
defence and 5G
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors, is pleased to announce its financial results for the nine-month
period ended 30 September 2024 (the "Period").
Financial highlights
· Revenues for the Period were stable at $33.7m (nine months to 30
September 2023: $33.7m)
· 10% improvement in net profit to $3.1m (nine months to 30 September
2023: $2.8m), helped by increases in financial income and lower tax rates
· 11% increase in earnings per share to 3.60 US cents (nine months to
30 September 2023: 3.25 US cents)
· Strong balance sheet with net cash of $4.9m as at 30 September 2024
(30 September 2023: $6.4m) after using $1.1m to repurchase shares of the
Company under its buyback programme
· Final dividend anticipated to be declared alongside MTI's full year
results which will be announced during the first quarter of 2025
Operational highlights
· The Group continues to operate successfully and deliver a stable
level of sales combined with growing profitability
· Antenna division performed well, driven by 5G and defence led sales
o Significant pick-up in sales of the Company's 5G backhaul solution in
India during the second half of 2024, driven by new orders from a leading
cellular service provider
o Increased demand for military antennas globally expected to continue to be
strong into 2025
o Overall, the division is well placed for both the remainder of 2024 and
beyond, with a healthy backlog of orders and a number of submitted tenders
awaiting responses
· Mottech delivered a good third quarter
o Positive performance in North America, South Africa and Israel, which has
remained stable despite the unrest in the Middle East
o Sales into Europe were behind last year, however, a valuable and growing
pipeline of opportunities is in place
o Growing awareness amongst European countries of the need to manage and
conserve water as an important resource
o China office closed as market demand remains unstable - all related costs
were incurred in Q3 2024
o Sales in the quarter were 6% ahead of Q3 2023 but for the nine months they
were slightly behind the prior year, but with good prospects for growth in
2025
· MTI Summit experienced a relatively slow third quarter
o Sales were held back due to shipping delays from vendors
o With shipments now expected to be back on track, sales in Q4 2024 are
expected to benefit, together with a significant backlog in orders
o Strategic agreement for the distribution business is operating well and
has been extended until mid-2026
o PSK's performance continued to be slow, but is expected to improve
following the cost saving initiatives taken over the Summer combined with new
business prospects
Directorate change
The Company today also announces that Dov Feiner, Executive Board Director and
General Manager of the Antenna Division will become a Non-Executive Director
of the Company and step down from his role as General Manager at the end of
April 2025. Dov, who is aged 68 has worked in the Company for over 35 years,
will be retiring from full-time employment. Eran Shmulinson, currently Vice
President of Sales and Marketing for the Antenna Division will succeed Dov as
General Manager of the Antenna Division, in a non-Board role.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"We have completed a successful third quarter and we are well placed for the
full-year and beyond. This was a good achievement, especially given the
current regional conflicts and the associated uncertainty this creates. As
shown in these results, the business has not been significantly affected, our
partners and customers are focused on continuing as normal and I am proud to
report that our internal teams have remained positive, determined and highly
adaptable to managing any necessary changes. This has allowed us to move our
ABS antenna solution, which has been granted a patent, into pre-production
stage and introduce our own Elite Pro wireless irrigation controller to offer
to Mottech's customers. Both products have superior technology and are key for
our future growth.
"Defence is one of our three key sectors and global demand has been high,
reflecting the concerns of many Governments regarding the more unstable world
we now live in, a trend which is expected to continue. 5G is another key
sector where we have received significant demand for our products from India
and elsewhere, and there is substantial further potential from this market and
others. Due to climate change, managing water as a key resource is becoming
a higher priority for European countries who previously have taken water for
granted. We believe this will open up new opportunities for Mottech.
"This, together with our strong net cash position, means the Company is well
placed. Q4 has begun well and we anticipate continuing to grow the business
and delivering an attractive return to our shareholders.
"Finally, on behalf of the Board I would like to express our heartfelt thanks
to Dov Feiner who has successfully led the Antenna Division for many years,
been a significant presence across the whole business and provided valuable
counsel at Board level. We are grateful for the work he has done and are
delighted that he has agreed to continue to work with us in a Non-Executive
role when he steps down as the General manager of the Antenna Division in
April next year."
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
(https://url.avanan.click/v2/___http:/www.mtiwirelessedge.com___.YXAxZTpzaG9yZWNhcDphOm86NzcxMTM1YTk1OWVhNTEzMTQwMGM0YjM1MTdkNTllMGI6NjphNGJjOmJmMDE4ZDgyYmY0YzE0ZTM4M2JjZTViY2FkZDdlY2VkODBjMWQzYzNlMzUwMWY4YzlmNzlhMGQxMzk5M2RiMmU6cDpUOk4)
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Guy McDougall/Amrit Nahal (Sales and Corporate Broking)
Shore Capital (Joint Broker) +44 20 7408 4090
Toby Gibbs/ Rachel Goldstein (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Novella (Financial PR)
Tim Robertson/Safia Colebrook +44 20 3151 7008
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive
communication and radio frequency solutions across multiple sectors through
three core divisions:
Antenna division
MTI is internationally recognised as a producer of commercial off-the-Shelf
and custom-developed antenna solutions in a broad frequency range of HF to 170
GHz for commercial, RFID and military applications. MTI continuously invests
in ground breaking technologies, explores new frequencies, and devises
innovative solutions which empower our wireless communication customers with
cutting-edge off-the-shelf and custom-made antennas.
We are at the forefront of technology and innovation, being the first to
introduce Dual Band parabolic antennas, E Band Automatic Beam Steering
antennas, E Band FCC compliant flat antennas, and more.
MTI supplies directional and omnidirectional antennas for outdoor and indoor
deployments, including smart antennas for 5G backhaul, Broadband access,
public safety, RFID, base station and terminals for the utility market.
Military applications include a wide range of broadband, tactical and
specialized communication antennas, antenna systems and DF arrays installed on
numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides
high-end remote control and monitoring solutions for water and irrigation
applications based on Motorola's IRRInet state-of-the-art control, monitoring
and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide
through its international subsidiaries and a global network of local
distributors and representatives. With over 25 years of experience in
providing customers with irrigation remote control and management, Mottech's
solutions ensure constant, reliable and accurate water usage, increase crops
quality and yield while reducing operational and maintenance costs providing
fast ROI while helping sustain the environment. Mottech's activities are
focused in the market segments of agriculture, water distribution, municipal
and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting,
representation and marketing services to foreign companies in the field of RF
and Microwave solutions and applications including engineering services
(including design and integration) in the field of aerostat systems and the
ongoing operation of Platform subsystems, SIGINT, RADAR, communication and
observation systems which is performed by the Company. It also specializes in
the development, manufacture and integration of communication systems and
advanced monitoring and control systems for the Government and defence
industry market.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Nine month period ended Year ended December 31,
September 30,
2024 2023 2023
U.S. $ in thousands
(Except per share data)
Unaudited
Revenues 33,743 33,724 45,634
Cost of sales 23,122 22,815 30,963
Gross profit 10,621 10,909 14,671
Research and development expenses 731 794 1,047
Distribution expenses 2,518 2,814 3,709
General and administrative expenses 3,954 3,757 5,278
Loss (profit) from sale of property, plant and equipment (58) (8) 13
Profit from operations 3,476 3,552 4,650
Finance expenses 210 245 342
Finance income (305) (116) (527)
Profit before income tax 3,571 3,423 4,835
Income tax expenses 500 569 759
Profit 3,071 2,854 4,076
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans - - 62
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign (26) (288) (216)
operations
Total other comprehensive loss (26) (288) (154)
Total comprehensive income 3,045 2,566 3,922
Profit (loss) attributable to:
Owners of the parent 3,151 2,868 4,045
Non-controlling interests (80) (14) 31
3,071 2,854 4,076
Total comprehensive income (loss) attributable to:
Owners of the parent 3,125 2,580 3,891
Non-controlling interests (80) (14) 31
3,045 2,566 3,922
Earnings per share (dollars)
Basic and Diluted (dollars per share) 0.0360 0. 0325 0.0458
Weighted average number of shares outstanding
Basic (dollars per share) 87,472,764 88,332,198 88,283,490
Diluted (dollars per share) 87,511,080 88,332,198 88,283,490
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the nine month period ended September 30, 2024 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2024 209 23,061 (466) 5,226 28,030 1,222 29,252
Changes during the nine month period
ended September 30, 2024:
Comprehensive income
Profit (loss) for the period - - - 3,151 3,151 (80) 3,071
Other comprehensive loss
Translation differences - - (26) - (26) - (26)
Total comprehensive income (loss) for the period - - (26) 3,151 3,125 (80) 3,045
Acquisition and disposal of treasury shares * (1,024) - - (1,024) - (1,024)
Share based payment - 79 - - 79 - 79
Dividend - - - (2,745) (2,745) - (2,745)
Balance at September 30, 2024 209 22,116 (492) 5,632 27,465 1,142 28,607
(*) Less than US$ 1 thousand
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the nine month period ended September 30, 2023 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2023 209 23,078 (250) 3,775 26,812 1,226 28,038
Changes during the nine month period
ended September 30, 2023:
Comprehensive income
Profit for the period - - - 2,868 2,868 (14) 2,854
Other comprehensive income
Translation differences - - (288) - (288) - (288)
Total comprehensive income for the period - - (288) 2,868 2,580 (14) 2,566
Acquisition and disposal of treasury shares * (27) - - (27) - (27)
Dividend - - - (2,656) (2,656) - (2,656)
Acquisition of a non-controlling interest in subsidiary - - - - - (45) (45)
Balance at September 30, 2023 209 23,051 (538) 3,987 26,709 1,167 27,876
(*) Less than US$ 1 thousand
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, 2023 :
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity
U.S. $ in thousands
Balance as at January 1, 2023 209 23,078 (250) 3,775 26,812 1,226 28,038
Changes during 2023:
Comprehensive income
Profit for the year - - - 4,045 4,045 31 4,076
Other comprehensive income (loss)
Re measurements on defined benefit plans - - - 62 62 - 62
Translation differences - - (216) - (216) - (216)
Total comprehensive income (loss) for the year - - (216) 4,107 3,891 31 3,922
Dividend - - - (2,656) (2,656) - (2,656)
Acquisition of minority holdings in subsidiary - - - - - (35) (35)
Acquisition and disposal, net of treasury shares - (17) - - (17) - (17)
Balance as at December 31, 2023 209 23,061 (466) 5,226 28,030 1,222 29,252
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.09.2024 30.09.2023 31.12.2023
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,144 6,655 8,454
Trade and other receivables 13,850 11,697 14,284
Unbilled revenue 4,874 4,407 4,190
Current tax receivables 291 409 381
Inventories 8,122 7,365 7,484
32,281 30,533 34,793
NON-CURRENT ASSETS:
Long term prepaid expenses 31 39 37
Property, plant and equipment 5,339 4,987 5,398
Deferred tax assets 1,020 1,072 968
Intangible assets 3,388 3,739 3,507
9,778 9,837 9,910
Total assets 42,059 40,370 44,703
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.09.2024 30.09.2023 31.12.2023
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 250 198 314
Trade payables 6,163 5,684 7,882
Other accounts payable 4,261 3,817 4,558
Current tax payables 289 422 283
10,963 10,121 13,037
NON- CURRENT LIABILITIES:
Contingent consideration 1,117 1,432 1,117
Lease liabilities 509 150 514
Loans from banks, net of current maturities 75 52 64
Employee benefits, net 788 739 719
2,489 2,373 2,414
Total liabilities 13,452 12,494 15,451
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 22,116 23,051 23,061
Translation differences (492) (538) (466)
Retained earnings 5,632 3,987 5,226
27,465 26,709 28,030
Non-controlling interest 1,142 1,167 1,222
Total equity 28,607 27,876 29,252
Total equity and liabilities 42,059 40,370 44,703
November 24, 2024
Date of approval of financial statements Moshe Borovitz Elhanan Zeira Zvi Borovitz
Chief Executive Officer Controller Non-executive Chairman of the Board
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine month period ended Year ended December 31,
September 30,
2024 2023 2023
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 3,071 2,854 4,076
Adjustments for:
Depreciation and amortization 1,291 956 1,511
(Gain) from sale of property, plant and equipment (56) (6) (13)
Finance (income), net (469) (86) (5)
Changes in Contingent consideration - - (315)
Tax expenses 500 569 759
Changes in operating assets and liabilities:
Decrease (increase) in inventories (626) 258 158
Decrease (increase) in trade receivables (7) (830) (2,477)
Decrease (increase) in other accounts receivables 361 (191) (897)
Increase in unbilled revenues (684) (2,129) (1,986)
Increase (decrease) in trade and other accounts payables (1,870) 517 3,228
Increase (decrease) in employee benefits, net 69 (13) 29
Cash from operations 1,580 1,899 4,068
Interest received 69 46 69
Interest paid (61) (23) (59)
Income tax paid (received) (453) (344) (540)
Net cash provided by operating activities 1,135 1,578 3,538
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Nine month period ended Year ended December 31,
September 30,
2024 2023 2023
U.S. $ in thousands
Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment 56 39 62
Purchase of property, plant and equipment (486) (229) (426)
Net cash used in investing activities (430) (190) (364)
Cash Flows From Financing Activities:
Dividend (2,745) (2,656) (2,656)
Payments of lease liabilities (485) (328) (485)
Treasury shares acquired (1,024) (362) (516)
Treasury shares sold - 335 499
Employee options issuance 79 - -
Acquisition of non-controlling interest in subsidiary - (45) (35)
Short-term loans and credit line received from banks 168 136 460
Repayment of long-term loans from banks (9) (10) (247)
Net cash used in financing activities (4,016) (2,930) (2,980)
(Decrease) Increase in cash and (3,311) (1,542) 194
cash equivalents during the period
Cash and cash equivalents 8,454 8,279 8,279
at the beginning of the period
Exchange differences on balances of cash and cash equivalents 1 (82) (19)
Cash and cash equivalents 5,144 6,655 8,454
at the end of the period
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 (radio frequency) and Microwave,
including engineering services in the field of aerostat systems and system
engineering services.
- Development, manufacture and integration of communication systems
and advanced monitoring and control systems for the Government and defence
industry market.
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, 2023 was approved by the board on March 10, 2024. The report of
the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of September 30, 2024 have
not been audited.
The interim consolidated financial information should be read in conjunction
with the annual financial statements as of December 31, 2023 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,
2023 are applied consistently in these interim consolidated financial
statements.
On April 9, 2024, the IASB published IFRS 18 'Presentation and Disclosure in
Financial Statements' which replaces IAS 1 Presentation of Financial
Statements and is mandatorily effective for annual reporting periods beginning
on or after January 1st, 2027. The main changes are as follows:
Note 2 - Significant Accounting Policies - (CONT.):
1. Mandatory sub totals to be presented in the profit and loss account.
2. Aggregation and disaggregation of information including the
introduction of overall principles for how information should be aggregated
and disaggregated in financial statements.
3. Disclosures related to management defined performance measures (MPMs).
The Company is currently assessing the impact of this new accounting standard
and amendment.
Note 3 - REVENUES:
Nine month period ended Year ended December 31,
September 30,
2024 2023 2023
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 23,774 23,630 32,525
Rendering of services** 6,027 5,189 7,178
Projects** 3,942 4,905 5,931
33,743 33,724 45,634
(*) at the point in time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the
Group's operating segments for the nine month period ended September 30, 2024
and 2023 respectively and for the year ended December 31, 2023.
Nine month period ended September 30, 2024 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 10,225 12,345 11,173 - 33,743
Internal - - 227 (227) -
Total 10,225 12,345 11,400 (227) 33,743
Segment profit 1,010 1,804 285 377 3,476
Finance (income), net (94)
Tax expenses 500
Profit 3,070
Note 4 - operating SEGMENTS (CONT.):
September 30, 2024 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 15,719 12,695 11,325 39,739
Unallocated assets 2,320
Segment liabilities 4,562 4,184 4,248 12,994
Unallocated liabilities 778
Nine month period ended September 30, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,917 13,006 11,801 - 33,274
Internal - - 201 (201) -
Total 8,917 13,006 12,002 (201) 33,724
Segment profit 560 1,457 1,230 305 3,552
Finance expense, net 129
Tax expenses 569
Profit 2,854
September 30, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 15,136 11,263 11,532 - 37,931
Unallocated assets 2,439
Segment liabilities 3,834 3,707 4,460 - 12,001
Unallocated liabilities 493
Note 4 - operating SEGMENTS (CONT.):
Year ended December 31, 2023
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Revenues
External 12,237 17,164 16,233 - 45,634
Inter-segment - - 344 (344) -
Total 12,237 17,164 16,577 (344) 45,634
Segment profit 841 1,986 1,552 271 4,650
Finance income, net (185)
Tax expenses 759
Profit 4,076
December 31, 2023:
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Segment assets 17,124 12,468 12,711 - 42,303
Unallocated assets 2,400
Segment liabilities 4,952 4,326 5,293 - 14,571
Unallocated liabilities 880
Note 5 - SIGNIFICANT EVENTS:
A. On January 5, 2024, following approval at an extraordinary shareholders'
meeting, the Company granted 600,000 share options to Mr. Moshe (Moni)
Borovitz, the Chief Executive Officer, and 100,000 share options to Mr. Dov
Feiner, the General Manager of the Company's Antenna Division. The expense for
share-based payments (such as stock options) typically appears on the income
statement as part of the Company's operating expenses.
B. The Board of directors declared a cash dividend of 3.1 US cents per
share, being approximately $2,745,000. This dividend was paid on 11 April 2024
to shareholders on the register at the close of trading on 22 March 2024.
C. 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 £150,000
(the "Programme") and on 10 March 2024 the Board of directors of the Company
and the board of directors of MTI Engineering decided to extend the Programme
effective from
Note 5 - SIGNIFICANT EVENTS (CONT.):
12 March 2024 until 31 March 2025 and to increase the maximum value of the
Programme to up to £700,000, with the intention to hold the Ordinary Shares
purchased for a longer period of time. On 20 August 2024 the Board of
directors of the Company and the board of directors of MTI Engineering decided
to increase the maximum value of the Programme to up to £1,000,000, repeating
the intention to hold the Ordinary Shares purchased for a longer period of
time. As at 30 September 2024, 2,108,000 Ordinary Shares were held in treasury
under the Programme. As of the date of this report, 2,243,000 Ordinary Shares
were held in treasury under the Programme.
D. On 20 March 2024 at the Company's extraordinary meeting, Mrs. Hani Lerman
was elected as an external non-executive director.
E. On 7 October 2023 Israel was attacked by the Hamas terror organization
leading to war in the Gaza region and Israel followed by Hezbollah attacking
Israel leading to war in the area. The war has led to a slowdown in the
Israeli economy and if this war continues for a prolonged period, then it may
begin to impact the Company. The wide usage of military reserve personnel,
adverse foreign currency exchange rates and restrictions on access to certain
areas in Israel are risks which may affect the Company if there is a prolonged
period of war. As of the date of this report, and to the best of the Company's
knowledge, the war has not had a significant effect on the Company. The
Company continues to review the effects of the war on its trading as it
believes that if the war continues for a long period of time, then the overall
Israeli economy will be effected, and factors including the lack of available
manpower, interest rates and foreign currency exchange rates may have an
impact on its trading.
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AnnouncementREG - MTI Wireless Edge - Result of AGM and EGM
AnnouncementREG - MTI Wireless Edge - Final Results
Announcement