Q3 saw record revenue and profitability at the technology group focused on comprehensive communications and radio frequency solutions as MTI continues to benefit from increased global defence spending, 5G network roll out and the demand for solutions that address water scarcity. 9M results saw revenue growth at each of the three divisions (Antennas, Mottech and MTI Summit/PSK) and each remained profitable. Group revenue increased 12% to $37.8m, EBIT by 21% to $4.2m, with EBIT margin advancing 80bps to 11.1%, and EPS by 20% to 4.31 cents. Cash conversion was strong with 9M operating cashflow of $4.0m exceeding FY24 ($3.1m). As a result, net cash increased to $6.4m (FY24: $6.0m) and this will be used to fund MTI’s progressive dividend policy. Q4 has started well with growth anticipated across all divisions with a robust order backlog alongside a series of upcoming tenders. No change to forecasts or 83p/share fair value but the pressure on forecasts is to the upside.
