Strong financial base

Financial highlights

• The Group recorded revenue growth of 6% to US$43.2m (2020: US$40.9m)
• A 9% increase in profit from operations to US$4.43m (2020: US$4.08m), helped by the increasing scale of the Group
• Net profit growth was limited to a 6% increase to US$3.7m (2020: US$3.5m) due to the strength of the Israeli Shekel versus the US Dollar in 2021
• Earnings per share increased by 6% to 4.07 US cents (2020: 3.83 US cents)
• Cash flow from operations increased 65% to US$6.6m (2020: US$4.0m) leading to a net cash increase of 33% to US$12.5m at 31 December 2021 (31 December 2020: US$9.4m)
• Increased final dividend by 12% to 2.8 US cents per share (2020: 2.5 US cents per share)

Positive market trends across all three division

• Our proven backhaul solution to support the rollout of 5G, which could be further enhanced by recent technical developments to counter small mast movements due to varying climate conditions, has a growing order book from existing customers as well as an initial order from a new tier one customer. This, together with good progress in military antennas, has increased the prospects for the antenna division overall.
• With water scarcity continuing to be a critical, global issue, demand for our water management solutions under the Mottech brand was strong, both from new markets and in response to the launch of new water saving and cost-efficient products. 
• Similarly, increased global defence spending underpinned another good year for MTI Summit, which also benefits from Israel being a central hub for the development of new global defence and wireless technologies. In addition, the acquisition of 51% of P.S.K. WIND TECHNOLOGIES LTD in January 2022, is expected to further accelerate this division’s growth in the defence sector.