MTI Wireless Edge Ltd on Monday reported higher profit and revenue for 2022.

The Israel-based communication and radio frequency technology firm said pretax profit grew to $4.3 million from $4.0 million in 2021. Revenue climbed to $46.3 million from $43.2 million. Meanwhile, cost of sales widened to $31.7 million from $29.7 million.

Chair Zvi Borovitz said: ‘The company grew in terms of both sales and profits and it is noteworthy that this was delivered despite the ongoing impact of the global chip shortage, representing key components required in nearly all of the products and solutions sold.’

MTI declared a final dividend of 3.0 US cents, up 7.1% from 2.8 US cents a year ago.

Looking ahead, MTI said that the increase in defence budgets due to Russia’s war in Ukraine will likely have a positive impact on its business. It added that the first two months of 2023 have traded in line with internal expectations. The firm sees itself well-placed to continue to expand via acquisitions and organic growth.

MTI Wireless Edge shares rose 0.7% to 48.83 pence each on Monday afternoon in London.

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