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68.00 2.00 (2.99%)

Bid:

67.00

Ask:

69.00

Spread: 2.00 (2.985%)

Market Cap: £59.48m

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IN BRIEF: MTI subsidiary secures orders with Italian resellers

Thu, 23rd Jun 2022 11:33

MTI Wireless Edge Ltd - Israel-based communication and radio frequency technology - Says its subsidiary Mottech Water Solutions Ltd has secured several orders through its Italian resellers, from both existing and new agricultural & water distribution customers. The orders are worth around EUR1 million and will all be delivered in the third quarter of 2022.

MTI says that Italy has been a "successful" market for Mottech, operating through long-term resellers of the Mottech product range.

The contracts will result in a "significant" increase in 2022 revenue and are in line with Mottech's profit margins, the company adds.

MTI Chief Executive Moni Borovitz says: "We are delighted with these contract wins, as they demonstrate our customers' satisfaction with our ongoing support and market leading solutions. Italy is an important market for Mottech as we see good potential to further increase revenues and profits through both existing and new clients."

Current stock price: 64.29 pence, up 2.1% on Thursday

12-month change: down 8.2%

By Sophie Rose; sophierose@alliancenews.com