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LONDON (Alliance News) - MTI Wireless Edge Ltd on Wednesday its first quarter profit more than doubled on revenue that grew during the period.
The manufacturer of flat panels antenna for fixed wireless broadband reported a pretax profit of USD562,000 for the three months to the end of March from USD248,000 the year before.
Revenue for the period grew by 16% to USD9.1 million from USD7.8 million the prior year. This was mainly through a stronger performance in the Distribution & Consultation and Water Solutions segment.
"As previously announced, since the beginning of 2019 we have seen significant growth in the company's order book as we have won four new large contracts that amount to over USD6 million, including a contract worth more than USD3 million for the provision of Mottech's wireless irrigation control services in the Chinese market, which was the largest individual order ever received by the company," said Chair Zvi Borovitz.
"We continue to see many more opportunities in the pipeline across all segments of the business, and this alongside the long term trends of: demand for broadband; efficient water management solutions; and increased defence budgets, supports our business proposition and provides us with confidence in meeting our goals of increasing revenue, profits and free cash flow," Borowitz added.
Shares in MTI Wireless Edge were up 2.2% at 23.00 pence on Wednesday.
