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(Alliance News) - MTI Wireless Edge Ltd on Monday said that cost savings and a diverse portfolio allowed it to come out on top in the face of Covid-19 disruptions.
The technology group focused on communication and radio frequency solutions saw its pretax profit for the first half ended June 30 increase to USD1.8 million from USD1.4 million a year prior.
Revenue for the half was up to GBP19.6 million from USD19.1 million year-on-year.
While Covid-19 did slow activity, all three of the company's divisions still recorded growth on a year on year basis, MTI Wireless Edge said.
Chief Executive Moni Borovitz said: "The Covid-19 pandemic did reduce revenue in certain areas and added to supply chain costs, in particular freight costs, however, this was offset by cost savings across the business and with its balanced diversification across three divisions and multiple countries."
MTI Wireless Edge remains on track to meet market expectations for the financial year.
Borovitz said: "Overall, we are cautiously optimistic for MTI's prospects in 2020. Looking further ahead, we confidently believe the company's clear focus on providing radio frequency solutions coupled to being diversified across several markets and geographies positions us well to continue to grow and expand through a mix of acquisition led and organic growth."
The company's antenna division is particularly well positioned as there are opportunities in supporting mobile phone operators rolling out 5G networks, MTI Wireless Edge said.
MTI Wireless Edge shares were up 6.3% at 38.80 pence each in London on Monday afternoon.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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