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(Sharecast News) - Communication and radio frequency technology company MTI Wireless Edge announced on Wednesday that its subsidiary MTI Summit has secured several significant orders from an existing customer totalling $1.7m (£1.25m), the majority of which would be delivered in the first quarter.
The AIM-traded firm said its distribution and professional consulting services division, MTI Summit, counted primarily defence entities operating from Israel as its customers, as well as high-technology companies.
It said the division was involved from the early stages of development of a new system by its customers, with such systems including electronic warfare and surveillance.
The growth of the division over the last two years was said to be the result of increasing defence budgets and demand for more bandwidth and network security among customers, the board explained.
"We are very pleased to have received these increased levels of orders at the beginning of the year for immediate supply, especially from a strategic customer, indicating that the relationship is strengthening which bodes well for the future," said chief executive officer Moni Borovitz.
"Trust is a particularly important factor in the defence sector and once earned can lead to the establishment of important long-term business relationships."
At 1526 GMT, shares in MTI Wireless Edge were up 4.46% at 82p.
29 Apr 2015 05:14