Mti Wireless Share News (MWE)

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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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MTI Wireless subsidiary secures multiple orders through Italian resellers

Thu, 23rd Jun 2022 07:16

(Sharecast News) - Radiofrequency technology group MTI Wireless Edge's Mottech Water Solutions subsidiary has secured several orders through its Italian resellers, totalling approximately €1.0m.

MTI Wireless said on Thursday that the orders, all due for delivery during the third quarter of 2022, will result in "a significant increase" in revenues from Italy in the current year and were in line with Mottech's profit margins.

The AIM-listed group highlighted that Italy had been a successful market for Mottech, operating through long-term resellers of the subsidiary's product range.

Chief executive Moni Borovitz said: "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."

As of 1025 BST, MTI Wireless shares were up 2.05% at 64.29p.

Reporting by Iain Gilbert at Sharecast.com