MTI Wireless Edge shares fall on flat first quarter results

Mon, 20th May 2024 09:56

(Alliance News) - MTI Wireless Edge Ltd shares were down on Monday morning, following flat first quarter earnings.

Shares in the communication and radio frequency technology firm were down 8.0% to 43.32 pence each in London on Monday morning.

In the first quarter of 2024, revenue fell to USD11.2 million from USD11.3 million a year earlier.

MTI noted that it expects new business wins to drive revenue growth in the second quarter and later in the year.

Pretax profit in the period was unchanged at USD1.1 million.

"We expect 2024 to be a successful year for the business. In Q1, we delivered a positive trading performance, but we have not, as yet, felt the full benefit of the backlog of business that we have contracted or indeed the healthy pipeline of opportunities we have ahead of us. MTI is therefore well placed for 2024 and in a strong financial position to respond as opportunities arise," said Chief Executive Moni Borovitz.

By Sophie Rose, Alliance News senior reporter

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Mti Wireless