Israel-based communications and frequency specialists MTI Wireless Edge Limited (LON:MWE) have posted an on-year increase in Q1 profits led by an increase in sales.
Results summary and company comments
MTI revenue was up 16% to $9.1 million, which saw pre-tax profit jump on-year from $0.25 million to $0.56 million for the three month period through March.
“We are very pleased with the first quarter’s results, which showed double digit year-on-year growth in revenue and profits,” said MTI chairman Zvi Borovitz.
“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 $6m.”
“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.”
MTI Wireless Edge today
The company’s shares are currently trading 0.5p or 2.22% following the posting of their results this morning. Shares were trading at 23p per share as of 11:50 GMT 22/05/19.