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Wireless solutions group Starcom (LON:STAR) saw shares rise in early trading, after reporting a 46 percent rise in profits over the 2017 year.

Revenues increased 6 percent over the year to $5.4 million, with profits hitting $2.1 million, up from $1.4 million the previous year.

Gross margin rose to 38.2 percent, with EBITDA loss, excluding share options provision, at $193,000. Net loss after taxation fell to $1.3 million, including a charge of $204,000 (2016: $59,000) for exchange rate differences.

Starcom CEO Avi Hartmann commented: “2017 proved to be a turning point in the history of Starcom, with significant progress being made both in the development of our technology and the acceptance of that technology by some major companies and organisations.

“Despite the unfortunate errors made in our announcement in January of our expected results for 2017 we have, most importantly, delivered improvements in both revenues and gross margins, as well as significantly reducing losses.

“2018 has begun strongly, with more visibility than normal at this time of year on future orders, and with a number of new projects under active discussion.

“Although the current year is at an early stage, the indications we have point to good growth in revenues and a continuing improvement in gross margins.”

Starcom shares are currently trading up 0.97 percent at 2.60 (0846GMT).

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