19th Aug 2019 08:51
(Alliance News) - Radio frequency technology firm MTI Wireless Edge Ltd said Monday its interim profit and revenue jumped on the year prior in "pleasing" results amid "positive" market trends.
For the six months ended June, pretax profit widened 63% to USD1.4 million from USD859,000 the year prior. This was after revenue rose 12% to USD19.1 million from USD17.1 million the year before.
"In the first half of 2019 we continued to perform in accordance with our business plan, delivering significant revenue growth and increased profitability, whilst at the same time converting this growth into operating cash flow," MTI Chief Executive Officer Moni Borovitz said.
MTI does not pay an interim dividend.
"We are very pleased with the results for the first half," Borovitz added. "These demonstrate the financial benefits of the recent merger, which has delivered double digit year-on-year revenue growth and increased profit margins."
In August 2018, MTI completed its merger with major shareholder MTI Computers & Software Services Ltd in an all-share deal.
"We are very positive about the outlook for the business," Borovitz continued. "Trends in key drivers for the business, including the demand for efficient water management solutions, increased defence budgets and the demand for broadband, provide us with confidence in meeting our goals of increasing revenue, profits and free cash flow."
Shares in MTI were 2.2% higher at 22.49 pence in London on Monday.
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