25th Nov 2019 11:01
(Alliance News) - Antennas manufacturer MTI Wireless Edge Ltd on Monday said significant order book growth across all three business divisions has resulted in a 44% rise in pretax profit for the first nine months of 2019.
MTI Wireless shares in London were up 5.4% at 36.88 pence each.
"In 2019, we have seen significant growth in the company's order book across all three of our business divisions, being: the Antenna Division, the Water Control & Management Division and the Distribution & Professional Consulting Services Division," Chief Executive Moni Borovitz said.
"We are seeing substantial demand for 5G antenna solutions and we continue to make solid progress in the testing of our 5G antenna offering with OEM vendors as mobile operators plan and implement their network upgrades. We believe that this demand for 5G broadband has the potential to provide substantial future growth for our business," Borovitz added.
The Israel-based company recorded pretax profit of USD2.4 million for the nine months to September 30, up from USD1.7 million. Revenue increased 12% year-on-year to USD29.0 million from USD25.9 million a year ago.
Operating profit for the nine months increased 33% to USD2.5 million from USD1.9 million.
MTI Wireless said it remains "very positive" about the outlook for the business with key drivers for the business showing positive trends including the demand for efficient water management solutions, increased defence budgets and the demand for broadband. It added that it is on track increasing revenue, profits and free cash flow.
By Tapan Panchal; [email protected]
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