31st Jul 2014 11:13
LONDON (Alliance News) - MTI Wireless Edge Ltd Thursday said revenue and profit increased in the first-half on the back of strong demand for its 80GHz products.
The company, which manufactures flat panel antennas for fixed wireless broadband, said revenue was up 5% to USD7.1 million against USD6.8 million a year earlier.
Operating profit rose 230% over the period to USD202,000 from USD61,000 a year earlier, with net profit hitting USD249,000, up from USD73,000 last year.
Dov Feiner, Chief Executive of MTI Wireless Edge, said in a statement that the improved performance had been driven by strong demand for the firm's 80Ghz products, with revenue from this product line in the first-half of 2014 higher than for the full-year in 2013. He added the current order backlog on this product remains strong and the firm expects to show a substantial rise in revenues from this product over the year.
"We have made good progress in the first half of 2014 and the board is confident that this trend will continue for the rest of the year. The board is encouraged that the outlook for the Group remains positive," said Feiner.
MTI Wireless Edge shares were up 1.1% to 11.75 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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