27th Aug 2015 07:44
LONDON (Alliance News) - MTI Wireless Edge Ltd on Thursday posted a rise in pretax profit for its first half, and said that the integration of recently acquired wireless irrigation service provider Mottech Water Solutions Ltd is "proceeding well".
MTI Wireless manufactures flat panel antennas for fixed wireless broadband.
For the half year to end-June the company reported a pretax profit of USD357,000, up from USD181,000 a year before, as revenue rose to USD8.0 million from USD7.1 million. The company's results include one month from Mottech.
The company said its antenna business continued to grow during the half year, and it saw growth across a majority of its core product range except for its 80 gigahertz products. The 80 gigahertz products continued to gain traction in the market, the company said however, and it remains confident in the long-term market opportunity for them.
"The integration of the Mottech business is proceeding well, and we anticipate that the Mottech management office will move to MTI's facilities in September, which will accelerate the integration process and and help us achieve operational efficiencies. We continue to see many opportunities for Mottech's water management services, as well as applying Mottech's remote control and monitoring systems in other markets," said Chief Executive Officer Dov Feiner in a statement.
Shares in MTI Wireless were up 5.6% at 11.75 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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