13th Nov 2015 08:13
LONDON (Alliance News) - MTI Wireless Edge Ltd Friday reported a rise in pretax profit for the first nine months of 2015, boosted by the integration of wireless irrigation product provider Mottech Water Solutions Ltd, which it acquired in April.
MTI Wireless makes flat panel antennas for wireless broadband, as well as wireless irrigation products through Mottech.
For the nine months to end-September the company reported a pretax profit of USD828,000, up from USD110,000 a year before, as revenue rose to USD13.4 million from USD10.7 million. MTI said its results include around four months consolidation of Mottech.
"I am pleased to announce that during the nine months of 2015 the company continued to increase its revenue and profits," said Chief Executive Officer Dov Feiner in a statement.
"The consolidation of our antenna and irrigation businesses has continued to contribute to our profits and we are happy with the progress made. We continue to see demand for our antennas across markets and believe that the strength of our technology will continue to lead our business. In the irrigation market we see many opportunities in various territories and are confident in this market and our ability to develop it internationally," Feiner added.
Shares in MTI Wireless were up 3.0% at 17.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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