18th May 2020 12:37
(Alliance News) - MTI Wireless Edge Ltd on Monday reported a profit rise for its first quarter as it expressed confidence in the recovery of its business from the Covid-19 disruption.
Shares in the communication and radio frequency solutions firm were trading 6.0% higher at 38.69 pence each midday Monday in London.
For the three months to March 31, MTI Wireless posted revenue of USD9.6 million, rising 5.5% year-on-year from USD9.1 million. Pretax profit was USD717,000, up from USD562,000.
"I am extremely pleased to report that during the first quarter, we delivered growth consistent with previous years. We believe that technology companies will be at the forefront of the recovery from the Covid-19 pandemic. We confidently believe the company's clear focus on providing radio frequency solutions coupled to being diversified across several markets and geographies positions us well to continue to grow and expand through a mix of acquisition led and organic growth," said Chief Executive Moni Borovitz.
Following the end of the quarter, MTI said the Antenna division has benefited from a higher demand for bandwidth arising from the switch to remote working.
The Water Control & Management division has also seen good demand in markets coming out from lockdowns, and the Distribution & Professional Consulting Services division has experienced demand for its products in Israel and St Petersburg, Russia.
By Ife Taiwo; [email protected]
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