MTI Wireless Edge revenues rise on acquisition

Flat panel broadband antenna manufacturer MTI Wireless Edge announced its unaudited results for the six months to 30 June on Wednesday, with revenue increasing 41% year-on-year to $11.3m, from $8.0m, due to the acquisition of Mottech.

The AIM-traded firm also boasted a strong second quarter, with revenue of $6.1m up 15% over the first quarter, and an operational profit of $0.6m compared to a $0.1m loss in the prior three months.

For the half, MTI’s gross profit increased by 41% year-on-year to $4.2m, and it made an operating profit of $0.5m, in line with the first half of 2015.

Its antenna business returned to operating profit in the second quarter of 2016, the board said, and group cash flow generation from operations was $1.2m.

MTI Wireless Edge declared a dividend of 1.1 cents per share for the year ended 31 December 2015 paid on 1 April 2016.

“I am happy to report on another excellent quarter for Mottech and its contribution to revenue and profit growth,” said chief executive Dov Feiner.

“Our antenna business also made a good progress in the second quarter and returned to an operating profit, allowing us to report a significant consolidated growth in profit this quarter.”

Feiner said the company won an “interesting” military contract in the quarter which provides it with longer-term visibility, and said the firm currently has a good pipeline of opportunities in the antenna segment.

“This, together with the continued development of the 60 - 80 GHz line and RFID, provides us with confidence for the long-term future of the antenna business.

“At Mottech, we continue to see variety of opportunities in many continents, all of which makes us believe that the combined business will continue to grow and continue to be successful in 2016,” Feiner explained.