MTI Wireless Edge swings to profit in first quarter

Flat panel antenna and wireless irrigation solutions provider MTI Wireless Edge announced its unaudited results for the three months to 31 March on Thursday, reporting that revenues increased 18% year-on-year to $6.2m.

The AIM-traded firm said gross profit improved 38% year-on-year to $2.46m, with operating profit swinging to $0.45m from a first quarter loss of $0.1m in 2016.

Earnings per share stood at 0.43 cents, compared to a loss of 0.29 cents 12 months prior.

Shareholder equity grew during the period to $19.4m from $18.9m on 31 December, equivalent to 28.4 pence per share.

“During the first quarter of 2017 we continued to see growth in both segments of our business,” said CEO Dov Feiner.

“In our wireless controller segment, via Mottech, we see many additional opportunities to grow the business in various geographical areas, some of which we announced recently.”

In the antenna segment, Feiner said the company continued to see “good” demand in all areas - military, RFID and broadband access - and, given the current orderbook and pipeline of opportunities in the antenna segment, it had a “strong” belief that the growth would continue in 2017 and beyond.

“Notwithstanding the decline in value of the US dollar against the New Israeli shekel in Q1 2017 we were delighted to grow the operating profit, as this decline is reflected in the higher financial costs we incurred during the quarter.

“We believe that once the exchange rate stabilises our net earnings will grow even further.”