MTI Wireless Edge wins $1.5m order in Russia

Communication and radio frequency technology company MTI Wireless Edge announced on Thursday that the St Petersburg office of MTI Summit has secured a significant order for delivery in 2021 from a Russian customer.

The AIM-traded firm said the contract was worth about $1.5m, and was a repeat order for the supply of radio frequency components.

It said MTI Summit, operating under its distribution and professional consulting services division, represents 40 international suppliers of radio frequency and microwave components and sells those products to customers.

“We are very pleased to have received this significant follow-on order through our St Petersburg office,” said chief executive officer Moni Borovitz.

“While still a relatively new market, our reputation in Russia for being a reliable partner and consultant to major corporations is growing.

“This is reflected in the increase in revenues from this office and the size of orders being received.”

At 1516 GMT, shares in MTI Wireless Edge were up 10.7% at 47.6p.