MTI Wireless lands contract with new Northern European customer

Technology group MTI Wireless has secured an order worth as much as $650,000 from a new Northern European customer.

MTI said on Tuesday that the fresh deal with its mystery customer would see the group manage the development and manufacturing of military antennas.

The AIM-listed group stated the first stage of the agreement, worth $300,000, was already underway, with MTI set to provide the customer with prototype units expected to be completed within 12 months.

MTI added that the second stage was subject to the customer deciding to order the antennas and was expected to be worth up to $350,000, depending on the size of the order.

Chief executive Moni Borovitz said: "We are delighted with this contract win as it not only demonstrates our ability to continue to secure new customers during this extraordinary Covid-19 period but also reflects well on our reputation in the military antenna market.

"This is a good first contract to have secured especially as the client has the potential to be a larger customer for MTI. We are therefore looking forward to getting started and building a long-term relationship."

As of 1115 GMT, MTI shares were down 0.93% at 47.06p.