MTI Wireless reports big jump in half-year profits

MTI Wireless, a market leader in the manufacture of flat panel antennas for wireless broadband and irrigation solutions released its unaudited results for the first six months of the year.

For the six months to 30 June 2017, revenues increased by 13% year-on-year to $12.8m and the company's pre-tax profit nearly tripled to $1m.

Operating profits increased 79% to $900,000 over the period, which led to reported earnings per share of $1.55, marking a significant increase on the $0.45 the company posted in its first half of 2016.

Israeli subsidiary, Mottech Water Solutions finalised an agreement on a joint-venture with Omega Technologies, a third-party sales representative for the firm, to be known as Mottech China. The new endeavour will be 60%-owned by Mottech and in addition to supporting its existing activities in the region, it is intended to sell additional third-party products complementary to Mottech's equipment.

Cash at 30 June 2017 was $4.8m, down $100,000 on the level at the time of its listing the year before of $4.9m.

Dov Feiner, chief executive officer of MTI Wireless, commented: "During the first half of 2017, we have continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we continue to see opportunities in various geographical areas, some of which we announced recently including in China, where we see traction from various sectors and territories. In the antenna segment we had a very good first half, in both the broadband access and RFID product lines, whilst in the military division, we had good bookings and a good pipeline of opportunities, which provides us greater visibility of longer-term revenues. Given the current performance, order book and pipeline of opportunities in the antenna segment, we strongly believe that our growth will continue in 2017 and beyond."

As of 1300 BST, MTI stocks had jumped up 9.01% to 30.25p.