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MTI Wireless Edge profits rise as 5G roll-out builds momentum

MTI is gearing up for the widespread adoption of 5G mobile technology and sales of its 5G antenna tripled
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Military communication is an important part of the business

Mobile phone antenna specialist MTI Wireless Edge Ltd (LON:MWE) saw a sharp uplift in sales and profits follow the merger with its major shareholder in September.

Operating profit rose by 82% to US$2.9mln in the year to December on revenues 35% higher at US$35.5mln.

READ: MTI Wireless Edge says Ginat Wave India unit secures first large scale orders, worth in total US$900,000

Earnings increased by 14% to 2.70c allowing for the greater amount of shares in issue following the merger.

MTI is gearing up for the widespread adoption of 5G mobile technology and sales of its antenna designed for this market tripled in 2018.

This will also be the driver of the antenna division going forward, said MTI.

The Israeli firm has a business supplying remote controlled water management systems and revenues here grew by 9% over the year.

Dov Feiner, chief executive, added he is confident about the coming twelve months across the business.

"We enter 2019 with a healthy order book and a large pipeline of opportunities in the various segments of the business, which provides us with great confidence in the future growth potential of the business.”

The dividend for the year is US$0.015.

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