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MTI Wireless Edge profit jumps 67%

By BFN News | 08:54 AM | Monday 19 August, 2019


Communications and radio frequency specialist MTI Wireless Edge posted a 67% rise in first-half profit, as sales and margins were boosted via its merger with MTI Computers. Pre-tax profit for the six months through June rose to $1.43m, up from $0.86m on-year. Revenue rose 12% to $19.1m. 'In the first half of 2019 we continued to perform in accordance with our business plan, delivering significant revenue growth and increased profitability, whilst at the same time converting this growth into operating cash flow,' chief executive Moni Borovitz said. 'We are very positive about the outlook for the business.' 'Trends in key drivers for the business, including the demand for efficient water management solutions, increased defence budgets and the demand for broadband, provide us with confidence in meeting our goals of increasing revenue, profits and free cash flow.' 'We also note the weakening of the UK pound against the US dollar, which is the company's reporting currency.' 'If this trend continues it will likely increase the profitability of the company relative to the UK pound, and in-turn increase earnings per share.' At 8:54am: (LON:MWE) MTI Wireless Edge Ltd share price was 0p at 22p Story provided by StockMarketWire.com

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