- Wednesday, October 16, 2024
MTI Wireless Edge, a technology company based in Israel and listed on the U.K. stock exchange, announced that its pretax profit for the first half of the year increased due to higher defense sales in its antenna division. The company stated that this strong performance positions it well for the remainder of the year.
According to MTI, pretax profit rose to $2.1 million compared to $2 million in the previous year. However, revenue decreased slightly to $22.4 million from $22.7 million, primarily due to adverse currency translation. Nonetheless, when excluding the impact of currency fluctuations, revenue actually increased by 2% on a constant currency basis.
MTI attributed the positive performance to strong defense sales in its antenna division, which helped offset a softer commercial market. The company expects this trend to continue into the second half of the year.
While MTI's subsidiary, Mottech Water Solutions, experienced a 2% decline in revenue due to the strengthening of the dollar against the shekel, it saw an increase in gross margin and higher operating profits during the period.
Despite ongoing challenges in the commercial market, MTI's CEO, Moni Borovitz, expressed confidence in the growth prospects for the business, citing a strong pipeline of opportunities. Borovitz also mentioned that supply issues experienced last year have dissipated.
As of 0707 GMT, MTI's shares were down by 1 pence (2.4%), trading at 41.50 pence.
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