MTI Wireless Edge Ltd. (LON:MWE) saw its shares jump on Monday as the radio frequency technology group reported strong nine month results boosted by the merger with MTI Computers and Software Services (1982) Ltd. completed on 20 August 2018.
The AIM-listed, Israel-based technology group said its revenues increased by 32% year-on-year to US$25.9mln for the nine months ended 30 September 2018 due to the merger, and were up 2% organically.
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It added that operating profit in the period increased by 66% year-on-year to US$1.9mln due to the merger and was up 7% organically.
The firm’s earnings per share rose 8% year-on-year to 1.81 US cents due to the merger and increased by 10% organically, and shareholder's equity grew to US$19.9mln as at 30 September 2018, up from US$19.6mln as at 31 December 2017 and equivalent to 17.8p per share.
Zvi Borovitz, MTI Wireless’s chairman, said the company is “very pleased to have completed the Merger, which we feel has immediately demonstrated a benefit to the Company”.
He added: “As explained in the announcements made during the Merger process, we believed that the Merger would lead to costs savings and efficiencies and we are happy to have achieved enhanced profits from the Merger, including at the earning per share level.
“We remain excited about the opportunities for the enlarged group, as we continue to see good progress in meeting our internal goals in all areas of the business".
In early morning trading, MTI Wireless shares 5.9% higher at 18p.