MTI Wireless Edge Limited advanced on Monday as profits for the first nine months of its current year leapt by 44%.
For the period ended 30 September, the radio frequency and communications group reported a pre-tax profit of US$2.4mln, up from US$1.7mln a year ago, while revenues climbed 12% to US$29mln.
MTI’s chief executive, Moni Borovitz, said in a statement that the firm had seen “significant growth” in its order book across all three of its business divisions - antennas, water control and consulting services - as well as “substantial demand” for antennas capable of carrying 5G mobile internet.
“We believe that this demand for 5G broadband has the potential to provide substantial future growth for our business”, Borovitz said, adding that current trends meant the group was “very positive” about meeting its goals of increased revenue, profits and free cash flow.
The strong profit growth drove MTI’s shares 5.4% higher to 36.9p in early deals.