MTI Wireless Edge Ltd (LON:MWE) has highlighted “solid revenue growth” in its first quarter and said it is “cautiously optimistic” for the rest of the year.
For the three months ended March 31, 2020, the technology firm reported a pre-tax profit of US$717,000, up from US$562,000 a year earlier, while revenues climbed by 5% to US$9.56mln.
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MTI said its Summit radio frequency business had continued to perform well in the period thanks to “increased demand” in the Israeli market and from its office in St Petersburg in Russia.
The group noted that the “substantial demand for mobile usage and connectivity” boded well for its 5G backhaul antenna solution.
“Overall, the combination of our strong balance sheet and the market outlook for our industry, makes us confident we will weather the [coronavirus] storm and be well placed to participate in the economic recovery”, MTI chief executive Moni Borovitz said in the 2019 results statement.
“We are cautiously optimistic for MTI's prospects in 2020. Looking further ahead, we confidently believe the Company's clear focus on providing radio frequency solutions coupled to being diversified across several markets and geographies positions us well to continue to grow and expand through a mix of acquisition led and organic growth", he added.
MTI’s shares were 1.4% higher at 37p in early deals on Monday.