MTI Wireless jumps after move to profit

4th Aug 2011 14:01

Antenna developer MTI Wireless Edge has moved back into the black with a turnaround that saw the group raise its revenue by 21% to US$74m (£45.2m). The company was able to boost its gross profit by 25% to $2.6m (£1.59m) and pull its profit from operations out of the red and raise it by $542k (£331k). Dov Feiner, Chief Executive Officer, said: "Revenue in the period was slightly up on the previous three months and 13% higher than the comparable quarter in 2010. It is encouraging to see that all segments of the business showed growth in the six months. "As announced before we are concentrating on profitability which is improving and also showing the benefit of our purchase of our building in the second half of 2010. The group is making good progress at the operating level which, before finance costs, amounted to a profit of $78,000, the bulk of which was achieved in the latest quarter, compared to a loss of $464,000 in the first half of 2010. After finance costs and tax, total comprehensive profits were $64,000 compared to a loss of US$535,000. "The company's order book remains strong, and present indications are that MTI's revenue in second half of 2011 will exceed the first half of 2011."The share price was up 10.8% at 10.25p at 2.03pm. NR