Telecommunications firm MTI Wireless Edge has reported a jump in profit as strong demand for military antennas and 5G continued throughout the first half of the year.
MTI Wireless Edge, which specialises in multi-sector communication and radio frequency solutions, reported no movement in revenue in its interim results today, which remained “level” at $22.3m (£17.1m).
However, earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 18 per cent to $3.3m (£2.5m), up from $2.8m (£2.1) the year prior.
Profit before tax also jumped 10 per cent to $2.3m (£1.7m), up from $2.1m (£1.6m).
The positive outlook in the tech firm’s interim results comes from continued strong demand for military antennas and 5G, Moni Borovitz, chief executive of MTI Wireless Edge, said.
The firm’s Antenna division also delivered a 16 per cent increase in sales.
Borovitz said: “Demand for good communication utilising radio frequency solutions across the water, defence and 5G industries remains high.
“Our range of products are well positioned in each of these industries and we are experiencing strong enquiry levels, most notably in the defence sector.”
The firm added that there is a “significant” order backlog in relation to demand for military antennas and 5G, which will drive future revenue.
Borovitz added: “Our trading performance in H1 shows a good increase in profitability and strong cash generation, combined with maintaining our firm financial base.
“We are therefore well placed for the current year. Not surprisingly, the conflict in Israel is having some impact on local market revenues although we did experience better deal flow in July and hopefully we will see the end to this conflict soon.”