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MTI Wireless Edge Ltd - Israel-based communication and radio frequency technology company - Reports higher quarterly profit for the quarter ended March 31. Pretax profit climbs to $970,000 from $900,000 a year ago. Revenue rises 12% to $11.2 million from $10.0 million. ‘Demand across all three divisions for their respective products and services has increased,’ says Chief Executive Officer Moni Borovitz.
Expects water control & management sales to start in the second quarter under a strategic partnership with Viridix, which was announced in late January. Israel-based Viridix specialises in data analytics for irrigation. The partnership will offer Viridix's RooTense sensor to customers of MTI's subsidiary Mottech Water Solutions Ltd, an irrigation service provider. The sensor made by Viridix ‘measures the water available to the roots of crops,’ MTI explains.
‘Looking ahead, we believe the company's clear focus on providing radio frequency solutions coupled to being diversified across several markets positions us well to continue to grow and expand through a mix of acquisition led and organic growth,’ adds CEO Borovitz.
Current stock price: 63.50 pence, down 0.8% on Monday
12-month change: down 5.9%
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