Mti Wireless Edge (LON:MWE), the AIM listed technology group that makes flat panel antennas for fixed wireless broadband, has picked up a US$2.2m order from an existing client to develop and manufacture military antennas. Deliveries of the new units will span two years and approximately US$0.5m is expected to be recognised as revenue in 2010.
Dov Feiner, MTI's chief executive, said: "We are delighted with this order for military antennas. It provides an important revenue stream for us, as well as involvement in the forefront of antenna technology. As leaders in our field, we are the only company with the technical expertise and capability to provide high specification products for military application as well as industry leading antennas for the commercial, high volume market."
Israel-based MTI makes industry-unique, flat panel antennas for commercial applications, fixed wireless and RFID readers as well as military antenna solutions spanning the entire radio frequency range (2MHz-40GHz). The company disappointed investors in May by announcing a 17% fall in revenues to US$2.8m in the three months to March and an operating loss of US$0.5m. At the time it blamed a late influx of late orders during the quarter and said the revenue had simply been delayed rather than lost. In the year to December 2009, revenues fell by 25% to US$13.5m and the company hit breakeven after posting a US$1m profit the year before. It claimed that market shrinkage and increasing competition during 2009 had created a more difficult trading environment.
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Materia: CRF
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