Revenues rose 12% to US$19.1mln in the six months ended 30 June (H1 18: US$17.1mln), while pre-tax profits shot up to US$1.43mln (H1 18: US$0.86mln).
Cash flow from operations also climbed during the period, up 22% year-on-year to US$2.6mln (H1 18: US$2.1mln), leaving MTI with a cash balance of over US$5mln.
Bosses said the results reflected order book growth across all three business divisions: the Antenna Division, the Water Control & Management Division and the Distribution & Professional Consulting Services Division.
“In the first half of 2019 we continued to perform in accordance with our business plan, delivering significant revenue growth and increased profitability, whilst at the same time converting this growth into operating cash flow,” said chief executive Moni Borovitz.
“We are very pleased with the results for the first half. These demonstrate the financial benefits of the recent merger, which has delivered double digit year-on-year revenue growth and increased profit margins.”
Borovitz added that MTI had made “solid progress” with the testing of its new 5G antennas, for which it continues to see “substantial demand”.
Management is “very positive outlook” about the outlook for the business and thinks the weakening pound could inflate full-year results even further.
“We also note the weakening of the UK pound against the US Dollar which is the company’s reporting currency. If this trend continues it will likely increase the profitability of the company relative to the UK pound, and in-turn increase earnings per share.”
Shares were flat at 22p on Monday morning, valuing the company at £20mln.