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MTI Wireless jumps as it inks deal to develop military antennas

The firm said the order was from an existing customer for antennas that were developed several years ago and would be customised for a new project
Antenna
The contract is worth around US$1mln

MTI Wireless Edge Ltd (LON:MWE) shares jumped in early trading on Friday after it secured a US$1mln contract to develop military antennas.

The AIM-listed firm said the order was from an existing customer for antennas that were developed several years ago and would be customised for a new project.

WATCH: MTI Wireless Edge's Moni Borovitz confident on 2019 as he takes over as CEO

Moni Borovitz, MTI’s chief executive, said the deal “demonstrates this customer's satisfaction with our products, technology and service”.

“We continue to see expansion and growth opportunities in all sectors of the antenna industry, particularly in the 80 [gigahertz] spectrum as mobile operators start to plan their implantation of 5G.”

Shares were up 4.5% at 23p.

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