MTI Wireless Edge on Tuesday told investors that the Israeli Ministry of Defence has further increased the value of its contract with subsidiary P.S.K. Wind Technologies for communications infrastructure, taking the deal to US$8.5m.
The London-listed telecommunications group, which designs RF and antenna solutions for commercial and defence customers, said today's increase takes the contract to almost four times its original value.
The contract, first announced in 7 April, was initially valued at US$2.2m before being expanded to US$4.5m in June, and now it will run to US$8.5m.
MTI added that the expanded contract is expected to complete in 2027.
"It is encouraging that, within a relatively short period, the Israeli MoD has shown the confidence in our capabilities to increase this contract almost fourfold," said chief executive Moni Borovitz.
He noted the contract runs on a cost-plus basis, which carries lower margin than some of the group's other work but is lower risk for PSK to deliver and provides long-term revenue visibility.
PSK's Israeli Ministry of Defence work forms part of MTI's Distribution & Professional Consulting division, which also includes MTI Summit; the division reported revenue growth of around 20% in the first half, with PSK's contract having already doubled from US$2.2m to US$4.5m by the time MTI posted its half-year results in August.
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Borovitz said the group continues to see growing opportunities in defence globally, with demand across its full range of defence-related products, and that MTI remains well positioned with a healthy order backlog and pipeline across all three divisions.
MTI will report results for the nine months ended 30 September on 9 November.
