(Sharecast News) - Internet of Things enabler Telit Communications saw year-to-date underlying earnings come in slightly ahead of expectations as revenues continued to grow during the first nine months of the year.
The AIM-listed group said adjusted EBITDA and profits were a touch ahead of the board's expectations, which puts the firm in "a strong position" to deliver against its forecasts for the full year.
Telit reported group revenues, excluding its automotive business sold in February 2019, of $274.5m - up by 7.8% year-on-year, with IoT cloud and connectivity revenues up 17.7% to $29.4m thanks to growing market traction in the connectivity business, as well as the ramp-up of IoT project wins.
Chief executive Paolo Dal Pino said: "Our transformation into a more efficient organisation solely focused on industrial IoT products and services is well on track as evidenced by the increase in revenues and the double-digit growth in our IoT cloud and connectivity business.
"We have continued to trade well, in line with the board's expectations, and are pleased with the progress of our IoT services growth and its performance. We are well-positioned to capitalize on growth opportunities as a leading enabler in the industrial IoT space."
Regarding the disposal of Telit's automotive business, the firm noted it had now finalised the completion of accounts relating to the sale - leading to a final total consideration of $104.2m, a minor reduction of $800,000 due to a net working capital adjustment.
As of 0935 GMT, Telit shares were up 2.28% at 161.60p.
26 Aug 2021 19:23
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