LONDON (Alliance News) - Telit Communications PLC on Friday said its revenues in the first nine months are ahead year-on-year and said it expects full-year results to be in line with market expectations.
The machine-to-machine communications company said revenue in the nine months to September 30 was up 20% to USD205.2 million from USD171 million a year earlier.
That revenue is expected to include USD13.5 million from its m2mAir Platform-as-a-Service division, significantly higher than the USD4.8 million generated by this business a year earlier.
The company said it expects its full-year trading to be in line with market expectations.
"I am pleased to report Telit has had a good nine months. Full year revenues are expected to be in line with market expectations which will represent a year over year growth rate of approximately 25%," said Telit Chief Executive Oozi Cats.
Telit shares were up on the back of the news, rising 3.7% to 208.74 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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