LONDON (Alliance News) - Machine-to-machine communications provider Telit Communications PLC on Monday said its revenue grew in 2015 following a robust performance across the business, except for a decline in Americas revenue.
Telit said its revenue for the year to the end of December was USD333.5 million, up from USD294.0 million a year earlier, leading it to expect that adjusted earnings before interest, taxation, depreciation and amortisation will be in line with its guidance at USD40.0 million to USD45.0 million.
Automotive revenue was the star performer, up 60% over the course of the year, while its Internet of Things platform also saw strong growth, with revenue to rise around 30%.
Europe, Middle East and Africa revenue will grow around 13% in the year, while Asia Pacific revenue is set to rise 74%, driven by the benefit of the investments Telit has made in the business in past year flowing through. Americas revenue, however, is set to fall 4.6%, mainly due to a faster-than-expected shift in the US market over to 4G technology.
"With the numerous opportunities developing across the group as well as our growing recurring revenues, we are confident of maintaining our double digit growth in the current financial year," said Oozi Cats, Telit's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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