TCM.L Share News (TCM)

(Sharecast News) - Internet of things enabler Telit Communications said trading has been going to plan during the year as it works hard to complete the sale of its automotive division.The group said it had continued to "trade well" during the year, with double-digit revenue growth and stabilised gross profit margins.Telit now expects full-year revenues to be $415-425m and adjusted EBITDA to reach $30-35m.Telit announced the sale of the automotive division to TUS for a cash consideration of $105m back in July, with receipt of permission from the Hong Kong Stock Exchange to publish TUS's shareholder circular being one of the last hurdles in the process.Chairman Paolo Dal Pino, said: "The expected sale of our automotive division for some $105m will reinforce the company's financial position and support its future growth and strategic flexibility.""We are now a much leaner and more efficient organisation with a refocussed go-to-market strategy for our IoT services business. I am confident this will see both an upturn in revenue next year and a material increase in our cash generation."As of 1600 GMT, Telit shares had gained 1.63% to 139.20p.