Telit Communications expects 13.4% jump in full-year revenue

(ShareCast News) - Telit Communications has seen a 13.4% increase in revenue for the year to approximately $333.5m (£229.2m).The AIM-listed machine-to-machine communications company published its year-end trading update to 31 December 2015 on Monday.The increase in group revenues was driven by a 60% increase in its automotive division of $39.6m.Its Internet of Things (IoT) services division is also expected to show a 30% increase in revenue to approximately $26m.After a few years of slowdown in the Europe, the Middle East and Africa region, 2015 saw a return to double digit growth with revenues there expected to rise 13.4% to $133.2m.Asia-Pacific revenues are also expected to jump considerably, up 73.8% to $70.9m, however revenue from the Amercias dipped 4.6% to $129.4m.Overall group adjusted EBITDA is expected to be in line with guidance at $40m to $45m.Chief executive Oozi Cats sail it was a strong year of organic growth, and the company is investing across the group in to make of the most of the IoT market."With the increasing need for services across the IoT industry, we expect our IoT services business to continue to grow significantly over the next few years," he said."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."