LONDON (Alliance News) - Telit Communications PLC on Tuesday said its full year revenue has increased around 21% on the back of a jump in recurring service revenue.
Telit, the machine-to-machine communications company, said revenue for the year to December 31 is expected to be about USD294 million, up 21% on the USD243.2 million posted a year earlier.
Recurring service revenue from its m2MAIR cloud platform is expected to be about USD20 million, slightly more than double the USD9.8 million generated in 2013.
"2014 has been a record year for Telit, growing by 21%, continuing the trend of double digit growth rate over the past five years," said Telit Chief Executive Oozi Cats.
"I look forward to continued robust growth in 2015," Cats added.
Telit shares were up 0.9% to 234.23 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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