(Alliance News) - Telit Communications PLC, a wireless machine to machine modules maker and connectivity solutions provider, said Wednesday it expects to report an interim cash profit as it continues to focus on making the firm more efficient.
For the six months ended June, revenue fell to USD189.5 million from USD201.7 million the year prior. This was including two months contribution from the company's automotive business, following the sale of the unit for USD105 million in February.
Excluding the automotive business, revenue grew to USD179.5 million from USD167.5 million the year prior.
With regards profitability, Telit expects interim results to show "continued improvement" with a "positive" cash profit. The year prior, Telit reported a USD5.7 million cash loss.
Net cash at the end of June stood at USD44.0 million, compared to a USD34.0 million net debt position the year prior.
"We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business," Telit Chief Executive Officer Paolo Dal Pino said. "We remain on track with our operational and financial targets."
Looking towards the full year, the firm expects to deliver results in line with its expectations.
Shares in Telit were 2.2% lower at 166.20 pence in London on Wednesday.