Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
London, 19 January 2021- Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), has published a trading update for the year end at 31 December 2020.
The Group is pleased to report that revenues are expected to be $343.0 million (2019: $382.8 million excluding automotive), a decline of 10.4 % , which shows considerable resilience in the face of the significant impact Covid-19 has had on the Group's global markets. It has been very encouraging that IoT cloud and connectivity revenues have continued to grow and are expected to be up by 6.1 % to $43.5 million (2019: $41 million), driven by the continued strong performance of both the connectivity and platforms businesses, supporting the Group's primary strategic focus on industrial IoT services.
As previously notified, the Group has taken decisive and timely mitigating measures to limit the impact of the pandemic on the Group's adjusted EBITDA, which is expected to be in the range of $38-$41 million (2019: $38.2 million including two months EBITDA contribution from automotive business).
Group profit in cash is expected to be in line with the Board's expectations.
As at 31 December 2020, the Group's net cash position is expected to be $63 million (31 December 2019: net cash $48 million).
Paolo Dal Pino, Chief Executive Officer Telit, commented:
"Telit has been able to successfully improve operational results, profitability and cash generation in the face of the ongoing impact of the COVID-19 pandemic thanks to our refocused strategy and operational transformation in recent years, as well as the swift actions taken by the Group early in 2020.
This resilience has allowed us to fully maintain our strategic and operational plans despite a market slowdown in customer demand, and to continue to offer leading 4G products and an expanded 5G offering, which received additional certifications and design wins in 2020, to customers looking for long-term IoT solutions.
"We have the right strategy in place and expect to further expand our innovative offering fully focused on industrial IoT. Telit is well-positioned to harness future opportunities in a world that will become even more connected.
We have noted the announcement from u-blox yesterday that it does not intend to continue with its offer for the company. We have a sound strategy and strong fundamentals. The Board remains confident in Telit's prospects as an independent company and believes it remains significantly undervalued when compared to similar companies. We do not believe this discount can be justified and will continue to work on initiatives that will help to eliminate it and deliver the increases in shareholder value that our underlying performance justifies."
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached
18.52%
18.52%
134,032,294
Position of previous notification (if
applicable)
15.37%
15.37%
Telit Communications Plc (LSE)
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Share Name Share Symbol Market Type Share ISIN Share Description
Telit Communications Plc LSE:TCM London Ordinary Share GB00B06GM726 ORD 1P
Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
-1.50 -0.73% 204.50 204.00 205.00 204.50 200.00 201.50 126,472 09:53:34
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 296.0 45.1 27.1 7.7 270
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Telit Communications PLC Termination of u-blox discussions
07/01/2021 10:32am
UK Regulatory (RNS & others)
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RNS Number : 9195K
Telit Communications PLC
07 January 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
7 January 2021
Telit Communications PLC
Termination of u-blox discussions
On 20 November 2020, Telit Communications PLC ("Telit" or the "Company") announced that it had received a preliminary proposal from u-blox Holding AG, ("u-blox") regarding a possible all-share merger. On 17 December 2020, Telit reiterated that commercial discussions with u-blox were ongoing. Telit today confirms that it has written to u-blox to terminate these talks.
Telit has in recent months received a number of proposals, each of which has been previously announced, which the Board has explored with its advisers. The Board noted the potential industrial logic in a combination with u-blox that could create value for shareholders of both companies. However, following extensive discussions with u-blox, the Board does not now believe that it will be possible to reach agreement on terms which would ensure value creation for Telit's shareholders. Given that the Group is confident in its prospects, is well capitalized, and has a strong position in a growing market segment, the Board remains confident it can deliver growth in shareholder value as an independent entity. It does not consider that a protracted period of uncertainty and distraction is in the best interests of Telit or any of its stakeholders.
Telit looks forward to providing a fuller update on its financial performance on or before 21 January 2021 ahead of its final results in April 2021.
Telit is pleased to report that the swift actions taken by the Group at the beginning of the Covid-19 pandemic successfully protected the Group's financial performance for the full year 2020 against the slowdown in customer demand and enabled it to fully maintain its strategic and operational plans, without th
PENSION FUNDS
July 24, 2020 01:40 PM
Centrica to plug deficit with proceeds from sale
PAULINA PIELICHATA
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Energy company Centrica, Windsor, England, will use proceeds from the sale of its North American business to help plug its pensions deficit.
A financial update Friday said Centrica's pensions deficit was £2.4 billion ($3 billion) on a technical provisions basis as of June 30, up 50% from a deficit of £1.6 billion as of Dec. 31. Plan assets were £9.8 billion as of June 30.
The technical provisions deficit will be partially eliminated using the proceeds of an agreed £2.9 billion cash deal to sell Direct Energy to NRG Energy, the update said.
The firm's U.K. plans — the Centrica Engineers Pension Scheme, the Centrica Pension Plan and the Centrica Pension Scheme — make up the significant majority of the group's defined benefit obligations, the update said.
The increase in the deficit was partially offset by an 8.7% increase in the value of plan assets over the six months, an increase in inflation and previously agreed deficit contributions. Details on contributions could not immediately be learned.