17 Jul 2019 07:00
17 July 2019
Telit Communications PLC
Half year trading update
Telit Communications PLC (AIM: TCM "Telit" and "Group") a global enabler of the Internet of Things (IoT), has published a trading update for the first six months to 30 June 2019.
The Group traded in line with the Board's expectations for the first half and is on course to continue to do so for the full year.
Revenue from continuing business was up by approximately 7.2% to $179.5 million (H1 2018: $167.5 million). Total Group revenue, including two months contribution from the automotive business, which was sold in February 2019, was approximately $189.5 million (H1 2018: $201.7 million).
Profitability is expected to show continued improvement with a positive profit in cash (H1 2018: loss in cash $5.7 million).
As at 30 June 2019, the Group's net cash position was $44.0 million (31 December 2018: net debt $34.0 million).
The Group expects to publish its interim results in September 2019.
Paolo Dal Pino, Chief Executive, commented:
"We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business. We remain on track with our operational and financial targets."
Enquiries:
Telit Communications PLCPaolo Dal Pino, Chief Executive Yariv Dafna, Finance Director & President | Tel: +44 20 3289 3831 |
finnCap (Nomad and Broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern/Richard Chambers (ECM) | Tel: +44 20 7220 0500 |
Instinctif Partners | Tel: +44 20 7457 2077 |
Adrian Duffield/Chantal Woolcock |
About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement. The company offers the industry's broadest portfolio of integrated products and services for end-to-end IoT deployments - including cellular communication modules in all technologies, GNSS, Wi-Fi, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.
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Copyright © 2019 Telit Communications PLC. All rights reserved. Telit and all associated logos are trademarks of Telit Communications PLC in the United States and other countries. Other names used herein may be trademarks of their respective owners.