10 Oct 2013 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading Update for nine months ended 30 September 2013 and full year trading outlook
October 10, 2013 - The Board of Telit (AIM: TCM), a leading machine-to-machine wireless technology company, is pleased to provide a trading update for the nine months ended 30 September 2013.
Telit's revenues for the 3 months ended 30 September 2013 were $62.5 million (3 months 2012: $51.4 million), which represents a quarterly growth of 21.6%, compared to 2012. For the nine months ended 30 September 2013, revenues were $171 million (9 months 2012: $150 million), which represents a year on year growth of 14%.
The revenues for the nine months ended 30 September 2013 include, for the first time, $4.8 million from m2mAIR, Telit's Platform as a Service (PaaS), the Company's value added, connectivity and cloud platform services business unit. This business unit was empowered by the recent acquisition of ILS Technology LLC, a leading provider of a ready-to-use, off-the-shelf, cloud platform to connect enterprise IT systems to m2m-connected devices and machines for business-critical use. This acquisition is anticipated to provide Telit with access to additional value added services and customers, granting Telit an even broader footprint in the m2m value chain. Telit's PaaS opens new opportunities to expand our services offering to small and medium m2m customers worldwide, widening our market advantage and will support Telit's recurring revenue strategy.
The Board continues to expect that trading for the full year 2013 will be in line with market expectations.
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO Yosi Fait, Finance Director | |
Canaccord Genuity Limited Nominated Adviser Simon Bridges Peter Stewart
| Tel: +44 20 7523 8000 |
Notes to editors
Telit is a global enabler of machine-to-machine (M2M) communications providing cellular, short range and positioning modules via its brand Telit Wireless Solutions. Through its business unit m2mAIR, Telit provides platform as a service (PaaS) including M2M managed and value added services, application enablement and connectivity including mobile network side and cloud backend services. Telit is M2M's top one-stop-shop offering synergistic hardware and value added services bundles along with low-entry cost PaaS for rapid application development. With over 12 years exclusively in M2M, the company constantly advances technology through seven R&D centers around the globe; marketing products and services in over 80 countries.
By supplying scalable products interchangeable across families, technologies and generations, rapid prototyping tools for application development, and m2m tailored connectivity, Telit is able to curb development costs, protect design investments and reduce technical risk. The company provides customer support and design-in assistance through 32 sales and support offices, a global distributor network of experts with over 30 competence centers, and the Telit Technical Support Forum.
Telit provides all products services and facilities to connect organizations to the Internet of Things (IoT) allowing them to wirelessly collect, process and respond to real-world data from connected devices, creating new efficiencies, revenue streams, societal and personal benefits.