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14 Jan 2020 07:00
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Telit Communications PLC
Year end trading update
London, 14 January 2020 - 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 2019.
Group revenues, excluding revenues of the automotive business sold in February 2019, are expected to be $381 million (2018: $353.4 million) up by 7.8%.
·; Total Group revenues, including two months' contribution from the automotive business, are expected to be $391 million (2018: $427.5 million, including full year revenue from automotive business)
·; IoT Cloud and connectivity revenues are expected to be $41 million (2018: $34.1 million), up by 20.2%, driven by a strong performance of both the connectivity and the platforms businesses
Group adjusted EBITDA, excluding the contribution of the automotive business sold in February 2019, is expected to be in the range of $37-$40 million (2018: $30.1 million including full year EBITDA from automotive business).
Group profit in cash is expected to be in line with the Board's expectations.
As at 31 December 2019, the Group's net cash position is expected to be $48 million (31 December 2018: net debt $34 million).
The Group expects to publish its full year results in March 2020.
Paolo Dal Pino, Chief Executive Officer Telit, commented:
"In 2019 Telit improved both its financial position and operating performance, reflected in increased profitability and cash generation.
Telit enters 2020 as a more focussed, agile and innovative group, well positioned to capitalise on growth opportunities in the rapidly expanding industrial IoT market."
Enquiries:
Telit Communications PLCPaolo Dal Pino, Chief Executive Officer Yariv Dafna, Finance Director & President | Tel: +44 203 289 3831 |
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finnCap (Nomad and Broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern / Richard Chambers (ECM) | Tel: +44 20 7220 0500 |
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FinElk | Tel: +44 20 7631 8618 |
Robin Haddrill/ Cornelia Schnepf |
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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.
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