13 Jan 2015 07:00
13 January 2015
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading Update for the full year ended 31 December 2014;
Revenue up 21% to approximately $294 million; recurring service revenues up 104% to approximately $20 million.
The Board of Telit (AIM: TCM), a global leader in machine-to-machine (m2m) communications, the chief enabler technology area for the Internet of Things (IoT), is pleased to announce a trading update ahead of its preliminary results for the year ended 31 December 2014.
Revenues for the year ended 31 December 2014 are expected to be approximately $294 million (2013: $243.2 million), which represent a year over year growth rate of 21%.
Recurring service revenues generated by m2mAIR, Telit's connectivity and cloud Platform as a Service (PaaS) for the year are expected to be approximately$20 million, representing a growth rate of 104% over 2013 ($9.8 million).
Net debt at 31 December 2014 is expected to be approximately $5.9 million ($14.6 million at 30 June 2014 and $11.7 million at 31 December 2013).
Oozi Cats, Chief Executive of Telit, said, "2014 has been a record year for Telit, growing by 21%, continuing the trend of double digit growth rate over the past 5 years. The acquisition of ATOP from NXP semiconductors during 2014 should be considered as a milestone in setting the foundation for Telit's growth in the automotive sector. During 2014, we continued to significantly invest in Telit's Platform as a Service (PaaS), generating revenues of $20 million, representing a year over year growth rate of 104%.
"I look forward to continued robust growth in 2015".
Telit expects to release its preliminary results for the year ended 31 December 2014 on 23 March 2015.
For further information, please visit www.telit.com or contact:
Telit Communications PLC +39 06 420 4601
Oozi Cats, CEO
Oozi.cats@telit.com
Yosi Fait, President & FD
Yosi.Fait@telit.com
Canaccord Genuity +44 20 7523 8000
Simon Bridges
Peter Stewart
Notes to editors
Telit Communications PLC (TCM.L), is the global leader in Internet of Things (IoT) enablement. The unique Telit combination of products and services feed data directly into apps and/or business IT systems to deliver real-time intelligence to businesses across multiple industries. The Telit ONE STOP. ONE SHOP. offering reduces cost, time to market and risk associated with the adoption of IoT solutions by delivering a broad portfolio including 2G, 3G, 4G; automotive- and industrial-grade cellular modules; short-range wireless modules; positioning (GPS/GNSS) receivers, and related cloud and connectivity services. Visit www.telit.com for more information.