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10 Jan 2013 07:00
10 January 2013
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading update
Telit (AIM: TCM), the leading machine-to-machine wireless technology company, is pleased to announce a trading update ahead of its preliminary results for the year ended 31 December 2012.
The Company expects that unaudited revenues for the year ended 31 December 2012 will be approximately $207.2 million, an increase of 16.8% above revenues for 2011 (2011: $177.4m), and 1.9% above market expectations (Market expectations: $203.4m). Cash at 31 December 2012 is expected to be approximately $20.7m and the net debt as at the same date is expected to be approximately $12.9m (2011: cash of $20m and zero net cash).
Oozi Cats, Chief Executive of Telit, said: "Telit's continuous growth, together with the momentum in our m2mAIR business unit, augmented by the recent acquisition of Crossbridge Solutions Inc., which will allow Telit access to American value added service customers, as well as an opportunity to expand its m2mAir offering into the U.S., should lead to further improvement in the financial results of the Company".
Telit expects to release its preliminary results for the year ended 31 December 2012 in the second half of March 2013.
For further information please visit www.telit.com or contact:
Telit Communications PLC +39 06 420 4601
Oozi Cats, CEO
Oozicats@telit.com
Yosi Fait, Finance Director
Yosi.Fait@telit.com
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