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13 Apr 2015 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading Update for three months ended 31 March 2015 -
22.6% growth in revenues
April 13, 2015 - 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 provide a trading update for the three months ended 31 March 2015.
Telit's revenues for Q1 2015 were $64.6 million, an increase of 22.6% over the comparable period last year (Q1 2014: $52.7 million).
The Board expects that trading for the full year 2015 will be in-line with market expectations.
Oozi Cats, Chief Executive of Telit, said "I am pleased to report Telit has had a good three months. Full year revenues are expected to continue our strong growth rate of about 20%. We continue to see robust performance from the automotive product line and the Platform as a Service (PaaS). Both offerings are making good progress and I expect they will widen our addressable market and increase our opportunities for growth in future years".
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO | |
Yosi Fait, Finance Director & President | |
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Canaccord Genuity Limited Nominated Adviser Simon Bridges Peter Stewart
| Tel: +44 20 7523 8000 |
Notes to editors
Telit Communications PLC (AIM: TCM) is a global leader in machine-to-machine (M2M) devices, connectivity, value added and cloud services for the market space known as the Internet of Things (IoT). The company's product portfolio includes 2G, 3G, 4G cellular, short-range radio communication modules and positioning (GPS/GNSS) receivers. The Telit Automotive Solutions business unit markets products meeting strict Automotive OEM standards for the connected car mobility market. The m2mAIR business unit, markets value-added services in support of deploying and managing assets under mobile networks including connectivity. Through m2mAIR, the company also markets cloud and PaaS-model services enabling data management, application development, operational management with existing enterprise IT and back-end systems. The company has more than 12 years of sharp focus in M2M and the IoT. Originally a vendor of cellular modules, Telit is now a full-service provider of cellular, short-range wireless and GNSS modules, mobile connectivity, security and cloud-based management solutions. Telit innovates products and services from 8 R&D centres, sells and supports its products and services through a network of 35 sales offices and 60 distributors to more than 5,000 customers in 80 countries around the world. More information at www.telit.com.
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