17 Oct 2014 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading Update for nine months ended 30 September 2014 and full year trading outlook
October 17, 2014 - 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 nine months ended 30 September 2014.
Telit's revenues for the nine months ended 30 September 2014 were $205.2 million (9 months 2013: $171 million), which represents a year on year growth of 20%.
Revenues for the first nine months are expected to include $13.5 million (9 months 2013: $4.8 million) generated from the Company's Platform as a Service (PaaS) through its m2mAir division, which represents a year on year growth of 181%.
The Board expects that trading for the full year ending 31 December 2014 will be in line with market expectations.
Oozi Cats, Chief Executive of Telit, said "I am pleased to report Telit has had a good nine months. Full year revenues are expected to be in line with market expectations which will represent a year over year growth rate of approximately 25%. 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 | |
Canaccord Genuity Limited Nominated Adviser Simon Bridges Peter Stewart Mo Mirza
| 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.