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Trading Statement

10 Jan 2012 07:00

RNS Number : 2584V
Telit Communications PLC
10 January 2012
 



10 January 2012

 

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 2011.

 

The Company expects that unaudited revenues for the year ended 31 December 2011 will be approximately $177 million, an increase of approximately 34% above revenues for 2010 (2010: $131.7m). Net cash at 31 December 2011 is expected to be approximately $4.7* million (2010: net debt of $7.8m).

 

Telit expects to release its preliminary results for the year ended 31 December 2011 in the second half of March 2012.

 

 

* Excluding a government-subsidized mortgageof $4.6 million relating to the October 2011 acquisition of the premises of the Company's Italian subsidiary, for $7.7 million. Such premises constitute the Company's largest R&D center.

 

 

 

 

 

For further information please visit www.telit.com or contact:

 

Telit Communications PLC +39 06 420 4601

Oozi Cats, CEO

Oozicats@telit.com

Yariv Dafna, CFO

Yariv.dafna@telit

 

Yosi Fait, Finance director

Yosi.Fait@telit.com

Canaccord Genuity +44 20 7050 6500

Simon Bridges

Cameron Duncan

This information is provided by RNS
The company news service from the London Stock Exchange
 
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