Telit Communications PLC Half year trading update (7446F)
July 17 2019 - 2:00AM
UK Regulatory
TIDMTCM
RNS Number : 7446F
Telit Communications PLC
17 July 2019
17 July 2019
Telit Communications PLC
Half year trading update
Telit Communications PLC (AIM: TCM "Telit" and "Group") a global
enabler of the Internet of Things (IoT), has published a trading
update for the first six months to 30 June 2019.
The Group traded in line with the Board's expectations for the
first half and is on course to continue to do so for the full
year.
Revenue from continuing business was up by approximately 7.2% to
$179.5 million (H1 2018: $167.5 million). Total Group revenue,
including two months contribution from the automotive business,
which was sold in February 2019, was approximately $189.5 million
(H1 2018: $201.7 million).
Profitability is expected to show continued improvement with a
positive profit in cash (H1 2018: loss in cash $5.7 million).
As at 30 June 2019, the Group's net cash position was $44.0
million (31 December 2018: net debt $34.0 million).
The Group expects to publish its interim results in September
2019.
Paolo Dal Pino, Chief Executive, commented:
"We are now a more efficient organisation, focusing on growing
our industrial IoT products and services, while improving the
overall profitability of the business. We remain on track with our
operational and financial targets."
Enquiries:
Telit Communications PLC Tel: +44 20 3289 3831
Paolo Dal Pino, Chief Executive
Yariv Dafna, Finance Director & President
finnCap (Nomad and Broker) Tel: +44 20 7220 0500
Henrik Persson/Giles Rolls (corporate
finance)
Tim Redfern/Richard Chambers (ECM)
Instinctif Partners Tel: +44 20 7457 2077
Adrian Duffield/Chantal Woolcock
About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT)
enablement. The company offers the industry's broadest portfolio of
integrated products and services for end-to-end IoT deployments -
including cellular communication modules in all technologies, GNSS,
Wi-Fi, short-to-long range wireless modules, IoT connectivity plans
and IoT platform services. Through the IoT Portal, Telit makes IoT
onboarding easy, reduces risk, time to market, complexity and costs
for asset tracking, remote monitoring and control, telematics,
industrial automation and others, across many industries and
vertical markets worldwide.
# # #
Copyright (c) 2019 Telit Communications PLC. All rights
reserved. Telit and all associated logos are trademarks of Telit
Communications PLC in the United States and other countries. Other
names used herein may be trademarks of their respective owners.
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END
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