Telit Communications - Trading update
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Group revenues, excluding the automotive business sold in
IoT Cloud and connectivity revenues were up by 17.7% to
Adjusted EBITDA and profit in cash for the period and year to date have been slightly ahead of the Board's expectations, which puts the Group in a strong position to deliver against the Board's expectations for the full year.
Disposal of Automotive
Telit have now finalised the completion accounts relating to the sale of the Automotive business ("Titan") leading to a final total consideration of
As previously described, Telit has continued to provide certain services to Titan under a transitional service agreement ("
" Our transformation into a more efficient organisation solely focused on industrial IoT products and services is well on track as evidenced by the increase in revenues and the double-digit growth in our IoT Cloud and connectivity business."
"We have continued to trade well, in line with the Board's expectations, and are pleased with the progress of our IoT services growth and its performance. We are well positioned to capitalize on growth opportunities as a leading enabler in the industrial IoT space."
Yariv Dafna, Finance Director & President
Tel: +44 203 289 3831
finnCap (Nomad and Broker)
Tel: +44 20 7220 0500
Tel: +44 20 7631 8618
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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.
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