Telit Communications - Half year trading update
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.
Half year trading update
The Group expects to report adjusted EBITDA and profit in cash for the first half ahead of the comparative period (H1 2019: adjusted EBITDA:
"We are pleased we were able to improve our first-half result and cash generation versus last year. Management reacted fast to the crisis generated by the COVID-19 pandemic and delivered an effective response to customer demand pressures by executing a targeted programme of cost reductions and increased resilience designed to protect our supply chain, strategic plans and financial targets from material impact. Our bundling strategy, reflected in the continued growth of our IoT Connectivity and Platform service revenues, was a key positive achievement and reinforces the transformation efforts made in recent years.
"The conclusion of the
Yariv Dafna, Finance Director & President
Tel: +44 20 3289 3831
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finnCap (Nomad and Broker)
Tel: +44 20 7220 0500
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Tel: +44 20 7631 8618
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Email: [email protected]
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement, with an extensive portfolio of wireless connectivity modules, platforms and virtual cellular IoT operator services, empowering hundreds of millions of connected 'things' to date, and trusted by thousands of direct and indirect customers, globally. With nearly two decades of IoT innovation experience, Telit continues to redefine the boundaries of digital business, by delivering secure, integrated end- to-end IoT solutions for many of the world's largest brands, including enterprises, OEMs, system integrators and service providers across all industries, enabling their pursuit of enterprise digital transformation..
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