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Telit reports profits “slightly ahead” of expectations for first three quarters

A strong performer in the nine-month period was the group’s IoT cloud and connectivity business, which saw revenues jump 17.7% to US$29.4mln

Telit Communications PLC - Telit reports trading “slightly ahead” of expectations for first three quarters
Telit specialises in technology associated with the Internet of Things

Telit Communications PLC (LON:TCM) has said profits for the first three quarters of its current year have been “slightly ahead” of its expectations.

In a trading update for the nine months to 30 September, the Internet of Things (IoT) specialist said revenues for the period were 7.8% higher year-on-year at US$274.5mln.

READ: Telit adds new IoT modules to portfolio

A strong performer was the group’s IoT cloud and connectivity business, which saw revenues jump 17.7% to US$29.4mln following what Telit said was “growing market traction” in the connectivity arm as well as more project wins.

With adjusted underlying earnings (EBTIDA) and profits ahead of forecasts for the period, Telit said it is now in a “strong position” to deliver on its expectations for the full year.

Meanwhile, the company said it had completed the sale of its Titan automotive business for US$104.2mln, although it was continuing to provide certain services to the segment as part of a transitional service agreement that was currently under discussion as to its future terms.

“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", said Telit chief executive Paolo Dal Pino.

He added that the company had “continued to trade well, in line with the board’s expectations” and was well positioned to “capitalise on growth opportunities as a leading enabler in the industrial IoT space".

Quick facts: Telit Communications PLC

Price: 131 GBX

AIM:TCM
Market: AIM
Market Cap: £174.27 m
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