Telit Communications PLC Trading update (0396T)
12 Novembre 2019 - 8:01AM
UK Regulatory
TIDMTCM
RNS Number : 0396T
Telit Communications PLC
12 November 2019
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Telit Communications PLC
Trading update
London, 12 November 2019 - Telit Communications PLC ("Telit",
"the Group", AIM: TCM), a global enabler of the Internet of Things
(IoT), has published a trading update for the nine months to 30
September 2019.
Group revenues, excluding the automotive business sold in
February 2019, were up by 7.8% to $274.5 million (30 September
2018: $254.7 million).
IoT Cloud and connectivity revenues were up by 17.7% to $29.4
million (30 September 2018: $25.0 million) thanks to growing market
traction in the connectivity business, as well as the ramp up of
IoT project wins.
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 $104.2 million, a minor reduction of $0.8 million
due to the net working capital adjustment.
As previously described, Telit has continued to provide certain
services to Titan under a transitional service agreement ("TSA").
Telit have made progress in remedying the overdue receivable
balance due to Telit from Titan as highlighted at the half year
release, and is in discussions with Titan with regard to the terms
of the TSA in the future.
Paolo Dal Pino, Chief Executive Officer Telit, commented:
" 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."
Enquiries:
Telit Communications PLC Tel: +44 203 289
Paolo Dal Pino, Chief Executive Officer 3831
Yariv Dafna, Finance Director & President
finnCap (Nomad and Broker) Tel: +44 20 7220
Henrik Persson/Giles Rolls (corporate finance) 0500
FinElk Tel: +44 20 7631
8618
Robin Haddrill/ Cornelia Schnepf
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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