10th Jul 2014 08:19
LONDON (Alliance News) - Telit Communications PLC Thursday said it expects trading for 2014 to be in line with expectations, as it saw revenue rise 27% in the half year to end-June.
Revenues for the half will be USD138 million, up from USD108.5 million a year before, Telit said in a trading update. Its net debt is expected to be USD15.9 million, up from USD11.7 million at the end of 2013, due to its acquisition of NXP B.V's automotive telematics on-board unit platform in April.
The acquisition, which has been integrated into its automotive division, is expected to help deliver "significant revenues" in the division over the coming years.
Revenues were boosted by a USD9.2 million contribution from Telit's platform-as-a-service offering in its m2mAir division, up from USD2.4 million in the previous year.
Telit said it expects to announce its half-year results September 15.
The company cited its automotive product line, and its platform as a service offerings as additional growth engines, and said it expects them to widen its addressable market and increase its opportunities for growth in future years.
Shares in Telit were trading up 4.4% at 228.00 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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