13th Jul 2015 06:51
LONDON (Alliance News) - Machine-to-machine communications company Telit Communications PLC on Monday said it expects a rise in revenue in the first half of 2015, boosted by its Internet of Things platform.
Telit said it expects revenue for the first half to be USD156.2 million, up 13% year-on-year and boosted by an USD11.1 million contribution from its Internet of Things platform-as-a-service, a 21% rise year-on-year for the segment.
The group expects revenue for the full year to be USD347 million to USD354 million, which would be up from USD294 million in 2014, with its adjusted earnings before interest, taxation, depreciation and amortisation to be USD42 million to USD47 million, up from USD34.7 million.
"I am pleased to report that Telit has delivered a strong performance over the past six months. Due to the strong components demand in the smartphone industry, this period reflects the effects of several component supply constraints. The company has overcome these challenges, and we expect the full year revenues to match our current annual growth rate - approximately 20% - as well as align with the annual guidance," said Telit Chief Executive Oozi Cats.
By Sam Unsted; [email protected]; @SamUAtAlliance
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