21st Oct 2011 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading update for nine months ended 30 September 2011 and full year trading outlook
The Board of Telit (AIM: TCM) announces that its revenues for the nine months ended 30 September 2011 was $128.5m (9 months 2010: $98.0m), an increase of 31% including the seven months contribution from the Motorola m2m acquisition.
Whilst revenue for the final quarter of the year will be strong, the impact of a delay in the deployment of a few significant projects which were originally expected to take place during 2011 will mean that revenues for the year ending 31 December 2011 will be lower than current market expectations and profits will be significantly below current market expectations.
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO | |
Yosi Fait, Finance Director | |
Yariv Dafna, CFO | |
Investec Bank |
Tel: +44 20 7597 4000 |
Andrew Pinder / Patrick Robb / Dominic Emery |
Notes to editors
Telit is a global leader in the development and manufacture of wireless machine-to-machine ("m2m") communication modules for a variety of applications. Through its 20 sales offices and more than 50 distribution channels, Telit covers more than 60 countries supporting about 1,000 customers with products in manufacture and about 2,000 customers which are in product design discussions or process.
Telit is the third largest supplier of m2m modules in the world with a market share of approximately 22% and one of the few companies in the industry with full control over the underlying technologies in its products. It boasts strong in-house technology and research and development expertise.
Telit is listed on AIM (Ticker: TCM). www.telit.com
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