12th Jul 2011 07:00
12 July 2011
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Trading Update for six months to 30 June 2011
The Board of Telit (AIM: TCM), a leading machine-to-machine wireless technology company, is pleased to provide a trading update for the first half year ended 30 June 2011.
The Company expects that unaudited revenues in H1 2011 will be approximately $81 million, an increase of 36% over revenues in H1 2010 (H1-2010: $59.6m).
On 1 March 2011, Telit closed the acquisition Motorola's m2m division and the operational integration has been completed during the period with Motorola m2m contributing approximately 20% of the group's revenues in the period.
Net cash at the end of the half year is expected to be approximately $2.4 million (30.06.2010: net debt $15.5m, 31.12.2010: net debt $7.2m).
Telit expects to announce its results for the first half year ended 30 June 2011 on or about 20 September 2011.
The Board is confident that overall trading remains in line with expectations for the year as a whole.
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 | |
Financial Dynamics | Tel: +44 207 831 3113 |
James Melville-Ross / Clare Thomas |
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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