10th Jul 2009 07:00
Telit Communications Plc ("Telit" or "the Company")
Trading Update
The Company announces that unaudited revenues for the six months ended 30 June 2009 will be approximately €28 million with a 25 per cent. growth in the number of units sold during the period compared to H1 2008.
The continued downwards trend in revenues is mainly due to the greater than expected decline in the average sales price ("ASP") of products in the m2m market, in the first four months of the year, continuing the trend that began in Q4 2008. However, revenues in May and June showed an improvement in the ASP and the Board expects to see continued improvement in revenues in the second half of the financial year.
As a result the Board believes that the Company's results for the year ending 31 December 2009 will be below market expectations but expects that revenues for the full year will be above that achieved for 2008.
Telit continues to adapt itself by rationalizing expenses and R&D expenditure while maintaining its main competences and infrastructure.
Telit expects to release its interim results for the six months ended 30 June 2009 in September 2009.
Enquiries:
|
Telit Communications Plc |
Tel 00 972 3 791 40 40 |
|
Michael Galai, Finance Director |
|
|
Seymour Pierce Ltd |
Tel: 00 44 207 107 8000 |
|
Chris Howard |
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