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Company Telit Communications PLC
TIDM TCM
Headline

Trading Update

Released 07:00 10-Jan-2013
Number 2117V07

RNS Number : 2117V
Telit Communications PLC
10 January 2013
 



10 January 2013

 

TELIT COMMUNICATIONS PLC

("Telit" or the "Company")

 

Trading update

 

 

Telit (AIM: TCM), the leading machine-to-machine wireless technology company, is pleased to announce a trading update ahead of its preliminary results for the year ended 31 December 2012.

 

The Company expects that unaudited revenues for the year ended 31 December 2012 will be approximately $207.2 million, an increase of 16.8% above revenues for 2011 (2011: $177.4m), and 1.9% above market expectations (Market expectations: $203.4m). Cash at 31 December 2012 is expected to be approximately $20.7m and the net debt as at the same date is expected to be approximately $12.9m (2011: cash of $20m and zero net cash).

 

Oozi Cats, Chief Executive of Telit, said: "Telit's continuous growth, together with the momentum in our m2mAIR business unit, augmented by the recent acquisition of Crossbridge Solutions Inc., which will allow Telit access to American value added service customers, as well as an opportunity to expand its m2mAir offering into the U.S., should lead to further improvement in the financial results of the Company".

 

Telit expects to release its preliminary results for the year ended 31 December 2012 in the second half of March 2013.

 

 

 

 

 

For further information please visit www.telit.com or contact:

 

Telit Communications PLC                     +39 06 420 4601            

Oozi Cats, CEO

Oozicats@telit.com

          

 

Yosi Fait, Finance Director

Yosi.Fait@telit.com

            

Canaccord Genuity                                  +44 20 7523 8000

Simon Bridges   

Peter Stewart

Cameron Duncan                                    

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Trading Update - RNS