Telit Communications improves profitability in first half
By Iain Gilbert
Date: Wednesday 17 Jul 2019
(Sharecast News) - Internet of Things enabler Telit Communications traded in line with expectations throughout the first six months of the trading year, putting it on course to continue doing so for the full year.
Revenues from continuing business were up roughly 7.2% to $179.5m, while total group sales were approximately $189.5m - up from the $201.7m recorded during the first half of 2018.
Tell also expects profitability to show continued improvement as it swings to a positive profit in cash from the $5.7m loss in cash witnessed a year earlier.
As at 30 June, the group's net cash position was $44m - a marked turnaround from the $34m net debt position it was in at the same point twelve months prior.
Chief executive Paolo Dal Pino said: "We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business.
"We remain on track with our operational and financial targets."
As of 0845 BST, Telit shares had slipped 1.51% to 170p.
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