Telit Communications PLC (AIM: TCM “Telit” and “Group”) a global enabler of the Internet of Things (IoT), has published a trading update for the first six months to 30 June 2019.
The Group traded in line with the Board’s expectations for the first half and is on course to continue to do so for the full year.
Revenue from continuing business was up by approximately 7.2% to $179.5 million (H1 2018: $167.5 million). Total Group revenue, including two months contribution from the automotive business, which was sold in February 2019, was approximately $189.5 million (H1 2018: $201.7 million).
Profitability is expected to show continued improvement with a positive profit in cash (H1 2018: loss in cash $5.7 million).
As at 30 June 2019, the Group’s net cash position was $44.0 million (31 December 2018: net debt $34.0 million).
The Group expects to publish its interim results in September 2019.
Paolo Dal Pino, Chief Executive, commented:
“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.”