viewTelit Communications PLC

Telit's double-digit growth aspirations intact

The group recently celebrated the 100th installation of its secureWISE software platform

Semiconductor work
Telit is making fab progress in the semi-conductor sector

Industrial Internet of Things (IoT) enabler Telit Communications Plc (LON:TCM) remains on track to deliver double-digit percentage revenue growth this year.

The group revealed on Tuesday Morning that trading this year had been in line with the board’s expectations.

It added that the integration of Gainspan, the ultra-low-power Wi-Fi specialist acquired in February, is proceeding according to plan and should make a positive contribution to Telit’s Device-to-Cloud end-to-end IoT solution strategy in 2018.

WATCH: 'Good progress in line with expectations', says Telit Communications' Yosi Fait

READ Acquisition of Intel spin-off will boost Telit's Wi-Fi capability

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Meanwhile, the group’s factory solutions business continues to make inroads in the market place.

SecureWISE is proving popular in the semiconductor fab business

The group recently celebrated the 100th installation of its secureWISE software platform in a 300mm semiconductor fabrication plant, and is already on to its 104th installation.

Currently Telit is managing 6,000 tools of the leading 20 semiconductors tooling manufacturers with an average value per tool of US$30mln, it revealed.

"We have made good progress in line with our expectations at this early stage of the year,” said Oozi Cats, the group’s chief executive.

"At the same time we continue to invest in our IoT services capabilities to support and enhance our notably strong growth in this division, which has continued from 2016.

"We are extremely encouraged by the broad industry recognition we are receiving from leaders in the Industrial IoT market, in particular our deep collaboration with Cisco which includes placing deviceWISE into a Cisco factory IE4000 Switch. This is an excellent example of how our Industrial IoT services can be embedded in our customers' networks," Cats said.

Shares in Telit were up 2.12p at 354.875p in mid-morning trading.

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Quick facts: Telit Communications PLC

Price: 158.8 GBX

Market: AIM
Market Cap: £210.71 m

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