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Telit Communications tells of swing to profit in first half

The industrial Internet of Things specialist expects the first half of the year to deliver a cash profit compared to the US$7.5mln loss last year

industrial
Among many things, Telit's technology allows manufacturers to monitor the performance of machines and equipment

Internet-of-things enabler Telit Communications PLC (LON:TCM) said sales and profitability were continuing to improve in the first half of 2019.

Having returned to cash profit in the second half of last year, the AIM-listed company said it expected the six months to this June to deliver a cash profit compared to the US$7.5mln loss last year.

READ: Telit Communications in confident mood as margins stabilise

Revenue from continuing business increased roughly 7.2% to US$179.5mln, with the $105mln sale of Telit’s automotive business in February resulting in fall in total group revenue to US$189.5mln from US$201.7mln.

“We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business,” said chief executive Paolo Dal Pino, who moved over from his role as non-executive chairman in May.

“We remain on track with our operational and financial targets.”

Net cash stood at US$44mln at the end of 30 June compared to net debt of US$34mln at the end of December, boosted by the automotive sale.

Quick facts: Telit Communications PLC

Price: 157.6 GBX

AIM:TCM
Market: AIM
Market Cap: £209.12 m
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