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.
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.