Telit Communications sees swing to profit after sale of automotive unit

Writer,

Internet of Things investor Telit Communications said it expected to report a fall in first-half revenue, but a swing to profit, after it sold its automotive business.

Revenue for the six months through June was seen falling to $189.5m, down from $201.7m on-year, with the period including only a two-month contribution from the automotive business.

Revenue from continuing business was up by around 7.2% to $179.5m.

Profitability was expected to show continued improvement, with a positive profit in cash, compared to a $5.7m loss a year earlier.

As at 30 June, net cash was $44.0m, compared to net debt of $34.0m at the end of December.

'We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business,' chief executive Paolo Dal Pino said.

'We remain on track with our operational and financial targets.'


Related content

Telit Communications says FCA won't take action against company

Internet of things group Telit Communications said that Britain's Financial Conduct Authority had informed it that it would not take enforcement action against the company....

Tue, 09/06/2020 - 07:57


Telit Communications swings to profit after selling auto business

Internet of things investor Telit Communications swung to a full-year profit after it booked a gain on the sale of its auto division.

Pre-tax profit...

Tue, 17/03/2020 - 09:33


Telit Communications seeing 'minimal impact' from coronavirus

Internet of things investor Telit Communications said it was seeing 'minimal impact' from the coronavirus and had confidence in meeting its expectations for the 2020...

Fri, 06/03/2020 - 14:41


Telit Communications forecasts improvement in underlying earnings

Internet of things investor Telit Communications said it expected to post a 7.8% rise in annual and higher earnings, excluding contributions from an automotive business...

Tue, 14/01/2020 - 09:58


Telit Communications sees slight earnings beat in year-to-date

Internet of Things company investor Telit Communications said its underlying revenue had grown in the year-to-date, while adjusted earnings had been slightly ahead of its...

Tue, 12/11/2019 - 07:55