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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 calendar year.
'Telit's global supply chain is comprised of multiple contract manufacturers with a wide geographic footprint that effectively support the group's production requirements,' the company said.
'The group's main supplier is located in China and resumed operations in mid-February 2020 and the remainder of Telit's suppliers are fully operational.
Telit said it was working closely with partners and customers to avoid any supply chain disruption, should the availability of raw materials become a factor.
The company said it had net cash of $48.2m at 31 December following the sale of its automotive division and repayment of bank borrowings.
It said it would outline an intention to seek approval for a return of cash to shareholders, by way of a share repurchase programme for up to 10% of outstanding shares, or up to $20m.
'We are fully focused on ensuring that the impact of the global COIVD-19 situation continues to have minimal effect on our production, customers and of course our employees around the world,' chief executive Paolo Dal Pino said.
'Telit expect to continue improving its financial performance, with a central focus on profitability and cash generation, and we enter 2020 with strong momentum to capitalise on growth opportunities in the IoT market.'
At 2:41pm: (LON:TCM) Telit Communications PLC share price was -13p at 112.8p