ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

TCM Telit Communications Plc

229.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Telit Communications Plc LSE:TCM London Ordinary Share GB00B06GM726 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 229.00 229.00 229.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Telit Communications PLC Year end trading update (0990M)

19/01/2021 7:00am

UK Regulatory


Telit Communications (LSE:TCM)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Telit Communications Charts.

TIDMTCM

RNS Number : 0990M

Telit Communications PLC

19 January 2021

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Telit Communications PLC

Year end trading update

London, 19 January 2021- Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), has published a trading update for the year end at 31 December 2020.

The Group is pleased to report that revenues are expected to be $343.0 million (2019: $382.8 million excluding automotive), a decline of 10.4 % , which shows considerable resilience in the face of the significant impact Covid-19 has had on the Group's global markets. It has been very encouraging that IoT cloud and connectivity revenues have continued to grow and are expected to be up by 6.1 % to $43.5 million (2019: $41 million), driven by the continued strong performance of both the connectivity and platforms businesses, supporting the Group's primary strategic focus on industrial IoT services.

As previously notified, the Group has taken decisive and timely mitigating measures to limit the impact of the pandemic on the Group's adjusted EBITDA, which is expected to be in the range of $38-$41 million (2019: $38.2 million including two months EBITDA contribution from automotive business).

Group profit in cash is expected to be in line with the Board's expectations.

As at 31 December 2020, the Group's net cash position is expected to be $63 million (31 December 2019: net cash $48 million).

Paolo Dal Pino, Chief Executive Officer Telit, commented:

"Telit has been able to successfully improve operational results, profitability and cash generation in the face of the ongoing impact of the COVID-19 pandemic thanks to our refocused strategy and operational transformation in recent years, as well as the swift actions taken by the Group early in 2020.

This resilience has allowed us to fully maintain our strategic and operational plans despite a market slowdown in customer demand, and to continue to offer leading 4G products and an expanded 5G offering, which received additional certifications and design wins in 2020, to customers looking for long-term IoT solutions.

"We have the right strategy in place and expect to further expand our innovative offering fully focused on industrial IoT. Telit is well-positioned to harness future opportunities in a world that will become even more connected.

We have noted the announcement from u-blox yesterday that it does not intend to continue with its offer for the company. We have a sound strategy and strong fundamentals. The Board remains confident in Telit's prospects as an independent company and believes it remains significantly undervalued when compared to similar companies. We do not believe this discount can be justified and will continue to work on initiatives that will help to eliminate it and deliver the increases in shareholder value that our underlying performance justifies."

The Group expects to publish its full year results in April 2021.

Other items: Koninklijke Philips N.V. ("Philips"), the owner of purportedly standard essential patents covering technology allegedly used by the Group in certain of its products, has issued proceedings in both the US International Trade Commission and Delaware courts. Telit understands that similar proceedings have been issued against several other leading industry participants. Telit is reviewing these claims with its external advisors and will respond in due course.

Enquiries:

 
Telit Communications PLC                         Tel: +44 203 289 
 Paolo Dal Pino, Chief Executive Officer          3831 
 Eyal Shefer, Chief Financial Officer 
 
finnCap (Nomad and Broker)                       Tel: +44 20 7220 
 Henrik Persson/Giles Rolls (corporate finance)   0500 
 Tim Redfern / Richard Chambers (ECM) 
 
FinElk                                           Tel: +44 20 7631 
                                                  8618 
Robin Haddrill/ Cornelia Schnepf                 Email: telit@finelk.eu 
 

About Telit

Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement. The company offers the industry's broadest portfolio of integrated products and services for end-to-end IoT deployments - including cellular communication modules in all technologies, GNSS, Wi-Fi, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.

# # #

Copyright (c) 2021 Telit Communications PLC. All rights reserved. Telit and all associated logos are trademarks of Telit Communications PLC in the United States and other countries. Other names used herein may be trademarks of their respective owners.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTSFSEDAEFSEEF

(END) Dow Jones Newswires

January 19, 2021 02:00 ET (07:00 GMT)

1 Year Telit Communications Chart

1 Year Telit Communications Chart

1 Month Telit Communications Chart

1 Month Telit Communications Chart

Your Recent History

Delayed Upgrade Clock