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19 Jan 2021 | 09:28

Telit Communications FY revenues slide amid Covid-19 pandemic

(Sharecast News) - Internet of Things outfit Telit Communications said on Tuesday that full-year revenues were projected to have declined 10.4% in 2020, an outcome it said showed the company's "considerable resilience". Telit expects revenues to drop to $343.0m for 2020, down from $382.8m, due to the "significant impact" Covid-19 had on its global markets.

However, the AIM-listed group said it was "very encouraging" that IoT cloud and connectivity revenues continued to grow and were expected to be up by 6.1 % to $43.5m, supporting its primary strategic focus on industrial IoT services.

Telit added that it had taken "decisive and timely mitigating measures" to limit the impact of the Covid-19 pandemic on adjusted underlying earnings, which it expects to be in the range of $38.0-$41.0m.

Chief executive Paolo Dal Pino said: "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.

"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."

As of 0925 GMT, Telit shares were down 4.59% at 195.60p.
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