Share Prices & Company Research

Market News

10 Nov 2020 | 11:11

Telit Communications YTD earnings in line with expectations despite drop in revenues

(Sharecast News) - Internet of Things enabler Telit Communications said on Tuesday that year-to-date revenues had fallen as a result of the Covid-19 pandemic weighing on customer spending and growth. Telit posted revenues of $245.0m for the nine months ended 30 September, down from $274.5m in the prior year, but said third-quarter trading had remained "resilient" when compared to the first-half despite continued lockdown measures across the group's markets.

However, despite the hit to overall revenues, IoT and connectivity income grew 10% during the period to $32.4m, boosting year-to-date adjusted underlying earnings and cash profits into line with expectations.

The AIM-listed group added that since the beginning of the year, it had expanded the availability of its range by certifying its 5G products, addressing a growing demand for high bandwidth products, and was also awarded new design wins for its 5G products and the OneEdge solution in the period.

As of 1110 GMT, Telit shares were up 0.37% at 163.0p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 15th January 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.