Telit Communications PLc (LON: TCM), who describe themselves as a global enabler of the Internet of Things, has moved from a loss to a profit year-on-year for the first half, but has seen their net revenue narrow during the period.
Without providing a figure, the Company said,
“Profitability is expected to show continued improvement with a positive profit in cash.”
Whereas in H1 2018, the Company made a loss of $5.7 million in cash. Improvement was also seen in net cash. As of 30 June 2019, Group net cash stood at $44.0 million, up from $34.0 million at 31 December 2018.
However, while the Company’s continuing business revenue grew 7.2% from $167.5 million to $179.5 million for the first half, total Group revenue dipped from $201.7 million in H1 2018, to $189.5 million fro H1 2019. This was despite two months contribution from the automotive business, which was sold in February this year.
Telit Communications comments
Company Chief Executive, Paolo Dal Pino, stated,
“We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business. We remain on track with our operational and financial targets.”
The group’s statement added,
“The Group traded in line with the Board’s expectations for the first half and is on course to continue to do so for the full year.”
The Company’s shares dipped 2.24% or 3.8p during early morning trading on Wednesday, down to 166.2p a share 17/07/19 11:08 BST. Analysts from finnCap remained unchanged in their ‘Corporate’ stance on Telit Communications stock.
Elsewhere in the tech sector, there were updates from; TP Group PLC (LON: TPG), Mobile Streams Plc (LON: MOS), Sophos Group plc (LON: SOPH), MiriAd Advertising plc (LON: MIRI), Zoo Digital Group plc (LON: ZOO), Vela Technologies Plc (LON: VELA) and Remote Monitored Systems PLC (LON: RMS).