Telit Communications increased revenues 34.7 per cent to US$177.4 million in the year to December 31, 2011.
The wireless machine-to-machine specialist said it had achieved strong growth last year and is now better placed in its bid to become a leading provider of m2m solutions worldwide.
Machine-to-machine (M2M) wirelessly connects devices to a network to enable monitoring of real-time information for a range of equipment. Uses include monitoring data from vending machines, trucks and heart monitors.
Telit sells its products through a network of value-added resellers to more than 5,000 communications solution providers and systems integrators in more than 60 countries.
The international market is rapidly growing as wireless communications are now a must-have rather than a luxury in the business world, the firm said.
Last year saw the company successfully integrate the Motorola m2m business, which was acquired last March, and it bought GlobalConect Ltd last July.
The purchase of Navman Wireless OEM Solutions LP, a leading designer and manufacturer of world-class GPS modules and solutions, was completed in January this year.
The company expanded its portfolio, including the development of new 3G product series, and it launched the 4G LTE programme, for the development of future Telit products complying with next-generation technologies.
Telit’s chief executive, Oozi Cats, said 2011 had been an important year, adding that the acquisition of GlobalConect was an additional building block in Telit’s strategy to provide its customers with a full service portfolio, including value-added services such as connectivity.
“The achievements of 2011 also include the Navman acquisition, which will provide Telit access to new customers and products beyond the traditional m2m industry, thus strengthening our position as the premier product and consultative partner in the m2m industry.”
“Our hard work and significant investments over the past few years have created a market leading platform through which we are capitalizing on the exciting opportunities within the m2m market and continuing to increase our market share.”
The firm posted an operating profit for the year of US$3.5 million (2010: US$6.6mln). Pre-tax profit was US$2.2 million, compared to US$6.4 million in 2010.
Telit Communications PLC is a global leader in the field of machine-to-machine (m2m) communications. Telit develops, manufactures, markets and sells communication modules which enable machines, devices and vehicles to communicate via cellular and other wireless networks. Telit’s core strengths are innovative products, compete control over its intellectual property and its flexible, customized solutions, which enable it to offer customers the lowest total cost of ownership and a future-proof product roadmap. Telit’s products are sold and deployed worldwide through offices in the US, China, Korea, Taiwan, Denmark, Germany, Great Britain, Italy, Spain, Turkey, Israel, Brazil, and the Republic of South Africa. www.telit.com