The Board of Telit (AIM: TCM), a global leader in machine-to-machine (m2m) communications, the chief enabler technology area for the Internet of Things (IoT), is pleased to provide a trading update for the nine months ended 30 September 2014.
Telit’s revenues for the nine months ended 30 September 2014 were $205.2 million (9 months 2013: $171 million), which represents a year on year growth of 20%.
Revenues for the first nine months are expected to include $13.5 million (9 months 2013: $4.8 million) generated from the Company’s Platform as a Service (PaaS) through its m2mAir division, which represents a year on year growth of 181%.
The Board expects that trading for the full year ending 31 December 2014 will be in line with market expectations.
Oozi Cats, Chief Executive of Telit, said:
“I am pleased to report Telit has had a good nine months. Full year revenues are expected to be in line with market expectations which will represent a year over year growth rate of approximately 25%.”
“We continue to see robust performance from the automotive product line and the Platform as a Service (PaaS). Both offerings are making good progress and I expect they will widen our addressable market and increase our opportunities for growth in future years.”