- Internet of things company investor Telit Communications said it did not expect to complete a $105m sale of its automotive division until next year.

The proposed sale to TUS International was first announced in July.

The two companies were still working on conditions of the deal, including getting permission from TUS shareholders and the completion of an internal reorganization by Telit.

'The group now expects TUS to publish its shareholder circular before 31 December 2018 and to complete the transaction by 31 January 2019,' Telit said.

'Procedural amendments have been made to the agreement between the parties to reflect the amended dates.'

Telit, meanwhile, said it continued to trade 'well' in the year today with double digit revenue growth and stabilised gross profit margins.

Revenue was the full year was expected to be $415m-to-$425m and adjusted Ebitda to be $30m-to-$35m.

The company also said it had identified a further $10m of future cost savings.

'Together with an anticipated increase in revenue and stabilised gross margins, Telit looks forward to significantly improved profitability and cash generation in 2019,' it said.

At 8:29am: [LON:TCM] Telit Communications PLC share price was +0.8p at 138.8p

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