- Internet of things investor Telit Communications said it expected to post a 7.8% rise in annual and higher earnings, excluding contributions from an automotive business sold in February.

Revenue from continuing operations for the year through December was expected to rise to $381.0m, up from $353.4m on-year.

Total revenues, including two months' contribution from the automotive business, were expected to fall to $391.0m, down from $427.5m.

Adjusted EBITDA, excluding the automotive business, was seen in the range of $37m-to-$40m, up from $30.1m on-year.

'In 2019 Telit improved both its financial position and operating performance, reflected in increased profitability and cash generation,' chief executive Paolo Dal Pino said.

'Telit enters 2020 as a more focussed, agile and innovative group, well positioned to capitalise on growth opportunities in the rapidly expanding industrial IoT market.'

At 9:58am: [LON:TCM] Telit Communications PLC share price was -3.6p at 164.4p

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