- Internet of things investor Telit Communications swung to a full-year profit after it booked a gain on the sale of its auto division.

Pre-tax profit for the year through December amounted to $59.9m, compared to losses of $39.8m on-year.

Revenue fell to $392.5m, down from $427.5m, owing to the asset sale, but underlying revenue rose 8.3% to $382.8m.

'Building on the progress made over the last two years, and subject to the wider market disruptions cause by Covid-19, we are confident that our operational and financial performance in 2020 will continue to improve and we are well positioned to deliver another year of growing profit and cash,' chief executive Paolo Dal Pino said.

'We are clearly mindful of risks to our business, including those related to COVID-19 that might affect us in the short term, but our business will benefit both from the addition of OneEdge and from new offerings within the cloud & connectivity business.'

'In view of this and seeing the benefits of the hard work of recent years, the board is confident in the group's prospects for the future.'

At 9:33am: [LON:TCM] Telit Communications PLC share price was -0.9p at 79.1p

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