StockMarketWire.com - Telit Communications has announced its adjusted EBITDA and profit in cash for the nine months to 30 September 2020 and year to date continue to be in line with the Board's expectations, according to a trading update.

Total revenues for the nine months to 30 September 2020 were $245.0 million compared to $274.5 million for the same period to 30 September 2019. The company said revenues remained resilient compared to H1 despite continued lockdown measures across the Group's markets and the impact of the pandemic on customer spending slowing revenue growth.

IoT Cloud and connectivity revenues grew by 10% to $32.4 million, supporting the group's strategy to fully focus on industrial IoT services.

Since the beginning of the year, the Group expanded the availability of its range by certifying its 5G products addressing growing demand for high bandwidth products. Telit was also awarded new design wins for its 5G products and the OneEdge solution in the period and launched additional advanced IoT connectivity solutions.

The group also announced on 3 November 2020 that it had received approaches with regard to possible offers. The Board has no further update to provide in this regard at this time and further announcements will be made as appropriate.




At 9:39am: [LON:TCM] Telit Communications PLC share price was +3.2p at 165.6p



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