LONDON (Alliance News) - Telit Communications PLC posted big increases in pretax profits and revenues for the six months ended June 30, as it said it remains confident in meeting full-year expectations after continued investments and acquisitions.
The wireless communications company, specialising in direct machine-to-machine connections between devices, had a pretax profit of USD5.6 million, up from USD2.71 million in the previous year. The groups revenue was USD108.5 million, up from USD98.6 million. The company's performance was boosted by continued investment in sales and marketing and the recent acquisition of CrossBridge Solutions Inc. .
It said that it would continue to review expansion opportunities to maintain momentum and continue to expand activities to take advantage of considerable opportunities in the global market.
Telit's shares were trading up 7.0% at 92.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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