Telit Communications trading in line after 20% YTD revenue growth

AIM-listed wireless technology group Telit Communications said full-year results will be in line with expectations with year-to-date revenues having grown by a fifth.

The company, which provides machine-to-machine (m2m) technology and Internet of Things (IoT) expertise, said that sales in the nine months to 30 September were up 20% at $205.2m.

Results have been helped by its Platform-as-a-Service (Paas) through the m2mAir division, which delivered 181% growth in revenues to $13.5m.

"I am pleased to report Telit has had a good nine months," said chief executive Oozi Cats.

"Full year revenues are expected to be in line with market expectations which will represent a year over year growth rate of approximately 25%," Cats said.

The stock was up 2% at 205.25p by 08:07 on Friday.