Full-year profit surge at Telit Communications

17th Mar 2014 07:46

- Pre-tax profit surges 145 per cent - Performance enhanced by recent acquisitions- Confident about the current year outlookWireless technology provider Telit Communications booked a sharp rise in pre-tax profit, helped by recent acquisitions, and said it is confident about further progress in the year ahead.Pre-tax profit for the year ended December 31st surged by 145% to $12m while revenues for the year increased year-on-year by 17.3% to $243.2m.Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 55.5% to $26.9m. Gross margin increased from 37.1% in 2012 to 38.02% in 2013.Basic earnings per share increased by 176.3% to 10.5 cents in 2013 compared to 3.8 cents in 2012.Chief Executive Oozi Cats said: "We achieved strong growth in sales and profits together with a strong growth in services revenues. Our strategic acquisitions in 2012 and 2013 have added a layer of recurring revenue to Telit's financial performance and we expect them to increase their contribution over the coming years. "We are very excited about the ONE STOP. ONE SHOP concept we are providing to our m2m customers and are confident that Telit is now even better placed to achieve its objective of becoming the leading provider of m2m solutions worldwide. The company remains confident about the current year outlook."Net debt at the end period fell to $11.7m from net debt of $12.7m the same time a year earlier.The company is not proposing to pay a dividend for the period. CJ