Telit expects H1 revenues to rise 36%

12th Jul 2011 11:24

Machine-to-machine (m2m) wireless communications technology developer Telit Communications' forecast of a 36% rise in revenues for the first half of the year failed to inspire investors as the shares dipped more than 4%. Telit said it expects unaudited revenue of approximately $81m, compared with revenue of $59.6m in 2010. The company also said that it was confident that overall trading remains in line with expectations for the year as a whole.Telit, which closed the acquisition Motorola's m2m division in March, said the operational integration has been completed during the period with the new business contributing about 20% of the group's revenues in the period.Shares of Telit slipped 4.3% to 90p in morning trading in London.AR