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AIM-listed internet-of-things firm Telit Communications (LON:TCM) saw its share price drop by 2.24% to 166p (as of 15:50 BST) despite booking a pre-tax profit for the half year ended 30th June. Revenues were down from the same period of the prior year due to the sale of the automotive division, but those for the remaining business were up by 7.6%.
CEO Paolo Dal Pino commented: “Since I joined Telit, our key focus has been on the completion of the automotive sale, the reorganisation of our management team and the refocus of our company’s portfolio towards more innovative industrial IoT products and services, all of which has helped improve our financial performance.
“Thanks to these efforts, we have seen significant improvement in our cash generation, driven by solid revenue growth and our cost optimisation plan is fully on track to meet our targets.”
“We are encouraged by our performance in H1 and remain confident that full-year results will be in line with the Board’s expectations“.