Telit Communications revenues up 11% YoY

Telit Communications PLC (AIM: TCM), a global enabler of the Internet of Things (IoT), has published its results for the year to 31 December 2016, showing revenues up 11.0% to USD 370.3m from 2015´s USD 333.5m, the company said.

IoT services revenues were up 36.5% to USD 35.1m (2015: USD 25.7m).

Gross profit increased by 13.2% to USD 150.6m (2015: USD 133.1m), while gross margin increased to 40.66% (2015: 39.9%).

Telit is a global enabler of the IoT. Collectively the IoT is the numerous technologies that allow both wireless and wired systems to communicate, exchange data with an extremely wide range of devices typically in a vast number of locations.

The Group sells its products and services directly, and through a network of distributors, to approximately 7,000 direct and indirect customers, in more than 80 countries around the world.