Telit on track to hit full year targets

Wireless tech firm Telit Communications has provided a positive trading update, saying that the trading outlook for the full year is in line with market expectations.

Consensus estimates for the full year ending December 31st 2012 are for revenues of £127.4m with pre-tax profits of 5.81m. Earnings per share are expected to be 3.75p, placing it on a forward price/earnings ratio of 15.7.

The group said its revenues for the nine months ended September 30th 2012 were up 16.7% year-on-year to $150m.

The Israeli machine-to-machine wireless communications specialist designs and manufacturers devices which connect wirelessly to a network to enable monitoring of real-time information for equipment such as heart monitors, vending machines and trucks.

The shares rose a penny to 59.75p on the terse trading update in the first hour of trading.

CM