Telit moves into the black

Machine-to-machine communications company Telit has posted preliminary net profits of US$8.4m for the year ending 31 December 2010 against a loss for the previous year of $4.2m.

“Through 2010 itself, we achieved strong organic growth successfully capitalising on the returning growth in the M2M industry, which is emerging from the economic downturn,” said Oozi Cats (pictured), chief executive of Telit. “Our rate of organic growth was higher than the relative increase in growth of the M2M market itself and our major competitors, which illustrates the quality of our product portfolio, our customer relationships and the strength of our sales and distribution network.”

Turnover increased 48.2% for the year to $131.7m against $88.8m for 2009. Pre-tax profits were $6.4m against a previous loss of $4.1m.

Early in the year, the company successfully transferred its main manufacturing facility to China. And in March this year, it completed the acquisition of Motorola M2M and said that integration was progressing and in line with management expectations.

“With the aim of strengthening our strong market position, we completed the acquisition of Motorola M2M in March 2011,” said Cats. “We are very excited about the opportunities this significant acquisition will deliver and the board is confident that Telit is now even better placed to achieve its objective of becoming the leading provider of M2M solutions worldwide.”

Telit also continued its expansion into Eastern Europe with the opening of an office in St Petersburg, Russia.

“Our hard work over the past few years at building a market leading platform to capitalise on the exciting opportunities within the M2M market is paying off and we are encouraged by the fact that Telit has continued to increase its market share in 2010,” said Cats.

RECENT ARTICLES

Nordic-powered Apple HomeKit with Thread smart air purifier captures and analyses air quality data

Posted on: September 28, 2022

Oslo, Norway – Connected appliances manufacturer, Sleekpoint Innovations, has released the ‘Purelle (AP2)’ under its Airversa brand, which specialises in creating air treatment products that improve the quality of the air we breathe. The smart air purifier takes advantage of Apple HomeKit with Thread Accessory Protocol.

Read more

IoT interoperability – Living the dream

Posted on: September 28, 2022

With the arrival of cost-effective Satellite IoT (SatIoT), Systems Integrators are rushing to meet the huge pent-up demand for global solutions that allow asset tracking across the 85% of the planet not covered by cellular networks. They are building fully connected IoT solutions, where mobile assets can be tracked as they move, connecting to an

Read more
FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox