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.
