25 May 2012

Second half upturn at Telit

08/03/2010 Robert Tyerman

Telit Communications lost 2.9 million (£2.6 million) last year but says turnover grew 30 per cent in the second half.

Steered by Israeli entrepreneur Oozi Cats, the London-based machine-to-machine communications specialist showed a 10.7 per cent turnover increase to 63.8 million in 2009, which saw the previous year’s 1.2 million profit turn into a loss of nearly 3 million. Faced with an ‘erosion’ of selling prices for its products, AIM-quoted Telit transferred its manufacturing to lower-cost China at a cost of 2.75 million and lifted second-half turnover nearly 31 per cent to 36 million.

The company, which raised £40,000 in July at 29p and £5.3 million in November at 20p, ended the year with net cash of 7.2 million (£6.5 million), compared with 11.9 million of net debt at the end of 2008. During 2009, Telit agreed a strategic collaboration with Deutsche Telekom and T-Mobile and continue to penetrate the motor sector through agreements with Magneti Marelli and MetaSystem of Italy and with Positron of Brazil.

Cats declares Telit has ‘emerged from the turmoil of 2009 a much stronger company, ready to continue its ascent in its markets’. Floated at 140p five years ago and highlighted as a recovery speculation at 27.5p in 2007, the shares later reached 92p, where GCI recommended partial profit taking, before plunging to 12p.

Now 23.5p, up 0.5p this morning, they value the company at £17 million and once again offer some speculative recovery possibilities for gamblers.

Tags: AIM, Cash, Deals & contracts, Fundraisings

Sector: Technology Hardware & Equipment

Companies: Telit Communications

Achieve impressive returns

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena

Click here

Achieve impressive returns on the go

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!

Institutional Investors in AIM 2011 - New Report

This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

If you're interested in business tax updates visit our specialist tax guide website.

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Acquisition   Acquisitions   Aim   Aim Market   Boardroom Moves   Breaking-even   British Technology   Cash   China   Commodities   Credit Crunch   Deals & Contracts   Debt   Dividend   Emerging Markets   Full List   Fundraisings   Gold   Growth Company   Growth Stocks   Loss Making   Main Market   Mergers & Acquisitions   New Issues   Penny Shares   Placing   Plus Markets   Profit Warning   Restructuring   South Africa   Speculative Punts   Technology   Trading Update   Turnaround   Undervalued

Latest News

Gulf starts at Sheikh Adi-2 25/05/2012

Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.

Tags: Doing business in Iraq, Drilling on AIM, Oil on AIM

Sector: Oil & Gas Producers

Companies: Gulf Keystone Petroleum

Shell considers Cove 24/05/2012

Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.

Tags: Bid trumped, Doing business in Mozambique, Oil giants on AIM, Takeovers and bids

Sector: Oil & Gas Producers

Companies: Royal Dutch Shell 'A' , Cove Energy

Roxi reaches 1,360 metres 23/05/2012

Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.

Tags: AIM ventures, Doing business in Kazakhstan, Oil on AIM

Cluff Natural Resources joins AIM 22/05/2012

Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.

Tags: Entrepreneurs on AIM, Gold mining, Oil and gas on AIM

Red Emperor exercises Shabeel 21/05/2012

Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.

Tags: Business in the Puntland, Doing business in Somalia, Drilling for oil & gas, Oil on AIM

Sector: Oil & Gas Producers

Companies: Red Emperor Resources

Heritage happy in Iraq 18/05/2012

Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.

Tags: Doing business in Iraq, Oil on the full list, Oil production, Target depth

Sector: Oil & Gas Producers

Companies: Heritage Oil

More News

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Financial Services   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology