Telit Communications (News - Alert), a global leader in the field of Machine-to-Machine, has announced its preliminary results for the year ended December 31 2010:

--Revenue increased by 48.2 percent to $131.7 million (2009: $88.8 million).

--Revenue in H2-2010 increased by 20.9 percent to $72.1 million (H1-2010: $59.6 million).

--Gross profit increased by 24.0 percent to $52.9 million (2009: $42.7 million)

--Operating profit for the year of $6.6 million  (2009: loss of $3.0 million)

--Adjusted EBITDA for the year of $12.4 million (2009: $5.8 million)

--Profit before tax of $6.4 million (2009: loss of $4.1 million)

--Profit for the year of $8.4 million (2009: loss of $4.2 million)

--Net debt down $3.2 million to $7.2 million (2009: $10.4 million)

Operational highlights

--Transfer of the principal manufacturing facility to China completed in Q1 2010

--Continued expansion of the product portfolio, including the development of products to address the growing demand for energy efficient and wireless smart metering modules

--Strengthening of position in Eastern Europe with the opening of an office in St Petersburg, Russia

--Continued strong growth in the Americas region

--Launch of the world’s first online technical support forum for m2m

--Acquisition of Motorola’s (News - Alert) M2M operation completed. Integration is progressing well and in line with management expectations.

Oozi Cats, Chief Executive: “2010 and the subsequent months have been very important for the development of Telit.  Through 2010 we achieved strong organic growth successfully capitalizing on the returning growth in the M2M industry, which is emerging from the economic downturn.  Our rate of organic growth was higher than the relative increase in growth of the M2M market and our major competitors, which illustrates the quality of our product portfolio, our customer relationships and the strength of our sales and distribution network.

Our hard work over the past few years at building a market leading platform to capitalize 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.  With the aim of strengthening our strong market position, we completed the acquisition of Motorola M2M in March 2011.”