Telit Communications expects to report continuing year-on-year revenue growth in the financial year to end of December and adjusted EBITDA to be in line with previous guidance.
The wireless technology specialist reveals that revenue for the nine months to end of September was $255mn (2016: $238m).
Telit has commenced a review of its activities, cost base and product portfolio in order to deliver a significant rationalisation of the group's activities and reduction in its costs.
Low-cost R&D centres
Telit intends to reduce the number of its R&D centres and that any future growth in R&D spend will be focused in low-cost centres. The group is also reducing its sales and general administrative cost base.
Telit expects these measures will reduce its cash operating expenses in the coming financial year by more than $10m and help the group mitigate pressure on gross profit margins.