Telit Communications says that lower than expected selling prices meant that its 2009 results will be below expectations.
Remote machine communications technology developer Telit generated revenues of €28m in the six months to June 2009, down from €30.1m in the first half of 2008 and €29m in the second half. Average selling prices declined by more than expected in the first four months of 2009 but they started to pick up in May and June. Telit sold 25% more units which gives an indication how far prices have declined.
Revenues in 2009 should increase from the €59.1m generated in 2008.
Telit is cutting costs and reducing R&D.
Shares in Telit slumped 5p to 29p each, which values the company at £12.9m.
Interim figures will be published in September.
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