Telit Communications PLC reported group net debt results for the year ended December 31, 2016. Net debt reduced by $10.4 million to $18.7 million at 31 December 2016, after payment of an interim cash dividend of approximately $3 million during second half of 2016 (net debt at 30 June 2016: $29.1 million).

The company provided group earnings guidance for the year ended December 31, 2016. For the year, the group revenues are expected to be approximately $370 million compared to $333.5 million a year ago, an increase of 11%. The group expects adjusted EBITDA and EPS to be in line with the guidance at $54 million to $59 million (2015: $45.3 million) and 26 cents to 30 cents (2015: 21.7 cents) respectively.

The revenues in second half of 2016 are expected to be approximately $204 million compared to second half of 2015 $177 million, an increase of 15% on second half of 2015.