Results round-up
Telit Communications has seen a 13.4% increase in revenue for the year to approximately $333.5m (£229.2m).
FTSE 250
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE AIM 100
3,637.40
17:14 26/04/24
FTSE AIM 50
3,960.47
17:14 26/04/24
FTSE AIM All-Share
755.28
17:14 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Real Estate Investment & Services
2,188.30
16:59 26/04/24
Technology Hardware & Equipment
1,920.18
16:30 11/04/24
Telit Communications
229.00p
16:40 27/08/21
Unite Group
932.00p
16:40 26/04/24
The AIM-listed machine-to-machine communications company published its year-end trading update to 31 December 2015 on Monday.
The increase in group revenues was driven by a 60% increase in its automotive division of $39.6m.
Its Internet of Things (IoT) services division is also expected to show a 30% increase in revenue to approximately $26m.
After a few years of slowdown in the Europe, the Middle East and Africa region, 2015 saw a return to double digit growth with revenues there expected to rise 13.4% to $133.2m.
Asia-Pacific revenues are also expected to jump considerably, up 73.8% to $70.9m, however revenue from the Amercias dipped 4.6% to $129.4m.
Overall group adjusted EBITDA is expected to be in line with guidance at $40m to $45m.
Chief executive Oozi Cats sail it was a strong year of organic growth, and the company is investing across the group in to make of the most of the IoT market.
“With the increasing need for services across the IoT industry, we expect our IoT services business to continue to grow significantly over the next few years,” he said.
"With the numerous opportunities developing across the group as well as our growing recurring revenues, we are confident of maintaining our double digit growth in the current financial year."
Student accommodation manager Unite Group said high occupancies and rental growth boosted valuations of its two portfolios in the final quarter of 2015.
The Unite UK Student Accommodation Fund (USAF) was up 2.3% in the period £2.07bn and 13.9% over the full year. The portfolio comprises 26,813 beds in 75 properties across 24 University towns and cities in the UK.
As a result of the strong total return in USAF during 2015, Unite expects to earn a net performance fee in the region of £20m. The fee will be paid in units in the first quarter of 2016.
The London Students Accommodation Joint Venture (LSAV) investment portfolio was independently valued at £738m, up 2.5% on a like-for-like basis in the quarter and 17.4% over the full year. LSAV's investment portfolio comprises 4,636 beds across 12 properties in London and three properties in Edinburgh.
Unite said the increases were “driven primarily by rental growth and six basis points of yield compression in USAF and 10 basis points of yield compression in LSAV on a like-for-like basis in the quarter (65 and 81 basis points respectively over the full year).
“The overall USAF portfolio is now valued at an average yield of 5.7% and LSAV's portfolio at 5%,” it added.