April 14 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said on Thursday that its preliminary consolidated revenue from the sale of IoT devices in the first three months of 2022 climbed by 26.2% year-on-year to 17.4 million levs ($9.7 million/8.9 million euro).
Allterco's turnover from the sale of devices from its smart home and home automation brand Shelly also grew in annual comparison terms, by 25.1% to 16.6 million levs over the quarter, the company said in a stock exchange filing.
At the same time, sales revenue from smart tracker devices MyKi between January and March dropped 8.7% on the year, reaching 447,000 levs, although recovery signs are present thanks to the removal of pandemic restriction measures in a number of markets.
Taking into account the seasonality of product sales, Allterco noted that the preliminary results are in line with management expectations and the 2022 outlook.
As at 11:26 CET on Thursday, shares in Allterco traded 5.47% higher at 21.20 levs apiece on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)