Bulgaria's Allterco beats forecast with 50% y/y rise in 9-mo IoT device sales

Sales of devices from the company's home automation brand Shelly grew 51% on the year to 54.5 million levs in the January-September period, while sales from the children's smartwatch brand MyKi went up 32.5% to 3.2 million levs, Allterco said in a stock exchange filing based on provisional results.

The figures take into account only the growth of the company's IoT business and exclude revenue from value-added services in Asia, after the Asian telecoms business was divested in September 2021, Allterco noted.

The Bulgarian company said in August that it expects to complete by November its planned acquisition of Slovenian sector player GOAP d.o.o. Nova Gorica, a deal seen to expand Allterco's presence in the automation systems and devices market.

As at 1210 CEST on Wednesday, shares in Allterco traded 1.72% higher at 17.70 levs on the Bulgarian Stock Exchange, bourse data showed.

(1 euro = 1.95583 levs)