March 1 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] expects that growth in 2023 will be in line with last year, the company said.
“In view of the strong order backlog, we are confident about the current fiscal year,” co-CEO Wolfgang Kirsch said in a press release on Tuesday. “While keeping our costs under control in the face of numerous economic challenges, we expect our investments to continue to add value with noticeable improvements in EBITDA and EBIT margins.”
The company's consolidated net profit rose by 9.7% on the year to 8.9 million euro ($9.47 million) in 2022, according to unaudited figures. Growth was achieved despite a negative special effect from write-off of a receivable.
Allterco further reported earnings before interest and tax (EBIT) of 10.4 million euro for 2022, up by 10.3% on the year. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 9.5% to 10.9 million euro as a result of intensified investment in sales and research and development (R&D) structures.
Consolidated revenue surged by 54.6% to 48.1 million euro. Sales of goods and productions jumped by 58.2% to 47.6 million euro following successful launches in 2022.
The company plans to continue to introduce new products in 2023, with five launches already made at the CES trade show in Las Vegas in January, the other co-CEO, Dimitar Dimitrov, noted in the statement.
Allterco will publish its final annual report for 2022 and guidance for 2023 on April 28.
As at CET 1002 on Wednesday, shares in the company traded flat at 22.80 levs on the Bulgarian Stock Exchange.
($ = 0.9401 euro)