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Bulgaria's Allterco eyes 42% avg annual sales growth by 2025

Bulgaria's Allterco eyes 42% avg annual sales growth by 2025 Allterco/All rights reserved

SOFIA (Bulgaria), June 28 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] on Tuesday forecast an average annual sales increase of 42.2% in the medium term, targeting revenue of 125 million euro ($132.4 million) in 2025 on the back of business expansion and product developments.

For the current year, the board expects sales of products and services to rise by 43% year-on-year to some 43.5 million euro, Allterco said in a stock exchange filing.

In 2023, Allterco expects to boost sales by 44% to 62.5 million euro, reaching 89 million euro in 2024, it said.

As a result of investments in business expansion, the IoT products manufacturer sees its 2022 earnings before interest and taxes (EBIT) remain at last year's level of 9.6 million euro. Allterco's medium-term EBIT goal amounts to 38.8 million euro in 2025, with an average annual growth of about 59.3%.

Allterco said earlier this month it has tabled an offer to acquire Slovenian smart systems maker GOAP d.o.o. Nova Gorica for around 3.3 million euro with a view to expanding its product portfolio into cruise ship automation devices and its geographical footprint. Last week, the Bulgarian company unveiled plans to buy back 40,000 of its own shares at 19.50 levs apiece from two independent investors with the aim of partly financing the stock portion of its proposed deal for GOAP.

The company also said in June that it will fund its wholly-owned subsidiary Allterco Robotics US to the tune of 1.5 million US dollars (1.4 million euro) and grant it a one-year investment loan of $1 million.

In 2021, Allterco saw a 51% annual jump in consolidated sales of IoT devices and related services to 59.5 million levs ($32.2 million/30.4 million euro). The company manufactures energy measurement devices, products under the home automation brand Shelly as well as MyKi tracking devices for kids.

Shares in Allterco, which have increased in value by close to 5% over the past 12 months, closed flat at 18.05 levs on Monday on the stock exchange in Sofia.

($ = 0.94427 euro)

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