July 13 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said on Wednesday that its preliminary consolidated revenue from sales of IoT devices rose by 37.1% on the year in the first half of 2022, to 35.9 million levs ($18.4 million/18.35 million euro).
Sales of smart home devices under the Shelly brand generated 37.5% more revenue, or 34.2 million levs, in the review period, whereas the revenue from sales of personal tracker devices MyKi returned to pre-pandemic levels, rising 28.3% year-on-year to 1.7 million levs, Allterco said in a bourse filing.
The positive overall performance means that the company exceeded budget and sales forecasts for both the second quarter of 2022 and the first half of the year, Allterco added.
The rate of growth in the April-June period increased compared to the first quarter in line with the management's estimate of a 43% annual growth in the current year.
The percentage comparison of IoT sales in the first half of this year against the same period last year does not take into account earnings of 2.2 million levs from value-added services in Asia prior to Allterco's divestment of its telecoms business there later in 2021, the company noted.
Allterco will announce its first-half consolidated results by August 29, it said.
Last month, the Bulgarian company forecast an average annual sales increase of 42.2% in the medium term, targeting revenue of 125 million euro ($125.5 million) in 2025 on the back of business expansion and product developments.
Allterco is buying 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.
As at 1156 CEST, shares in Allterco were trading 0.56% higher at 18.00 levs on the stock exchange in Sofia.
(1 euro = 1.95583 levs)