November 4 (SeeNews) - Bulgarian IoT and smart home products maker Allterco [BUL:A4L] said that it expects its consolidated sales in 2022 to exceed its initial forecast of 43.5 million euro ($42.5 million), after an upbeat start to the final quarter and a solid backlog of orders.
Allterco sees full-year sales revenue expanding to 45 - 46 million euro, the company said in a bourse filing on Thursday.
Earnings before interest and taxes (EBIT) are projected to increase to 10-10.5 million euro from the initially forecast 9.6 million euro.
Allterco also said it will release its consolidated financial results for the nine months through September on November 14.
Earlier this week, the company reported an increase in non-consolidated revenue to 472,000 levs ($235,886/241,330 euro) in the first nine months of 2022 from 271,000 levs a year earlier, although standalone loss widened significantly on one-off charges.
Allterco consolidates the results of five wholly-owned subsidiaries, including Allterco Robotics in the US and Germany-based Allterco Europe.
In June, the IoT products maker predicted a 42% average annual sales growth in the medium term, targeting revenue of 125 million euro in 2025.
($ = 1.02327 euro)