December 5 (SeeNews) - Bulgarian IoT and smart home products maker Allterco [BUL:A4L] on Monday said it has selected Dublin, Ireland as the base of its next R&D hub in order to further its international expansion.
"The success of our Black Friday sales across all our geographic markets confirms that we are on the right track with our expansion strategy. With the new development hub in Ireland, we are attracting high-caliber IT specialists to continuously improve the research and development process, thus consistently pursuing our expansion strategy," Dimitar Dimitrov, Allterco joint CEO and R&D director, said in a company statement.
The company also confirmed its earlier guidance for consolidated sales in 2022 at the upper end of the stated 45-46 million euro ($48.7 million) range, on the back of a recent 44% annual jump in smart home device sales.
Allterco generated more than 6.8 million euro from the sale of over half a million smart devices during the Black Friday period, with Germany and Italy accounting for the strongest customer interest, followed by Spain, Portugal, the Netherlands, Austria and Belgium.
The IoT manufacturer reiterated its November projection that earnings before interest and taxes (EBIT) in 2022 are set to grow to 10-10.5 million euro from the initially estimated 9.6 million euro.
Allterco has five wholly-owned subsidiaries, including Allterco Robotics in the US and Germany-based Allterco Europe. The company makes smart home devices under the brand Shelly, of which it has sold 7 million units worldwide to date.
Last month, the IoT maker reported a 55% annual jump in operating revenue to 60.5 million levs ($32.7 million/30.9 million euro) in the first nine months of 2022, with consolidated net profit increasing to 11.75 million levs from 10.05 million levs a year earlier.
Shares in Allterco traded 0.96% lower at 20.70 levs as of 1440 CET on Monday.
($ = 0.9446 euro)