Bulgaria's Shelly affirms 51% revenue growth f'cast in 2023

Earnings before interest and tax (EBIT) are projected to surge by at least 63.5% year-on-year to reach more than 17 million euro in 2023, Shelly Group said in a bourse filing on Monday.

As a result of more investments in sales and product development during the previous year, the group's EBIT for the first nine months of 2023 soared by an annual 68.6% to 11.9 million euro.

Despite the geopolitical uncertainty, the IoT products manufacturer's third-quarter performance reflected the strong results of the first half of the year. This was predominantly driven by the robust performance of the DACH market, where revenue more than doubled, reaching 22.1 million euro. Notably, all core markets experienced revenue growth in the third quarter.

"In the nine months of 2023, we increased the number of products released to the market more than fourfold compared to the previous year, reaching a total of 22 devices," Shelly Group co-CEO Dimitar Dimitrov said. He added that third-generation products, equipped with the newly developed Shelly chip, are due for market launch in 2024, with fourth-generation products expected to follow in 2025.

Co-CEO Wolfgang Kirsch highlighted the strong demand for the company's products in the lighting and energy management segments as well as Shelly Group's recent partnerships with Vodafone in Africa and US Zendure.

Shares in Shelly Group traded 2.41% higher at 42.50 levs on the Bulgarian Stock Exchange as at 1213 CET on Tuesday.

($ = 0.9326 euro)