Bulgaria's Shelly Group expands production capacity

The expansion could result in annual revenue of up to 30 million euro ($31.8 million) and will support the company's growth plans for 2024, Shelly Group said in a statement.

The move is part of Shelly Group's strategy to reach average annual sales growth of 43% to over 200 million euro by the end of 2026.

"The continuous growth of our technology portfolio and the related expansion of the product range for both end users and professional users are paying off. In this respect, we enjoy the growing demand for our energy management solutions and products from industrial and professional users," Shelly Group CEO Dimitar Dimitrov said.

Shelly Group posted a non-consolidated net profit of 1.1 million levs ($596,449/562,419 euro) in the first nine months of 2023, compared with a net loss of 2.1 million levs a year earlier, it said in a separate statement.

As of 1055 CET on Tuesday, shares in the company traded 2.71% lower at 39.50 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)