Bulgaria's Shelly Group grows Q1 cons net profit 49% y/y

The company's overall revenue in January-March jumped by an annual 46% to 40.6 million levs, Shelly Group said in an interim financial statement on Wednesday. Sales of devices generated 40 million levs in revenue, up 45% year-on-year.

Growth in the first quarter was fueled by distribution channels and client base expansion, along with product range development, Shelly Group said in a separate statement. With revenue increases in all major markets, German-speaking countries contributed the most, having boosted their revenue by 45.5% on the year to 20.4 million levs.

In parallel, Shelly Group's operating expenses widened to some 30.2 million levs in the review period from 20.8 million levs a year earlier as a result of a rise in the book value of assets sold, as well as higher costs for hired services and remuneration.

"Our strategy of continuously enlarging our distribution channels and strategically widening our product portfolio is paying off. With the opening of a new factory building, we have the potential for short-term increases in our production capacity," Shelly Group co-CEO Wolfgang Kirsch said.

The company consolidates the results of six subsidiaries, five of which are wholly-owned, including Shelly USA, Inc. in the U.S. and Germany-based Shelly DACH GmbH.

As of 1045 CEST on Thursday, shares in Shelly Group traded 0.87% higher at 69.80 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)