Bulgaria's Shelly Group IoT device sales up 46% y/y in Q1

Sales of automation and IoT devices under the Shelly brand amounted to 20.2 million euro in January-March, marking a 46.4% annual rise, the company said in a bourse filing on Tuesday.

Shelly Group expects revenue from sales of devices and related services to come in at 105 million euro in 2024, with earnings before interest and taxes (EBIT) amounting to over 26 million euro. Last year, revenue totalled 74.9 million euro, while EBIT stood at 19.1 million euro, according to preliminary data.

The company will disclose its first quarter consolidated results on May 15, it said.

As of 1020 CET on Wednesday, shares in Shelly Group traded 2.42% higher at 67.60 levs ($37.56/34.56 euro) on the Bulgarian Stock Exchange.

($ = 0.9202 euro)