Bulgaria's Shelly Group reaffirms 51% sales growth f'cast in 2023

Sales during the last Friday in November, which traditionally marks the start of the Christmas shopping season, soared by 115% on the year to 14.5 million euro, Shelly Group said in a bourse filing. The company sold more than 1.1 million smart home devices.

Shelly Group also reaffirmed its earlier forecast for an increase of at least 63.5% in earnings before interest and taxes (EBIT) to 17 million euro in 2023 compared to last year.

In November, Shelly Group reported a % annual rise in consolidated net profit to 19.8 million levs ($10.9 million/10.1 million euro) in the nine months through September, reflecting also the results of six subsidiaries, including in the U.S. and Germany. Revenue in the reporting period jumped 44% year-on-year to 87.5 million levs as sales of smart devices went up by almost half.

Shares in Shelly Group closed at 40.50 levs on Tuesday. The value of the company's stock has nearly doubled in the past 12 months, resulting in a market capitalisation of 731 million levs, bourse data show.

($= = 0.9271 euro)