Shelly Group: Impressive growth of 47.2% – analysts optimistic!

Montega AG published an update on Shelly Group AD on October 10, 2024, highlighting the company’s positive business development. Shelly Group, a provider of IoT and smart building solutions based in Sofia, Bulgaria, has published preliminary revenue figures for the first nine months of 2024. These show an impressive growth of 47.2% compared to the previous year, with a turnover of 127.0 million BGN (64.9 million EUR). Despite a slight decline in growth momentum in the third quarter, which stood at 43.5%, the company remains on track to achieve its annual forecast of EUR 105 million.

For the fourth quarter, which traditionally accounts for a significant share of total sales, the target is sales of EUR 40.1 million, which corresponds to a growth rate of 44.5% compared to the previous year. Montega analyst Bastian Brach is optimistic that product launches and updates will be critical to achieving these goals.