Allterco with 26.2% Growth in Consolidated Revenues from Sales for the first Quarter of 2022

Business | April 14, 2022, Thursday // 16:01
Bulgaria: Allterco with 26.2% Growth in Consolidated Revenues from Sales for the first Quarter of 2022 Wolfgang Kirsch

Preliminary data show consolidated sales revenues of BGN 17.4 million (EUR 8.9 million). The company announced the appointment of a second CEO.

According to preliminary data, Allterco, the technological innovator in the IoT field, reported a 26.2% increase in consolidated sales revenue for the first quarter of 2022 compared to the same period in 2021. Revenues amounted to BGN 17.4 million (EUR 8.9 million), based on BGN 16.6 million (EUR 8.5 million), which come from the home automation product line of the company - Shelly. The line of smart devices reported 25.1% growth over the same period in 2021 based on preliminary internal calculations of the company for 2022.

The successful results of the first quarter of the year are a continuation of the positive growth trend of the technology company from 2021. Its growth continues not only with investments in the development and introduction of new devices but also with the development of work organization to achieve ambitious strategic goals that Allterco sets for the coming years. Last week, the company announced the appointment of Wolfgang Kirsch as CEO of Allterco, a role he will share with one of its founders, Dimitar Dimitrov.

In the new structure of the company, Mr. Dimitar Dimitrov will head the R&D team, whose main focus is research and development related to the creation and development of new devices from the two sub-brands of Allterco - Shelly home automation line and GPS smartwatch line for children MyKi. At the same time, Mr. Wolfgang Kirsch will be responsible for the operational management of the company with a focus on sales, marketing, logistics, finance and human resources.

“The financial results achieved in the first quarter of the year are proof that we are going in the right direction when it comes to expanding our business. And the appointment of Wolfgang Kirsch as second CEO is a major part of it. The secondary listing on the Frankfurt Stock Exchange was a clear signal of our ambitions to be one of the key players in the European market and with his deep knowledge of the industry and proven experience Wolfgang Kirsch is the right person to help us achieve this,” said Dimitar Dimitrov. CEO and founder of Allterco.

“Being part of Allterco in such exciting times is a pleasure and an honor. Preliminary results for the first quarter with a growth in sales revenue of + 26% compared to the first quarter of 2021 are proof of the excellent performance of the team, especially since we had a very strong performance in the first quarter of 2021. This shows that our global team is united and ready to meet our goals for this year as well. We are determined to grow at an even faster pace in the coming quarters,” said Wolfgang Kirsch, CEO of Allterco.

Earlier this year, Allterco announced a + 51% increase in sales revenue for 2021 with more than 30 million euros in sales revenue on a consolidated basis. Allterco's high results have been achieved in the context of the successful launch of 10 new devices and 2 new product lines in just one year.

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Tags: Allterco, shelly, Dimitar Dimitrov, Wolfgang Kirsch
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