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Shelly Group PLC in 6M/23 with acceleration of profitable growth course

EQS-News: Shelly Group PLC / Key word(s): Half Year Results/Half Year Report
Shelly Group PLC in 6M/23 with acceleration of profitable growth course
16.08.2023 / 19:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

Shelly Group PLC in 6M/23 with acceleration of profitable growth course

  • Group revenue increased by 53.2% to EUR 28.0 million (BGN 54.8 million)
  • EBIT grew by 79.9% to EUR 7.0 million (BGN 13.6 million)
  • Net profit at Group level increased by 80.3% to EUR 5.8 million (BGN 11.4 million)
  • Shelly cloud user base growth of 46.0% driven by new app to 990 thousand in 6M/23 (31 December 2022: 677 thousand)
  • Outlook 2023 confirmed: Revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million

Sofia / Munich, 16 August 2023 – Shelly Group (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has accelerated its strong and profitable growth in 6M/23. Here, the increased investments in sales and R&D structures in the past year continued to contribute significantly. With strong revenue increases in almost all regional markets, German-speaking countries continued to make the largest contribution to growth, more than doubling to EUR 13.2 million. Initial successes in Northern and Southern Europe provide grounds for further growth potential based on the expanded sales structures.

Group figures (unaudited)

in EUR million   6M/23   6M/22  
Group revenues   28.0   18.3   53.2%
EBIT   7.0   3.9   79.9%
Net profit   5.8   3.2   80.3%
Equity ratio   82.7%   89.0%   -7.1%
Operating cash flow   8.7   -1.6   n/a
Cash and cash equivalents   19.8   14.4   37.5%

Note: The equity ratio comparison is from 30 June 2023 to 31 December 2022. The figures for the six-month period 2023 are unaudited. Rounding differences may occur.

Shelly Group achieved a 53.2% increase in group revenues to EUR 28.0 million (BGN 54.8 million) in the six-month period 2023. Earnings before interest and taxes (EBIT) following the intensified investment in sales and R&D structures in the previous year increased by 79.9% to EUR 7.0 million (BGN 13.6 million). Optimizations in the supply chain and product portfolio more than offset the overall cost increase. Net result at the Group level increased by 80.3% to EUR 5.8 million (BGN 11.4 million).

With an equity ratio of 82.7% as of 30 June 2023, Shelly Group enjoys a solid balance sheet (31 December 2022: 89.0%). Here, the unappropriated profit was offset in particular, by loss carryforwards in connection with the acquisition of a Slovenian company, bonus payments to employees, and the increase in current liabilities for the resolved distribution of dividends.

Cash flow from operating activities in 6M/23 with an inflow of EUR 8.7 million (BGN 17.0 million) reflects in particular the lower inventory level and decreased receivables. With a cash outflow of EUR 1.6 million (BGN 3.1 million), the prior-year period was characterized in particular by increased inventory levels and advance payments to suppliers to proactively manage potential delays in the supply chains. Cash and cash equivalents as of 30 June 2023 increased accordingly to EUR 19.8 million (BGN 38.7 million) compared to EUR 14.4 million (BGN 28.2 million) as of 31 December 2022. Shelly Group maintains a sufficient basis for financing further growth.

Outlook 2023 confirmed

For the current fiscal year 2023, the Board of Directors continues to expect revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million.

Dimitar Dimitrov, Co-CEO of Shelly Group PLC, commented on product development: “The first half of 2023 has shown that we are very well positioned on the product side with hardware and software to offer customers added value. We will consistently pursue this path of customer-centricity and technology leadership. In 2023, we will launch more new products on the market than ever before – on various technological platforms such as WiFi, Bluetooth, and Z-Wave. We are currently working at full speed on our first Gen3 products with Shelly chip and our new operating system. Here we see a lot of interest from consumer electronics manufacturers to control their devices smart the Shelly way.”

Wolfgang Kirsch, Co-CEO of Shelly Group PLC, added on business performance: “Shelly Group, with its consistent value-for-money focus, is excellently positioned for sustainable growth. We are benefiting from this even in times when the broader smart home market is facing economic challenges. In addition, private households and companies alike are increasingly looking to reduce housing costs without sacrificing quality of life or everyday working conditions. Smart lighting and smart heating are examples of growing demand for Shelly energy efficiency management solutions. Overall, we are therefore extremely confident about the second half of the year and the Company’s further development. “

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 6M 2023 results by means of a webcast presentation on 17 August 2023, 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group PLC – Earnings Call Unaudited 6M 2023.

The unaudited six-month report is available in the Investor Relations section of the Company’s website at

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

About Shelly Group

Shelly Group PLC is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, China, USA, Slovenia and Germany. Shelly Group’s products have already conquered over 100 markets. Shelly Group PLC has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331

16.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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