Shelly Group Reports Strong Growth in 9-Month Period of 2024

In the first nine months of 2024, Shelly Group AD recorded significant growth. Group revenue increased by 47.2% to EUR 65.0 million, and EBIT saw a rise of 29.2% to EUR 15.4 million. The consolidated net profit also surged by 38.5% to EUR 13.8 million. This growth was driven by expanded distribution channels and an enhanced product range, particularly in German-speaking countries.

Shelly's cash flow, though impacted by an operating cash outflow of EUR 1.4 million, aimed at bolstering working capital and growth. The company's equity ratio improved to 88.7%, reflecting a stable financial standing. Key investments included further stakes in Shelly Tech and Shelly Asia Ltd.

Looking forward, the company reaffirms its outlook for 2024, targeting revenue of EUR 105.0 million and an EBIT of EUR 26.0 million. Strategic actions, including enhanced distribution and product portfolio expansion, underpin this forecast.