Join our daily newsletter At The Bell to receive exclusive market insights
- Weighing technology company Shekel Brainweigh (SBW) tables unaudited revenue of US$22.6 million (A$31.4 million) for FY21
- This is up 23 per cent from the audited US$18.3 million (A$25.4 million) recorded in FY20 and represents a record revenue result for the company
- SBW’s scales division had a 20 per cent growth to US$21.7 million (A$30.1 million) while its retail innvoation sector had a 247 per cent growth to US$930,000 (A$1.29 million)
- Shekel expects to announce its full audited FY21 results on March 31, 2022
- Shares in Shekel are up 2.38 per cent on the market and are trading at 21.5 cents
Weighing technology company Shekel Brainweigh (SBW) has tabled unaudited revenue of US$22.6 million (A$31.4 million) for FY21.
This is up 23 per cent from the audited US$18.3 million (A$25.4 million) recorded in FY20 and represents a record revenue result for the company.
Shekel’s scales division reported record unaudited revenue of around US$21.7 million (A$30.1 million), up 20 per cent on FY20.
The company recorded growth across all of its scales division with export retail sales up 32 per cent, domestic sales in Israel up 30 per cent, service fees up 12 per cent and export medical sales up 12 per cent.
Shekel’s retail innovation division recorded a 247 per cent increase in sales from US$268,000 (A$372,436) in FY20 to US$930,000 (A$1.29 million) in FY21.
This growth was driven by the company’s smart fridges as well as the opening of new stores in France, Germany, Israel and the United States.
CEO Arik Schor is pleased with these results and expects growth to continue throughout the year.
“The results demonstrate Shekel’s ability to capitalize on the growth opportunities we experienced during the year,” Mr Schor commented.
“Shekel Scales legacy business is growing while improving profitability, while Shekel’s Retail Innovation business is demonstrating exponential growth and strong market demand.
“The results give us confidence in our ability to further grow the business activities in our focus market segments. We are excited about the prospects ahead of us in 2022.”
Shekel expects to announce its full audited FY21 results on March 31, 2022.
Shares in Shekel were up 2.38 per cent on the market and were trading at 21.5 cents at 1:52 pm AEDT.
