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109.15
(1.77%)

Shekel Brainweigh (ASX: $SBW) achieves record revenue in FY2023

Overview of Shekel Brainweigh's record revenue in FY2023


Shekel Brainweigh (ASX: $SBW) has achieved a record revenue of US$27.2M (Unaudited) in FY2023, marking the third consecutive year of double-digit growth. The company's focus on the retail business segment has been a key driver of this success, with a 12% increase from FY2022 revenue. Shekel Brainweigh anticipates further improvement in its balance sheet for FY2023 and sustained growth in 2024, particularly attributed to its retail business segment.

Executive Commentary on FY2023 Performance and Outlook


We are very pleased with the continued growth in revenue for the third consecutive year. Our retail products including our retail innovation solutions continue to receive strong recognition and demand from global clients. Shekel's holistic approach of providing a suite of solutions, positions us in an excellent place to answer the growing demand for automation in retail. Shekel also made significant efforts to streamline manufacturing and operations globally. Following the sale of the Healthweigh line to Rice Lake, we commenced the major activity of closing our facility in China and moving manufacturing to the Philippines. This effort was successfully completed in December 2023, and I congratulate our team for this major effort. Going forward we expect improvement of COGS and margins on our products. Shekel has funded these growing activities through 2 loan tranches provided during 2023, predominantly from major shareholders of the Company. We are pleased to receive their continued support and confidence in the Company's operations and direction. Looking forward into 2024, we expect continued strong demand, and even further growth in opportunities for our retail business segment solutions. Our current clients for Smart Coolers, as well as trials in Smart Carts points in a direction of significant interest in these products, and we look forward to capitalizing on these opportunities.

Summary of Shekel Brainweigh's FY2023 Performance and Outlook


Shekel Brainweigh has achieved a record revenue of US$27.2M in FY2023, representing a 12% growth from FY2022. The company's strategic focus on the retail business segment has been instrumental in driving this growth, with a significant 24% increase in revenue from this segment. Additionally, the company anticipates an improved balance sheet and a continued reduction in cash burn for operating activities. Shekel Brainweigh successfully completed the relocation of its manufacturing and assembly operations from China to the Philippines, aiming to reduce costs and enhance margins in 2024. The company's executive, Mr. Arik Schor, expressed confidence in the outlook for 2024, highlighting the strong demand and growth opportunities for the retail business segment solutions. Despite challenges faced in the Israeli local market segment due to regional hostility, Shekel Brainweigh remains optimistic about its future prospects and is committed to further innovation and expansion into global markets.

Sourcehttps://announcements.asx.com.au/asxpdf/20240122/pdf/05zm9b4rl4j9yq.pdf

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