- Shekel Brainweigh (SBW) has released its full-year financial results for 2020, revealing it ended the year with US$7 million (about A$8.9 million) in profit
- The global weighing technology company also tabled US$18.3 million (around A$23.3 million) in revenue over FY20
- SBW ended December 31 with a net loss after tax of US$4.4 million (roughly A$5.6 million) and an increase of 33 per cent compared to FY19’s loss
- The business explained the increased loss was due to a drop in gross profits and continued expenditure on research and development projects
- Shekel ended FY20 with US$1.47 million (approximately A$1.87 million) and has since raised another $2.1 million via a placement
- Shares in Shekel Brainweigh are trading at 15 cents, down 3.23 per cent
Shekel Brainweigh (SBW) has released its full year financial results for 2020, revealing it made US$7 million (about A$8.9 million) in profit over the year.
The company which creates weighing systems for both the retail and healthcare industries also tabled US$18.3 million (around A$23.3 million) in revenue over FY20.
Both of those figures are slightly down on its 2019 financial results, when it recorded US$8.2 million (approximately A$12.44m million) in gross profit and US$18.8 million (roughly A$23.9 million) in revenue.
Additionally, Shekel ended December 31 with a net loss after tax of US$4.4 million (around A$5.6 million) which is an increase of 33 per cent when compared to FY19’s loss.
The global weighing technology company explained the increased loss was due to a drop in gross profits and heightened expenditure on research and development projects
Commenting on the financial results, SBW Chairman and CEO Arik Schor said despite COVID-19 impacting its sales revenue within the health sector, the company had performed well.
“Shekel continued to operate its business profitably, posting a gross profit of US$7 million, as well as launching new products in both divisions and winning new clients in new sectors,” he explained.
“Pleasingly, the Retail Innovation division has started to generate revenue. In the second half of FY20, total revenue from the Group resumed to pre-COVID levels of US$10.4 million (roughly A$13.24 million),” he added.
Shekel ended its 2020 financial year with US$1.47 million (approximately A$1.87 million) in the bank. It’s since topped up that balance further by raising an additional $2.1 million via a recent placement.
Following the release of Friday’s full-year financial report, shares in Shekel Brainweigh are trading at 15 cents per share, down 3.23 per cent at 2:04 pm AEDT.