- Weighing technology company Shekel Brainweigh (SBW) has managed to increase its sales and revenue figures over the first quarter of 2021
- Shekel’s unaudited results show an 18 per cent increase in overall revenue, spurred on by a 33 per cent increase in Israeli sales
- Along with these increases, SBW also used the quarter to raise extra capital via a placement and convertible note issue
- Going forward, the weighing tech business has flagged future growth over 2021 in both the scales and retail divisions
- Shares in Shekel Brainweigh are trading steady at 15.5 cents
Weighing technology company Shekel Brainweigh (SBW) has managed to increase its sales and revenue figures over the first quarter of 2021.
Shekel’s unaudited results show an 18 per cent increase in revenue year on year from US$3.88 million (around A$5.08 million) in Q1 2020 to a record US$4.58 million (about A$6 million) at the end of March.
The growth was supported by a 33 per cent increase in Israeli sales and a 20 per cent increase in global retail sales when compared to Q1 2020.
SBW CEO and Executive Chairman Arik Schor said he’s pleased with the growth in the company’s scales and retail divisions.
“The scales division is experiencing a return to revenue growth, and has undergone a major organisational restructuring,” he said.
“The retail innovation division is also making progress with major milestones underway, including the launching of the first autonomous store in Paris, and a second project in Israel with a pharmaceutical retailer,” he added.
Along with the revenue and sales increases, SBW also used the quarter to raise more capital.
The company raised $2.1 million via a placement in January and finalised plans to raise an additional US$5 million (roughly A$6.54 million) through the issue of convertible notes.
Once shareholders sign off on the notes, Shekel Brainweigh expects the funds to hit its accounts at the end of the month.
Meanwhile, looking ahead, the weighing tech business has flagged future growth across 2021 as businesses continue to bounce back from COVID-19.
Company shares are currently trading steady at 15.5 cents per share at 2:09 pm AEST.