Shelly Group (SLYG) announced its H1 2024 consolidated financial results. The company boasted with unabated growth, an expansion of distribution channels and addressable customer base. In line with the preliminary announcement, the total revenue for the first half surged 49% YoY to BGN 81.6m. An additional growth driver was once again the expansion of the product range by around 31% to over 90 products. The German-speaking countries continued to make the largest contribution to growth with an increase of 62.8%, while the rest of Europe performed well and is set to gain further momentum with the expansion of regional sales structures. The solid momentum in the top-line brought EBIT margin improvement to 25.8% (+0.9 p.p. YoY), despite the increased sales and marketing expenses, while the net profit of the company jumped 58.4% YoY to BGN 18.2m. The CFO turned to BGN 1.4m outflow due to the planned increase in working capital, dedicated to strengthening growth momentum.