Seluxit presents a half-year report, which shows a satisfactory result and maintains the expectations for the full financial year 2019/2020.

CEO Daniel Lux, Seluxit:

"The first half of the fiscal year 2019/2020 was characterized by high activity and significant strategic steps that support Seluxit's growth plans, including building a sales organization and further developing standard products.

Seluxit has experienced considerable activity in the Smart Meter segment, with a high turnover on radio modules for Smart Meters. Deployment of Smart Meter is ongoing, and we are experiencing high demand for high-tech products at competitive prices.

In April 2019, Jesper Frank was employed as Sales Director at Seluxit, with the responsibility of building a sales organization and expanding Seluxit's go to market strategy. We have started to see the effect already in the second half of 2019, where we have been in dialogue with many new potential customers and focused even more on communicating the value creation from Seluxit IoT solutions to our customers.

We have achieved a satisfactory result with a high turnover, which is influenced by our ability to meet the opportunity in the market. At the same time, we have continued to develop our platform and are in the process of further standardizing our products in order to improve time to market for our customers' products, as well as achieve economy of scale within our standard products.

Seluxit maintains the previously announced expectations for the 2019/20 financial year on a turnover of around DKK 20 million, and a profit before tax of between -7 and -6 million DKK. With this forecast Seluxit is expected to deliver sales growth of approx. 150% over 2 years, from the financial year 2017/18 to 2019/20."

Read the press release here.