Highcon, listed on the Tel Aviv Stock Exchange since November 2020, has announced a significant fundraising through a private placement of shares. Two major Israeli insurance companies have increased their stake in the 135-employee manufacturer of digital die-cutting and creasing machines for cardboard by $18.5 million.
+ 70% increase in sales in one year
"This latest investment further strengthens the company's already healthy balance sheet." the group says. According to unaudited results, the Israeli manufacturer's 2021 revenue is estimated to have increased by about 70 percent, from $8.4 million to $14.3 million (and $9.7 million in 2019), with record sales in the Americas of more than $10 million. Highcon also estimates its 2021 year-end cash balance at $23.7 million.
For the year 2022, the group expects revenues to continue to rise, reaching $25 to $30 million.
"Highcon has great momentum right now, and the capital we raise today will allow us to continue to accelerate and execute our very aggressive business plan." said Shlomo Nimrodi, Highcon's CEO. "We have laid the foundation for long-term growth in 2021 and are looking to approximately double our revenue in 2022."
