- Published on Thursday, 08 February 2018 14:36
GN Store Nord A/S recently published its annual financial report showing double-digit growth in revenue and earnings.
The Danish group reported in a press release that its revenue increased by 11% to over DKK 9,585 million, while organic growth was 8%. Earnings reached DKK 1,744 million, up 10%. This result was driven by strong business in both the GN Hearing and GN Audio areas.
The company also had renewed strong cash generation in 2017. Its cash conversion reached 65% and DKK 1.4 billion was returned to shareholders as dividends and through share buybacks. GN Hearing strengthened its offering with the launch of ReSound LiNX 3D, a 5th generation 2.4 GHz hearing aids range. Another highlight for the company was that GN Audio achieved significant growth in the Call Center & Office (CC&O) business, with double-digit organic growth across all regions.
Anders Hedegaard, CEO of GN Hearing, commented on the performance in the press release, saying: “In 2017, we launched our unique ReSound LiNX 3D product offering, which contributed strongly to accelerating growth rates in the second half of the year, giving us strong momentum as we enter 2018.”
For GN Audio, CEO René Svendsen-Tune, commented: “I am very pleased with another year of strong performance. With the launch of several high-end products and strong commercial execution, we have further consolidated our position as the global leader in the rapidly growing Unified Communications market. Also, in 2017 we completed the integration of VXi Corp., further strengthening our momentum in the US.”
Source: GN Group