GN Store Nord reports strong interim results for Q1 2018

Industry

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Denmark-based group GN Store Nord has reported double-digit organic growth, driving a strong increase in the company’s earnings margin.

The company delivered 10% organic revenue growth in Q1 2018. The earnings margin increased 1.1% over this period, reflecting the group’s strong operational performance, GN reports. Earnings per share increased 11% compared to Q1 2017 and reached DKK 1.57.

Given its sound financial health, the company has initiated a new DKK 1 billion share buyback program. GN Audio’s organic growth guidance for 2018 has been upgraded to ‘around 9%’ from ‘more than 7%’ following the strong performance to date. GN Hearing delivered 5% organic revenue growth, and revenue growth was 1%. GN Audio delivered 17% organic revenue growth. Foreign exchanges rates had an impact.

According to Anders Hedegaard, CEO of GN Hearing: “I’m pleased to see that we continue to leverage our industry-leading ReSound LiNX 3D product family, launched in May 2017. Our teams around the world build on the solid momentum created by our leading sound quality and unique remote fine-tuning. We are on track to deliver on our promises for 2018.”

René Svendsen-Tune, CEO of GN Audio added that: “We have entered 2018 like we exited 2017 – with very strong performance. I’m excited to see that our hard work yet again results in high organic growth and EBITA margin increase. With April’s launch of our new Jabra Engage product portfolio – the world’s most powerful professional wireless headsets – we are taking further steps to continue our growth story.”

Source: GN Store Nord