Brighter Sonova update reports "faster than expected" market recovery from COVID-19

 

crisis

© Florian Ritter for Sonova from Sonova's latest Life Without Limitations video featuring deaf volleyball player Natalia Martins

A cautious but breezy performance update from the Swiss hearing solutions provider Sonova Holding AG shows the group expecting sales for the first half of FY 2020/21 to reach 65-75% of the prior year level.

Reporting a climb in business activity "from the low point of 35% in April 2020, reaching 59% of prior year levels for the first three months of FY 2020/21," the Sonova announcement still holds a note of caution: with rises in infections in some markets, the group remains wary about prospects for the second half of 2020. Sonova will continue with structural optimisation, including the "streamlining of the Group’s Audiological Care store network by combining certain store locations to improve efficiency while protecting sales".

"Whenever possible, respective headcount reductions will be carried out through natural attrition," the announcement explains.

“We are pleased with the current speed of the market recovery and our ability to manage our cost base. This clearly demonstrates that Sonova is in a good position to successfully navigate the COVID-19 crisis," said Arnd Kaldowski, CEO of Sonova.

Source: Sonova

P.W.