Solid organic growth of 6% – gross margin was the strongest ever in a first quarter

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| Source: GN Store Nord A/S
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Copenhagen, 2014-05-02 07:29 CEST (GLOBE NEWSWIRE) --

  • During the first quarter of 2014, GN Store Nord focused on the execution of the strategy for 2014 – 2016 announced in late 2013. Significant efforts have been dedicated toward fully exploiting the superior technological position in GN ReSound and toward capturing the significant growth opportunities on the markets in GN Netcom
  • In Q1 2014, GN Store Nord continued to generate solid organic revenue growth of 6% (10% adjusted for non-recurring sales in China in Q1 2013). The gross margin of 60.9% was the strongest ever achieved in a first quarter, and EBITA amounted to DKK 253 million
  • GN ReSound continued to deliver strong revenue growth with 7% organic growth. GN ReSound thereby gained market shares for the 15th consecutive quarter. EBITA increased 8% compared to Q1 2013 and amounted to DKK 170 million
  • The first indications following the launch of the world’s first Made for iPhone hearing aids, ReSound LiNX™ and Beltone First™, in late Q1 2014 are very encouraging. The launch has triggered unprecedented interest in the media and among hearing aid users and dispensers
  • GN Netcom generated 15% organic growth when adjusting for the non-recurring sales in China in Q1 2013 and 4% organic growth in reported figures. EBITA amounted to DKK 104 million (DKK 119 million in Q1 2013). As previously communicated, numerous initiatives have been taken to further strengthen the market position and fully exploit the growth opportunities in the market place
  • During the quarter, GN Netcom closed an agreement with a large airplane manufacturer to deliver 17,000 - 20,000 Jabra headsets for their global Unified Communications roll-out
  • GN confirms the financial guidance for 2014 provided in the Annual Report 2013

Quotes from the executive management
Lars Viksmoen, CEO of GN ReSound: “The focus in the first quarter of 2014 has been all about the launch of our new Made for iPhone hearing aids. I am proud of the significant innovations that we have been able to bring to the market. Our launch has created unprecedented interest from media, hearing aid users and dispensers. This leaves me very confident about our growth potential”

Niels Svenningsen, CEO of GN Netcom: “My first three months as CEO of GN Netcom have been both exciting and hectic. I have focused my time on strengthening the organization to capture the many significant opportunities that we have. Our Q1 2014 performance of 40% organic growth in the UC-segment once again underlines our great potential”

Teleconference
GN will host a teleconference at 2.00 p.m. CET today. Please visit www.gn.com to access the teleconference. Presentation material will be available on the website approximately one hour prior to the start of the teleconference.

 

For further information please contact:

Michael Bjergby
Senior Director – IR, Communications, CSR & Treasury
GN Store Nord A/S
Tel: +45 45 75 02 92

or

Anders Hjort
Manager – IR & Competitive Intelligence
GN Store Nord A/S
Tel: +45 45 75 92 56