Copenhagen, 2014-08-14 07:29 CEST (GLOBE NEWSWIRE) --
- In the second quarter of 2014, GN Store Nord delivered strong organic growth and maintained its focus on executing on the strategy for 2014 – 2016. The primary objective is to continue to deliver growth at attractive margins by exploiting the superior technological position of GN ReSound and capturing the significant market growth opportunities for GN Netcom
- GN Store Nord generated organic growth of 9% in reported terms and 12% when adjusting for the non-recurring GN Netcom revenue in China in Q2 2013. Group revenue ended at DKK 1,806 million, and EBITA amounted to DKK 302 million. The free cash flow excluding acquisitions and divestments was DKK 258 million corresponding to a cash conversion of 85% and an increase of 117% compared to Q2 2013
- GN ReSound maintained its growth momentum and delivered 8% organic growth driven by among others more than 20% revenue growth in the important independent channel in the US. GN ReSound entered the third quarter of 2014 with ReSound LiNX™ and Beltone First™ available in all markets
- On May 28, 2014, GN appointed Anders Hedegaard as CEO of GN ReSound and member of GN Store Nord’s executive management with effect from August 1, 2014. Anders has replaced Lars Viksmoen as CEO, and Lars will continue full-time in GN until the end of 2014 to secure a smooth transition
- GN Netcom generated organic growth of 11% or 17% organic growth when adjusting for the non-recurring revenue in China in Q2 2013. EBITA amounted to DKK 107 million (DKK 111 million in Q2 2013)
- In the second quarter of 2014, GN Netcom delivered 60% organic growth within UC and thereby continued to strengthen its position in the segment. GN Netcom signed a number of new significant customer agreements, including the largest ever for GN Netcom – a customer agreement of approximately 200,000 units within the financial sector
- GN confirms the financial guidance for 2014 provided in the Annual Report 2013
Teleconference
GN will host a teleconference at 2.00 pm 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
VP – 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
