William Demant (WDH) reported mixed H1 16 results with top-line ahead and bottom-line below consensus expectations. Revenue expanded 16% on LC basis (15% reported basis) to DKK5.8bn, reflecting underlying growth of 7%, acquisition-driven growth of 10% and a negative currency impact of 1%. The mainstay, Hearing devices, grew impressively (+17% vs. +10% in H1 15 and +15% in FY 15, reported basis) driven by a strong retail and modest wholesale growth, while diagnostic instruments and hearing imp
29 Sep 2016
Strong top line, unimpressive profitability and eyes on Oticon Opn
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Strong top line, unimpressive profitability and eyes on Oticon Opn
William Demant (WDH) reported mixed H1 16 results with top-line ahead and bottom-line below consensus expectations. Revenue expanded 16% on LC basis (15% reported basis) to DKK5.8bn, reflecting underlying growth of 7%, acquisition-driven growth of 10% and a negative currency impact of 1%. The mainstay, Hearing devices, grew impressively (+17% vs. +10% in H1 15 and +15% in FY 15, reported basis) driven by a strong retail and modest wholesale growth, while diagnostic instruments and hearing imp