Sonova’s H1 16/17 numbers (slightly below consensus estimates) confirmed continuing sluggishness due to AudioNova’s acquisition and an ageing product cycle. Sales grew at a slower pace of 5.5% in LC (6.7% in CHF) vs. 6.7% in H1 15/16 to CHF1.1bn, albeit slightly better than the 4.8% in H2 15/16. Even this growth primarily (3.5%) came from acquisitions, while the organic number languished at 2% (H1 15/16: 2.6%). On a segmental basis, Hearing Instruments (HI) and Cochlear Implants (
11 Jan 2017
Weak organic performance front-end loaded
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Weak organic performance front-end loaded
Sonova Holding AG (0QPY:LON) | 0 0 0.7% | Mkt Cap: 9,662m
- Published:
11 Jan 2017 -
Author:
Jyoti Prakash -
Pages:
4
Sonova’s H1 16/17 numbers (slightly below consensus estimates) confirmed continuing sluggishness due to AudioNova’s acquisition and an ageing product cycle. Sales grew at a slower pace of 5.5% in LC (6.7% in CHF) vs. 6.7% in H1 15/16 to CHF1.1bn, albeit slightly better than the 4.8% in H2 15/16. Even this growth primarily (3.5%) came from acquisitions, while the organic number languished at 2% (H1 15/16: 2.6%). On a segmental basis, Hearing Instruments (HI) and Cochlear Implants (