William Demant’s H2 15 and FY 15 results were broadly in-line with market expectations (top line slightly ahead of expectation but operating profit a marginal miss on consensus). H2 15 revenue was up 17% yoy to DKK5.6bn, primarily driven by the robust organic growth in the wholesale hearing aids business as well as forex benefits. For full year, revenue growth of 14% (to DKK10.7bn, broadly in line with our estimate) was a mix of organic growth of 4ppt, an acquisition contribution of 3pp
