GN’s interim report for the third quarter of 2024 has reported its hearing division continued to gain significant market share leading to 10% organic revenue growth.
The divisional profit margin increased by 5.9 percentage points to 34.8%.
As a function of the strong growth, the hearing division was projecting an EBITA (earnings before interest, taxes, and amortization) margin in the core hearing aid business of around 20% for 2024.
GN said: “Following very strong market growth in 2023, GN expects the markets to return to historical growth rates in 2024 supported by ongoing favorable demographic trends.
“As such, GN projects 4-6% market volume growth and -1% to -2% market ASP decline.
“Driven by the strong continued momentum and market share gains with ReSound Nexia, GN expects the hearing division to trend towards the upper half of the original organic growth assumption of 8% to 12%.”
Mr Peter Karlstromer, CEO of GN Store Nord said: “As a result of the continued execution of our transformation to unfold the full value of GN’s potential, we significantly increased our margins and generated strong cash flow of DKK 800 million (A$174 million).
“Our hearing division continued to perform very well with market share gains and solid growth.
“Overall, I am pleased with the progress we are making with creating a stronger GN and preparing us for future growth.”
