17.08.2022 20:55:12
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DGAP-Adhoc: GN Store Nord A/S: GN Interim Report Q2 2022
DGAP-Ad-hoc: GN Store Nord A/S / Key word(s): Half Year Report Interim Report Q2 2022: GN Store Nord in Q2 2022 delivered 29% revenue growth of which 8% was organic, driven by strong Enterprise and Hearing performance. Global supply chain situation improving but remain challenging. Guidance revision to reflect consumer sentiment: Significant reduction of SteelSeries guidance; reduction of GN Audio organic revenue growth guidance driven by Consumer business sentiment; GN Hearing confirming the lower end of the guidance range
- - GN Store Nord
- - GN Hearing
- - GN Audio
Quotes from executive management Gitte Aabo, CEO of GN Hearing, comments: In Q2, GN Hearing delivered solid revenue growth despite soft market conditions in the US and COVID-19 restrictions in China. Our innovative R&D engine is at full speed with five exciting products launched this year, the most recent being ReSound OMNIA which delivers an outstanding 150% improvement in speech understanding in noise. GN Hearing now offers a fresh and very strong portfolio of solutions addressing the diverse needs, experiences, and desires people have when handling their hearing difficulties. René Svendsen-Tune, CEO of GN Audio, comments: GN Audio delivered strong growth in the B2B Enterprise business on top of the very high comparison base from last year, thanks to strong execution from our dedicated teams across the world. Right now, we are seeing an easing of the component situation but we are still constrained, and supply continue to run below demand. Consumer sentiment is low impacting the markets in which our Consumer business and SteelSeries operate, but the demand for our Enterprise products continues to be very strong.
Financial overview Q2 2022
* Including Other, ** Excluding non-recurring items (DKK -54 million in COGS in GN Audio, DKK -14 million in OPEX in GN Audio, DKK -16 million in COGS in GN Hearing and DKK -27 million in OPEX in GN Hearing)
Financial guidance 2022 Guidance revision to reflect consumer sentiment: Significant reduction of SteelSeries guidance; reduction of GN Audio organic revenue growth guidance driven by Consumer business sentiment; revision of GN Audio adj. EBITA margin primarily driven by FX; GN Hearing confirming the lower end of the guidance range. Consequently, GN Store Nord now expects growth in adj. EPS between -10% to 0%
Financial guidance 2022 (previous)
Financial guidance 2022 (Updated as of August 17)
Note 1) Emerging Business mainly includes the Lively acquisition Note 2) The SteelSeries organic revenue growth will be reported as M&A growth for GN Audio Note 3) Excluding non-recurring items Note 4) Non-recurring items in GN Hearing primarily related to supply chain investments (DKK ~ -150m) and in GN Audio related to transaction and integration costs (DKK ~ -200m) as well as non-cash PPAs (DKK ~ -200m), associated with SteelSeries Note 5) Compared to 2021 adjusted EPS (excluding non-recurring items and amortization and impairment of acquired intangible assets) of DKK 15.29 Note 6) The growth assumption for the Enterprise business, which accounts for more than 80% of the GN Audio organic business, is unchanged and the Enterprise business is still expected to grow double-digit in H2 2022. The market in which the Consumer business operates is now expected to decline ~25% in 2022 due to lower consumer sentiment resulting in a significant negative growth assumption for the GN Audio Consumer business in 2022 Note 7) Addressable gaming gear market is now estimated to decline ~25% in 2022 to reflect consumer sentiment Note 8) Reflecting updated FX assumptions for 2022 following the significant appreciation of the USD Financial guidance based on foreign exchange rates as of August 17, 2022
Teleconference GN Store Nord will host a teleconference at 11.00 a.m. CEST on August 18. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.
For further information, please contact:
Investors and analysts Henriette Wennicke Vice President Investor Relations & Treasury Tel: +45 45 75 03 33
or
Rune Sandager Director Investor Relations & Treasury Tel: +45 45 75 92 57 Press and the media About GN
GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision.
GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN's solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter.
17-Aug-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | GN Store Nord A/S |
Lautrupbjerg 7 | |
2750 Ballerup | |
Denmark | |
Phone: | +45 457 50000 |
E-mail: | investor@gn.com |
Internet: | www.gn.com |
ISIN: | DK0010272632 |
WKN: | 854734 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1422831 |
End of Announcement | DGAP News Service |
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1422831 17-Aug-2022 CET/CEST
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