Update of financial guidance for 2023
17 August 2023 - 2:54AM
Update of financial guidance for 2023
Following a stronger than expected Q2 2023 and continued strong
sales momentum, GN Hearing is upgrading its organic revenue growth
guidance from “5% to 10%” to “9% to 13%”. The EBITA margin in the
core business of “14% to 16%” is confirmed to allow for further
investments to drive growth, as well as preserving flexibility to
take appropriate actions to ensure continued margin expansion.
Following a slower than expected market recovery in GN Audio’s
Enterprise business, GN Audio’s organic revenue guidance is
narrowed from “-10% to +5%” to “-10% to -4%”. As a consequence of
the expected revenue development, GN Audio’s adj. EBITA margin is
narrowed from “10% to 15%” to “10% to 12%”.
Reflecting the guidance updates for GN Hearing
and GN Audio, GN Store Nord’s organic revenue growth guidance is
narrowed from “-5% to +7%” to “-4% to +2%”.
All other guidance parameters are unchanged.
GN will publish the Q2 Interim Report on August
16, 2023.
Financial guidance 2023
|
Organic revenue growth |
Adjusted EBITA margin2) |
Non-recurring items (DKK million) |
GN Hearing |
9% to 13% |
|
|
- Core business |
|
14% to 16% |
~ -150 |
- Emerging Business1) (DKK million) |
|
~ -150 |
|
GN Audio |
-10% to -4% |
10% to 12% |
~ -150 |
Other (DKK million) |
|
~ -200 |
|
GN Store Nord |
-4% to +2% |
|
~ -300 |
Note 1) Emerging Business mainly includes the JabraEnhance.com
(formerly Lively)Note 2) Excluding non-recurring items Based on
foreign exchange rates as of August 16, 2023
Primary risk factors in relation to the financial guidance
The basic assumptions behind the guidance remain more uncertain
than normal. Primary risk factors include inflationary pressures,
consumer sentiment and general economic uncertainty. GN’s supply
chains, including component sourcing and local and geopolitical
instability and deteriorating trade relations may impact key
suppliers and GN’s operations.
For further information, please contact:
Investor RelationsAnne Sofie Staunsbæk Veyhe
+45 45 75 85 06Rune Sandager +45 45 75 92 57 Media
Relations Steen Frentz Laursen +45 20 65 34 20
Forward-looking statementsThe forward-looking
statements in this report reflect the management's current
expectations of certain future events and financial results.
Statements regarding the future are, naturally, subject to risks
and uncertainties, which may result in considerable deviations from
the outlook set forth. Furthermore, some of these expectations are
based on assumptions regarding future events, which may prove
incorrect. Changes to such expectation and assumptions will not be
disclosed on an ongoing basis, unless required pursuant to general
disclosure obligations to which GN is subject.
Factors that may cause actual results to deviate materially from
expectations include – but are not limited to – general economic
developments and developments in the financial markets,
technological developments, changes and amendments to legislation
and regulations governing GN’s markets, changes in the demand for
GN's products, competition, fluctuations in sub-contractor supplies
and developments in ongoing litigation (including but not limited
to class action and patent infringement litigation in the United
States).
The securities offered will not be and have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements
For more information, see the "Management's report" and "Risk
management” elsewhere in the 2022 Annual Report. This Report should
not be considered an offer to sell securities in GN.
About GN
GN brings people closer through our leading intelligent hearing,
audio, video, and gaming solutions. Inspired by people and driven
by innovation, we deliver technology that enhance the senses of
hearing and sight. We help people with hearing loss overcome
real-life challenges, improve communication and collaboration for
businesses, and provide great experiences for audio and gaming
enthusiasts.
GN was founded more than 150 years ago with a vision to connect
the world. Today, inspired by our strong heritage, GN touches more
lives than ever with our unique expertise and the broadest
portfolio of products and services in our history – bringing people
closer to what is important to them.
We market our solutions with the brands Jabra, ReSound,
SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in
100 countries. Founded in 1869, GN Group employs more than 7,500
people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com and connect with us on
LinkedIn, Facebook, and Twitter.
- Announcement 24 - Update of financial guidance for 2023
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