Sonova suffers decline in sales and profit in 2023/24
Published: Tuesday, May 14th 2024, 07:40
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As expected, Sonova achieved a lower result in the past financial year 2023/24. The shareholders of the Swiss hearing aid group are now to receive a slightly lower dividend.
Sales fell by 3.0 percent to 3.63 billion Swiss francs in the financial year ended March, as the Group announced on Tuesday. In the first half of the year, the Group had to absorb the loss of a contract with the US retail chain Costco. This effect was eliminated in the second half of the year. The phonak manufacturer from Stäfa in Zurich then experienced "strong growth momentum" again, as CEO Arnd Kaldowski was quoted in the press release.
Adjusted operating profit (EBITA) fell by 8.2% to CHF 771.4 million. At the bottom line, net profit was 7.4 percent lower at CHF 609.5 million.
Sonova most recently expected total sales growth of 3 to 7 percent and an increase in adjusted EBITA of 4 to 8 percent for the 2023/24 financial year - in each case at constant exchange rates.
The company's own target corridor, which it had lowered slightly with the half-year figures, was narrowly achieved with the result. Sales in local currencies rose by 3.2% and adjusted EBITA by 4.4%.
The expectations of the analysts surveyed by the news agency AWP were roughly met in terms of turnover and EBITA, and even exceeded in terms of net profit.
Reduction in the dividend
Due to the headwinds that Sonova faced in 2023/24, shareholders will have to accept a slight reduction in the dividend per share to CHF 4.30 (CHF -0.30). However, this is still slightly more than analysts had hoped for on average.
For 2024/25, Sonova is now aiming for consolidated sales growth of 6 to 9 percent and adjusted EBITA growth of 7 to 11 percent, assuming constant exchange rates. This is in line with the Group's medium-term targets.
Growth is therefore expected to accelerate again compared to the previous financial year. In the press release, Sonova cites the launch of "further important products that will further strengthen our leading position in hearing performance and drive growth, particularly in the second half of the financial year" as the reason for this.
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