Profit increase at Sonova despite currency hit

Swiss hearing aid maker Sonova has announced net profit of SFr231 million ($262 million) for the year to end of March 2011.

This content was published on May 24, 2011 minutes and agencies

This result is up from the restated SFr217 million posted for the previous financial year, the group said on Tuesday.

Sonova said negative currency exchange impacted sales to the tune of SFr84 million, most of which was booked in the second half of the year. However, overall sales increased 7.8 per cent to a record SFr1.62 billion.

Growth was achieved in all regions, with the USA recording a 14.3 per cent increase in sales, and Europe, the Middle East and Africa sales up 11.3 per cent.

Sonova, whose top three managers resigned in March following an investigation into executive share sales ahead of a profit warning, said there remained substantial potential for further growth in the hearing aid market.

However, the company expects the strong Swiss franc to weigh on its earnings and sales growth this year. Reduced sales of one of its key products – Advanced Bionics – which had to be recalled after malfunctions will also have a negative impact.

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