GN Annual Report 2023: GN Hearing Posts Robust Double-Digit Growth, GN Audio Faces Challenges

gn 2023 annual report
February 9, 2024

BALLERUP, DENMARK — GN Store Nord A/S announced its annual report for the year 2023, highlighting strong execution across the company. Despite facing mixed market conditions, the company reported significant achievements in revenue growth and cash flow generation.

“I would like to express my gratitude to all our employees for their great work and commitment. In 2023, we delivered strong double-digit growth in our hearing and gaming businesses, and defended our leadership in the challenged, yet stabilizing enterprise market. In all business areas, we maintained our innovation leadership with new compelling products to benefit and serve our customers and partners around the world. Entering 2024, we will begin capturing the full potential of working as one fully integrated company with a streamlined and even more customer-focused organization. This will enable GN to harvest scale benefits, become a simpler and even better company for employees, customers, partners, and our wider set of stakeholders. We are excited about the opportunities we have ahead of us.”

–Peter Karlstromer, CEO of GN Store Nord

Financial Highlights:

  • GN delivered a total revenue of DKK 18.1 billion, with organic revenue growth of -1%. This was attributed to a robust 13% organic revenue growth in GN Hearing, offset by an -8% organic revenue growth in GN Audio.
  • Adjusted EBITA reached DKK 1.8 billion, demonstrating solid operational performance.
  • The company generated DKK 1.1 billion in free cash flow, excluding mergers and acquisitions (M&A), reflecting efficient management of working capital and operational excellence.

Strategic Initiatives:

  • GN Store Nord focused on transforming its businesses into a unified setup, streamlining its governance structure for enhanced customer focus and operational efficiency.
  • The company identified synergies across its operations, aiming for margin improvement and sustained growth.
  • Through prudent financial management, GN reduced its net interest-bearing debt by DKK 4 billion, strengthening its financial position for future growth initiatives.

Divisional Performance:

  • GN Hearing demonstrated strong market share gains with a 13% organic revenue growth, driven by the success of ReSound OMNIA.
  • GN Audio navigated challenging market conditions, with a -8% organic revenue growth, while maintaining leadership positions in key segments such as gaming and enterprise solutions.

Financial Guidance and Outlook for 2024:

  • GN Store Nord provided guidance for 2024, forecasting organic revenue growth of 2% to 8% and an EBITA margin of 12% to 14%.
  • The company expects continued growth momentum in its hearing division, supported by market share gains and innovative product offerings.
  • In the enterprise division, GN anticipates a return to positive value growth, driven by improving market conditions and product innovation.
  • The gaming and consumer division aims to sustain market share and drive organic revenue growth through innovation and brand leadership.

The company remains optimistic about its prospects for 2024, focusing on leveraging synergies, driving innovation, and delivering value to shareholders, customers, and employees alike.

Access to the full report can be found here


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 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).


Source: GN

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