Nine-month revenues up 7%
In EUR thousands | 2010 | 2011 | Change |
Third quarter | 19,810 | 21,040 | +6.2% |
O/w France | 18,268 | 19,576 | +7.2% |
O/w Italy | 1,542 | 1,464 | -5.1% |
Nine-month cumulative | 72,296 | 77,331 | +7.0% |
O/w France | 66,360 | 71,467 | +7.7% |
O/w Italy | 5,936 | 5,865 | -1.2% |
France: robust growth continues, set-up of eight new centers
In France, Audika posted third-quarter revenue growth of 7.2% to EUR 19.6 million, including 4.2% organic growth, confirming the trends reported in the first half of the year. Against a relatively unfavorable economic backdrop, the Group continued to reap the rewards from its marketing initiatives. Nine-month revenues totaled EUR 71.5 million, representing a rise of 7.7%, including 4.4% organic growth.
Audika is continuing to strengthen its geographic reach with the set-up of eight new centers in the third quarter, completing the Group's network coverage in the Alsace, Aquitaine, Brittany, Greater Paris (2), Nord-Pas de Calais, Rhône-Alpes and Provence-Alpes-Côte d'Azur regions.
With 21 new centers acquired or set up since the beginning of the year, Audika is perfectly in line with its development plan, with the Group's network now boasting almost 440 centers. Moreover, new acquisitions and set-ups which are currently under negotiation could be completed before the end of the year.
Italy: Third-quarter revenues of EUR 1.5 million
In Italy, revenues came out to EUR 1.5 million, a slight decrease compared to last year (-EUR 80,000), but a decline of EUR 0.3 million like-for-like. Following the internal restructuring phase, the Group is currently driving its marketing initiatives which are aiming to progressively increase store traffic, with an expected impact on 2012 revenues. Nine-month revenues totaled EUR 5.9 million, which is comparable with last year.
Nine-month revenues up 7%
Overall, the third quarter of 2011 continued the trend of the first half of the year, with a 6.2% rise in revenues to EUR 21.0 million, including organic growth of 2.2%.
This increase brings nine-month revenues to EUR 77.3 million, up 7.0% including organic growth of 2.7%.
Outlook for 2011
Audika is expecting growth to pick up in the fourth quarter, due to a more favorable comparison base, particularly in December, which is traditionally the biggest invoicing month of the year. As a reminder, Audika set an overall revenue target for 2011 of around EUR 115 million, in addition to a full-year operating margin higher than that generated in the first half of the year.
Audika Group will publish its full-year 2011 revenues on January 16, 2012 after market close.
About Audika:
With 440 centers in 90 different regions and a 14% market share, Audika is the number one network offering hearing correction consulting and solutions in France. The Group has been present in Italy since 2007, where it now has a network of almost 60 centers. Positioned on the market for hearing correction solutions for senior citizens, Audika aims to consolidate its leadership in a sector that remains very highly fragmented. Audika is listed on Euronext Paris, Segment B and the SBF 250, CAC Mid & Small 190 and cac small 90 indexes.
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