Danish hearing aid company GN Store Nord have reported a profitable eightfold boost due to rise in sales.
The hearing aid and headset maker has seen a fourth-quarter profit jump which is said to been helped with the launch of its new resound alera product, which is its first in high-end wireless hearing aids.
The manufacturer, who does not own a retail company in the UK, had a total organic growth rise of 10% in the fourth quarter of 2010.
Its shares were also up by 5.1%, with said result a significant surprise and a strong finish to 2010.
“They have proved throughout the year that they are running faster and faster, and the fourth quarter is no exception,” said Sydbank analyst Morten Imsgaard.
After releasing the fourth quarter news, GN Store Nord told Reuters of its plans to initiate a share buyback of around 200 million Danish crowns ($37 million) in 2011.
Because the manufacturer does not own a retail company in the UK this means that if a dispenser has recommended a Resound product, he/she has chosen it without prejudice and on their own merit.
The audiology behind their sound processing is excellent and their hearing instruments are of a very high quality.