The Phonak Group announces the financial results for the first half of 2003/04. Consolidated sales for the first six months reached a record high of CHF 300 million. This represents 13% growth, and 18% growth in local currencies, over the same period last year. The strong sales of new products, in particular Perseo, have contributed to the overall sales result and to an increase in the gross profit to 54.8%, up from 51.6% last year. EBITA for the period reached CHF 39 million, which is a 50% increase over last year, and represents 13.0% of sales – a significant improvement from the 8.7% posted last year.
Several milestones were also achieved in the first six months of 2003/04 on the operational side. The new Phonak/Unitron facility in China was opened, from which first shipments of products were made on September 30th. Phonak Japan, the newest distribution company, started its activities, preparing to tackle the 3rd largest private market in the industry. In addition, Phonak entered into a joint venture with Cochlear of Australia to develop a new implantable hearing system.