Audika
2008 annual results:
Recurring operating margin of 17.3%
Major acquisition in Italy (18 centers)
and continued growth in France
|
in thousands |
2007 |
2008 |
|
Revenues |
92,674 |
101,802 |
|
Recurring operating income |
18,107 |
17,654 |
|
Recurring operating margin |
19.5% |
17.3% |
|
Operating income |
18,107 |
17,654 |
|
Group net income |
11,085 |
10,230 |
|
Net margin |
12.0% |
10.0% |
Audika
group generated total revenues of 101.8 million in 2008, representing growth of
10%. Organic growth came out at 2.0% for the year, including a slowdown in
sales in the second half of the year directly linked to the economic climate. The
group produced 95% of its revenues in France and 5% in Italy.
Recurring
operating margin of 17.3%
Despite
the unique environment, with the unprecedented economic crisis and the expense
of launching activities in a new country, Audika realized its second-largest historic
performance in terms of annual operating margin in 2008.
Recurring
operating income came out at 17.3% of revenues. This performance was due to a
renewed increase in the gross margin and tight cost control, and comes despite
the creation of a management structure in Italy with a view to future growth.
Audika
continued its intense marketing investments, which amounted to 7.0% of 2008
revenues. These investments produced a sharp increase in the group's brand
awareness (72% among over 60-year olds).
Net
income stood at 10.2 million in 2008, for a net margin of 10.0%.
Tight
control of net debt: gearing of 46%
The
good results achieved in 2008 and tight control of working capital enabled the
group to finance the active expansion of its network (41 new centers opened in
France and
0.40
dividend for 2008
In view of its solid financial structure, Audika
group will propose a dividend of 0.40 per share at the next Shareholders' Meeting.
20 new centers in Italy,
Audika
group announces the acquisition of one of Italy's only independent networks,
which has 18 centers in the Bologna region. The acquisition will generate
additional full-year revenues of over 2.0 million. Audika is also continuing
to add to its network in key cities where it is already present, with the opening
of two new centers in Rome and Turin.
Following
these operations Audika has a network of 43 centers, and with the new openings
planned, it should have 50 centers by the end of the year. This means that the
Group will be a year ahead of its initial business plan.
The group
is also actively pursuing its expansion in France, with 8 new centers (5
acquisitions and 3 openings) in the first quarter of 2009. Audika strengthened
its position in Paris (3 centers), Brittany, and the Center, Franche-Comt้, Provence-Alpes-C๔te
d'Azur and Loire regions. The centers acquired yield over 0.9 million in
full-year revenues.
Outlook for 2009
In the
continuing uncertain environment, Audika group confirms its prudent stance, especially
as the basis for comparison against the first half of 2008 is particularly
high. The group is likely to see a fall in revenues in the first quarter.
For the
rest of the year, Audika will benefit from positive elements, with the effects
of its new advertising campaign, which has been visible in the operating indicators
since early March, and the contribution of recent and forthcoming acquisitions.
The basis for comparison will also be more favorable in the second half of the
year.
The
group's priority is to maintain a high level of profitability, through renewed
growth in the gross margin, continued streamlining and cost control measures
and improved amortization of structural expenses in
At the
same time, the group will pursue its marketing strategy focused on the new
campaign and will actively continue to expand its network.
Audika intends to consolidate its
leadership position during the economic crisis, so as to be the first to
benefit from the market's medium-term growth potential.
Audit Group will publish its first quarter revenues on April 20, 2009
after market close.
About Audika:
With nearly 400 centers
in 83 different regions and a 14% market share, Audika is the number one
network offering hearing correction consulting and solutions in
If you would like
to receive free financial information about Audika by e-mail, go to: www.audika.com
ISIN
FR0000063752-ADI Reuters DIKA.PA Bloomberg ADI:FP Number of shares: 9,450,000
Audika contact: Alain Tonnard / Etienne Sirand-Pugnet at
+33 (0)1 55 37 30 30
Actus Finance contact: Guillaume Le Floch at +33 (0)1
72 74 82 25