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Friday, January 15, 2021

Bang & Olufsen: Bang & Olufsen hails strategy revamp after improved results – Latest News

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Denmark’s Bang & Olufsen cited its revamped strategy for a narrowing of losses and its first revenue growth in a year in the audio and visual equipment manufacturer’s first-quarter results on Thursday.

The company said in July that it expected to return to growth in the coming financial year after a strategy rethink to boost its online presence and digital sales with a focus on key European and Asian markets.

“In a time of great uncertainty, the financial result is evidence of solid strategy execution, Chief Executive Kristian Tear said in a statement on Thuirsday.

The company posted first-quarter revenue up 10.3% at 462 million Danish crowns ($72.9 million) while EBIT losses narrowed to 41 million crowns from 129 million crowns a year earlier.

“We still have a big task ahead of us in terms of executing the strategy and creating a profitable business,” Tear added.

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