After several years with problems, Danish Bang & Olufsen begins this financial year with a plus, according to the company’s accounts for the first quarter. This is despite a slow recovery in one of the company’s key markets, China.
The accounts were published on Wednesday, October 11, and showed a profit of seven million DKK in the last quarter. In the corresponding quarter in 2022, it amounted to a deficit of 100 million DKK. The brands revenue also increased slightly from 612 million DKK to 619 million DKK.
“We are satisfied to report a revenue growth of five percent,” said managing director, Kristian Teär, in an announcement.
The revenue increase is mainly driven by growth in the EMEA region (Europe, Middle East and Africa). Meanwhile, turnover in the Asia Pacific region is lagging, according to the accounts.
To the business media MarketWire, Kristian Teär stated, that the recovery of the Chinese economy has not progressed as hoped.
“China is our biggest market, so it is of course very important to us that things go well there,” Teär told MarketWire.