Cochlear has announced a full-year profit 29 per cent lower than 2013’s, but a strong second-half result saw share prices rise to a 12-month high this morning.
News Corp reports that Cochlear’s net profit after tax was $93.7 million, despite a 15 per cent surge in sales revenue.
A $15.8 million (after tax) legal dispute provision affected the result.
It recorded a net profit of $132.6 million for the 2013 financial year.
“To understand the full-year results, you need to look at the launch of major products in the first half and their impact on sales momentum in the second half,” said CEO Chris Roberts.
“While it is still early in the product release cycle, record sales in the second half gives us confidence as we go into FY15.”
Fairfax reports that the second-half sales jump for the company saw investors push Cochlear’s share price up to a 12-month high of $67.66 at 10.20 am this morning.