Bang & Olufsen a/s reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2018. For the quarter, the company reported revenue of DKK 909 million against DKK 999 million a year ago. Earnings before interest and tax (EBIT) was DKK 90 million against DKK 83 million a year ago. Earnings before tax (EBT) were DKK 84 million against DKK 77 million a year ago. Earnings after tax were DKK 67 million against DKK 57 million a year ago. Earnings per share were DKK 1.6 against DKK 1.3 a year ago.

For the six months, the company reported revenue of DKK 1,510 million against DKK 1,591 million a year ago. Earnings before interest and tax (EBIT) was DKK 95 million against DKK 18 million a year ago. Earnings before tax (EBT) were DKK 78 million against DKK 7 million a year ago. Earnings after tax was DKK 63 million against DKK 2 million a year ago. Earnings per share (EPS) were DKK 1.5 against DKK 0.1 a year ago.

Based on the weaker than expected revenue in the second quarter and an assessment of the implications for the second half of the year, the group revised the revenue outlook for 2018-2019 on 19 December 2018. The group now expects revenue for 2018-2019 to be at the same level as in 2017-2018 (revenue was previously expected to grow by more than 10%).

Three-year financial targets 2018-19 to 2020-2021. The group expects to regain its growth momentum towards the end of the second half of 2018-2019 and deliver more than 10% growth on average in 2019-2020 and 2020-2021 (previously more than 10% growth on average over three years) and continue the expected profitability and free cash flow improvement previously outlined. The group reviews the long-term financial targets on an annual basis and these will be communicated in the Annual Report. The outlook excludes impacts from potential aperiodic items.