Cochlear (ASX:COH) lifts interim dividend on half year update

Company News

by Lauren Evans

Cochlear (ASX:COH) posted its half year results for the six months ending December 31.

The ear specialist’s sales revenue lifted 10 per cent to $815 million, while statutory net profit fell 28 per cent to $169 million and earnings before interests and taxes dipped 3 per cent to $234 million.

The increase in revenue was driven by strong demand for sound processor upgrades and new acoustic implant products. However, the company experienced variability across countries in response to Covid-19 as restrictions and staff shortages led to reduced operating theatre capacity throughout the half.

Cochlear declared an interim dividend of $1.55 a share, up 35 per cent from a year ago.

The company's second half is on track with the first given the continuing elective surgery restrictions and staffing shortages, according to Cochlear. Despite the ongoing disruptions caused by Covid, the company said they are confident in their business over the longer term. 

Shares in Cochlear (ASX:COH) are trading 6.1 per cent higher at $201.79. 
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.