2014 Annual Report

FY14 Snapshot

  • Focus on increased business productivity
  • Improving same store performance in Australia
  • Increased leads and lead conversion to sales in Australia

The Audiology sector comprises Bay International, which owns the audiology businesses which operate in Australia and South East Asia.This is a joint venture and therefore the results from the audiology sector are equity accounted and not included in Abano’s reported revenue and EBITDA results.

Audiology delivered an improving performance in FY14, with revenue growing by 23% to $31.6 million and EBITDA losses decreasing by 64% to $(2.8) million. The vast majority of this improvement was from the Australian business, under the leadership of the new management team. The number of self tests generated from the touch screen technology increased to over 5,500 per month with an increased conversion of more than 55% of eligible leads into appointments.

The Asian audiology business remains a very small part of the group. In FY14, the three Hong Kong stores were closed and the support office moved to Taiwan, our largest Asian market.

FY15 Outlook

We will continue to build our retail presence and market share in Australia and strengthen our business model in Asia.

The improving results from this sector are pleasing and we expect to see this positive trend continue, as we move towards full year positive EBITDA in Australia and a monthly breakeven result at EBITDA in Asia by the end of FY15.