Renowned Danish electronics icon Bang & Olufsen has released its figures for the first half of the year, and while some gains were made, the company is still losing money.
The results were released earlier than expected, and just three weeks after B&O said there had been inquiries from an interested buyer.
Play paying off
The company has struggled to adapt to changing customer groups and to create popular products. It has sold off some sections and focused on its core television business and its less expensive ‘Play’ line of products.
That focus has payed off during the first half of the year. Sales of Play products have more than doubled, while sales of the company’s classic products have fallen again.
“We are pleased with the demand for our new products and will continue to launch them,” said B&O head Tue Mantoni.
Overall, revenues at Bang & Olufsen rose by one fifth in the first half of the company’s corporate year, which runs from April to October.
Better, but still bleeding
B&O Play products now account for over one third of total sales. The bottom line showed a loss of 97 million, an improvement over the 181 million kroner lost during the same period last year.
It was revealed in November that the company had received inquiries from an interested buyer, which B&O said it is investigating.