Zound showed progress in a challenging year
In a year marked by the pandemic net sales for Zound Industries amounted to 1,756 MSEK in 2020, down 12% from 1,997 MSEK in 2019. Operating profit for the full year, was positive at 9.4 MSEK.
2020 was a year of highs and lows for Zound as the global COVID-19 pandemic presented many challenges. Demand dropped when key markets introduced restrictions in the early spring and once demand started to recover in the middle of the year, component shortages and logistic challenges hit the electronics industry and impacted Zound’s product availability. These challenges are expected to continue throughout the first half of 2021.
A reorganization and several relevant product launches aided recovery and after a record breaking Q3 and a stable Q4, Zound ended the year down only 12 percent for the full year.
“There is no no doubt that the global pandemic shaped our year. But the team pulled together and worked incredibly hard to overcome the challenges the year threw at us, to launch some excellent products in 2020 and to keep future product development progressing for 2021 and beyond,” comments Jeremy de Maillard, CEO at Zound.
Despite the challenges, there were some clear success stories. Zound’s own ecommerce channels grew by an impressive 42% and the US and China, both key markets for the company, experienced double-digit growth.