Highlights and Key Events
- Relocation of three stores in Taiwan to ground floor sites, improving customer reach, boosting the brand and driving increased revenues
- Won new hospital contract in Taiwan
- Established new product line in Malaysia, distributing GN Resound hearing aids
- Successful transition of IT platform to the new cloud-based network
Bay Audio is introducing a new way for consumers to access hearing health services in Asia. Traditionally, these services have been provided from medical clinics, however, Bay Audio provides customers with easy access to hearing health services in busy retail areas.
An important driver in Bay Audio’s success is changing consumers’ perceptions about hearing solutions and removing the stigma attached to wearing hearing devices. The audiology markets and consumers in South East Asia are less sophisticated than Australia, and therefore more work is needed to change behaviours. In FY13, we developed new advertising and promotions to support this objective. We have also focused on upskilling retail staff to provide improved service to our customers and encourage purchase.
There is significant untapped market potential in Asia and we have strategies in place to support the long term growth of our businesses in each country where we operate.
Focus for FY14
- Continue to invest into upskilling retail staff, with a focus on conversion and driving sales
- Focus on continued growth in Taiwan, our largest and most successful market (14 stores), along with Singapore (3 stores) and Malaysia (3 stores)
- Identify and assess additional opportunities and capture market share from untapped market and competition
- Continue to drive revenue and deliver increased operational efficiencies
- Progressing towards break even at EBITDA in FY16