Cochlear shares are on a tear

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Shares in Cochlear jumped after the bionic ear company announced an 18% rise in full year profit to $223.6 million.

A short time ago, the shares were 7% higher at $152.80.

Sales revenue was up by 7% to $1.24 billion.

Cochlear declared a fully franked final dividend of $1.40 a share, bringing the full year payout to $2.70, an increase of 17%.

For 2018, Cochlear expects profit to increase to between $240 million and 250 million.

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