* 2010 EBIT 1.43 bln Danish crowns, vs forecast 1.42 bln
* Company sees "considerable" revenue, profit growth in 2011
* Sees double-digit 2011 EBIT rise, excluding an acquisition
* Shares fall 2 percent on lack of share buyback
(Adds detail, quote, share price)
COPENHAGEN, March 9 (Reuters) - Danish hearing aid maker William Demant posted a rise in 2010 profit in line with forecasts, driven by higher revenues, and said on Wednesday it expected "considerable" growth in 2011 sales and earnings.
The company said its new high-end product, the Oticon Agil, has become the world's best-selling hearing aid in its category and helped boost its average prices by more than 5 percent.
Earnings before interest and tax (EBIT) rose 24 percent to 1.43 billion Danish crowns ($266 million), compared with analysts' average forecast of 1.42 billion in a Reuters poll.
"Improvement of profitability during 2010 was driven by strong sales figures and improved product mix," William Demant Holding A/S said in a statement. "In 2011, the Group foresees considerable growth in revenues and earnings."
Excluding the acquisition of U.S. firm Otix Global and associated one-off costs, William Demant said it expected a continuous rise in profit margin from 2010 and a "handsome double-digit rate of growth in operating profits (EBIT)".
William Demant shares initially rose more than 2 percent, but erased gains and fell 2.2 percent by 0904 GMT on a modestly firming Copenhagen bourse.
Analysts said the absence of a firm commitment to buy back shares this year -- the company said only that it might -- was a disappointment and had knocked the share price.
"I had a clear expectation that they would announce a share buyback of 800-900 million crowns because they have a strong cash flow and debt that would allow them to return money to shareholders," said Sydbank analyst Morten Imsgard.
Revenues grew 21 percent in 2010 to 6.89 billion crowns, above an average estimate of 6.78 billion in the Reuters poll.
"The Group generated growth rates that substantially exceed market growth rates and captured market shares in all major geographical markets," William Demant said.
Chief Executive Niels Jacobsen said that performance meant that William Demant recaptured the position "as the fastest growing player in the hearing aid industry" in 2010.
Its competitors include Swiss hearing aid maker Sonova, Germany's Siemens and compatriot GN Store Nord. ($1 = 5.371 Danish crowns) (Additional reporting by Teis Jensen and Jakob Vesterager; Reporting by John Acher; Editing by Dan Lalor and Will Waterman)