Amplifon ha closed the first nine months of 2024 with turnover and ebitda in growth, coming to count over 10 thousand stores worldwide.Net income stands at 104,2 million, slightly improving compared to 103,4 million in 2023, but lower than the expectations of Intesa Sanpaolo analysts (110,5 million), while the recurring net fell to 107,4 million compared to 112,8 in 2023. The reduction, explains the group, is linked to the costs of recent acquisitions, heavy investments and the increase in financial charges. While Europe showed signs of weakness in the third quarter, the US market remained solid, albeit with a slight slowdown compared to the first six months of the year. The title yields more than 4,5% at Piazza Affari.
Amplifon's accounts
I revenues consolidated revenues rose to €1,75 billion (+8% at constant exchange rates and +6,1% at current exchange rates), driven by organic growth and a strong contribution from acquisitions.ebitda rose to 412,2 million (+6,9%), with a gross operating margin on revenues of 23,6%, slightly up (+10 basis points) compared to the previous year.
In the third quarter the revenues reached 567,6 million euros, with an 8% growth at constant exchange rates (+6,8% at current exchange rates), while the quarterly net result was 16,8 million, down compared to 22,1 million in the same period of 2023.
Il free cash flow is equal to 50,6 million euros compared to 68,8 million euros recorded in the same period last year.
Amplifon reports an increase infinancial debt net at 1.068,3 million, from 852,1 million recorded at the end of 2023, to support network expansion and new acquisitions.
Geographic expansion and market performance
In the area emea, which includes Europe, the Middle East and Africa, Amplifon saw revenues increase by 3,2%, to a total of 1.101,7 million euros. This growth was driven by strategic acquisitions, with the French , Germany in the lead, and from an organic increase. However, the European market showed signs of slowing down, resulting less dynamic expected.
In United States, the group benefited from strong organic growth accompanied by a significant contribution from acquisitions, which allowed a significant expansion of the network, thanks also to the Miracle-Ear network, now an integral part of the strengthening strategy in the USA.
Even in the area Asia-Pacific Amplifon recorded robust growth, with the China in particular driving the results: the network has now exceeded 500 points of sale. Growth in China was supported by acquisitions, which consolidated the company's presence on the market, while in Australia solid organic growth was achieved, confirming a positive overall performance across the region.
Forecast for the fourth quarter
Amplifon estimates a gradual recovery of the European market in the last quarter and continued growth in the United States, with an overall improvement in the sector. For the whole of 2024, the company expects to grow consolidated revenues in the high-single digits at constant currencies, supported by market share expansion and acquisitions that should add 3% to overall growth. Recurring EBITDA should remain in line with 2023, despite lower operating leverage and increased marketing investments in the EMEA region, necessary to support the weaker market.
The CEO's comment
“In the first nine months of 2024 – declared the CEO Enrico Vita – we continued our revenue growth path thanks to an organic performance above the reference market and the significant contribution of acquisitions, despite a challenging comparative base with 2023 and a still weak, but recovering, European market”. Vita then added that the acquisitions have allowed us to consolidate our presence in key markets, such as the United States, France, Germany and China, exceeding the threshold of 10 thousand stores globally and further strengthening Amplifon’s positioning in the hearing care sector.
