Amplifon communicated the results of the first quarter of 2023. The company, a leader in hearing solutions and services, reported strong growth in results with revenues equal to 540,3 million euros, up 9,3% at constant exchange rates and 9,0% at current exchange rates compared to the first quarter of 2022. The increase in revenues was driven by aexcellent organic growth by 7,4% with a positive trend in demand (mainly from the United States), the gain in market shares and the positive development of pricing actions, the remaining 1,9% of revenues occurred through acquisitions. Positive results in all geographical areas.
Net result of 34,9 million
The EBIT recurring was equal to 123,5 million euros, up by 9,5% compared to the same period of 2022, with an EBITDA margin of 22,9%, (improvement of 10 basis points). L'EBIT stands at 61,5 million euros. The Net income was equal to 34,9 million euros, up by 6,3% compared to 2022. Free cash flow, equal to 46,3 million euros, decreased slightly. Net financial debt equal to 826,4 million euros.
Il net assets total as at 31 March 2023 is equal to 1.047,3 million euros, an increase compared to 1.040,4 million euros as at 31 December 2022.
Accelerations on bolt-on acquisitions
Amplifon has accelerated bolt-on acquisition activity (acquisitions of smaller companies) with approximately 100 stores acquired in France, Germany, North America and China year-to-date. These acquisitions will contribute approximately 2% to revenue growth. Therefore, Amplifon's area of action expands into geographical areas that are important for the business.
For 2023, society expects another year of growth, with revenues between 2,30 and 2,35 billion euros and a recurring EBITDA between 570 and 585 million euros. These goals demonstrate the company's confidence in its ability to continue to grow and generate shareholder value.
“We started 2023 with strong growth in the main economic indicators compared to the first three months of 2022, despite a very challenging comparison period and a market still below historical levels, albeit recovering compared to the last three quarters. We have gained market share across all geographies where we operate and accelerated the pace of bolt-on acquisitions, with approximately 100 new stores acquired year-to-date across North America, Europe and China. In the light of what has been done so far, despite the well-known uncertainties of the macroeconomic and geopolitical situation, there are all the conditions for the May 2023 be another year of significant growth and further strengthening of Amplifon's global leadership.” commented Enrico Vita, Amplifon CEO.
