Amplifon closes the first quarter of the year with a significant increase in revenues, reaching 573,1 million euros, up 8,8% compared to the same period in 2023. TheNet income rises to 35,7 million euros, +2,2% compared to the previous year and growing despite investments in the business and the increase in financial charges. The gross operating margin (Ebitda) reaches 136,8 million euros, up 10,7%, with a record revenue margin of 23,9%, 100 basis points higher than the first quarter of 2023.
Il free cash flow it stands at 37,2 million euros, lower than the 46,3 million in the first quarter of 2023, after Capex of 29,9 million euros. L'net financial debt reaches 883,3 million euros, compared to 852,1 million euros in December 2023, after investments for Capex and M&A of approximately 100 million euros, with a financial leverage at the end of March 2024 equal to 1,52x, in line with end of 2023 (1,50x).
Growth supported by acquisitions and the American market
Amplifon's performance was led by one organic growth significant of 5,6%, higher than the reference market, together with acquisitions which contributed 3,2%. This success was mainly driven byincrease in market shares in the United States and in Asia Pacific, with a progressive improvement also in Europe, where the market returned to slightly positive. Positive signs were also detected for the second quarter.
2024 guidance confirmed
Amplifon confirms its growth forecasts for 2024, forecasting consolidated revenue growth in the high single digits at constant exchange rates, supported by market share gains and bolt-on acquisitions, which are expected to contribute at least 2% to overall growth. A recurring EBITDA margin of above 24,6% is also expected, thanks to the productivity improvement actions in the field implemented in 2023, which have already started to show results in the first quarter of 2024.
Vita, CEO Amplifon: “Satisfied with the start, we continue to grow”
"We are very satisfied with the excellent start of 2024. In the first quarter we achieved a strong increase in revenues and record profitability thanks above all to the solid performance in Europe in a market undergoing normalization, continued growth in the Americas and Asia Pacific and the effectiveness of improvement actions of productivity started in the second half of last year. This trend also continued in April" commented the CEO of the company, Enrico Vita.
“We continue to grow more than our target market in all geographic areas and to invest in the development of our organization, in marketing and in our ability to innovate for the benefit of our customers – he added – At the same time, we are accelerating the pace of acquisitions bolt-on with over 150 stores detected worldwide in the first quarter alone. Thanks to these results, we are very confident that we will be able to continue our path of significant growth throughout 2024."
