MILAN, ITALY — Amplifon S.p.A. has reported robust financial results for the first half of 2024, demonstrating significant growth in revenues and profitability. The company achieved consolidated revenues of €1.177 billion (approximately $1.28 billion USD), marking an 8% increase at constant exchange rates and a 5.7% increase at current exchange rates compared to the first half of 2023.
This growth was driven by a combination of organic growth and strategic acquisitions, particularly in North America, France, Germany, China, and Uruguay.
Key Financial Highlights for H1 2024:
- Revenues: €1.177 billion ($1.28 billion), up 8% at constant exchange rates and 5.7% at current exchange rates.
- Recurring EBITDA: €297.2 million ($322.6 million), a 7.7% increase from €276.0 million in H1 2023, with a margin improvement of 40 basis points to 25.2%.
- Recurring Net Profit: €90.3 million ($97.9 million), up from €89.3 million in H1 2023.
- Net Financial Debt: Increased to €1.009 billion ($1.095 billion) from €852.1 million at the end of December 2023, following investments in capital expenditures, acquisitions, and dividend payments totaling around €275 million ($298.7 million).
The company’s recurring EBITDA reached €297.2 million ($322.6 million), a 7.7% increase from €276.0 million in the first half of 2023. This resulted in a margin improvement of 40 basis points to 25.2%, primarily due to field productivity measures implemented in the latter half of the previous year. Despite a softer-than-expected European market, these measures effectively offset the impact, maintaining profitability.
Amplifon also reported a recurring net profit of €90.3 million ($97.9 million), up from €89.3 million in the same period last year. The net financial debt increased to €1.009 billion ($1.095 billion) as of June 30, 2024, from €852.1 million at the end of December 2023, following significant investments in capital expenditures, acquisitions, and dividend payments totaling around €275 million ($298.7 million).
Key Financial Highlights for Q2 2024:
- Revenues: €604.1 million ($655.6 million), up 7.1% at constant exchange rates and 5.3% at current exchange rates.
- Recurring EBITDA: €160.4 million ($174.1 million), a 5.2% increase from €152.5 million in Q2 2023, with a stable margin at 26.6%.
In the second quarter of 2024, Amplifon achieved consolidated revenues of €604.1 million ($655.6 million), a 7.1% increase at constant exchange rates and a 5.3% increase at current exchange rates compared to Q2 2023. The recurring EBITDA for this quarter was €160.4 million ($174.1 million), up 5.2% from €152.5 million in Q2 2023. The margin remained steady at 26.6%, reflecting the efficiency of field productivity measures.
Geographical Performance
- Americas: Revenues increased by 13.1% to €240.4 million ($260.5 million), driven by both organic growth and acquisitions.
- EMEA Region: Revenues saw a modest increase of 3% to €757.5 million ($822.3 million).
- Asia-Pacific: Revenues grew by 8.3% to €179.2 million ($194.5 million).
Amplifon continues to expand its global network, adding over 290 points of sale since the beginning of the year through strategic acquisitions. The company finalized its third acquisition of a Miracle-Ear franchisee in the U.S. in July, adding approximately 15 stores in the Northeastern United States, including Maryland.
Looking ahead, Amplifon anticipates continued revenue growth in the high single digits for the full year of 2024, supported by market share gains and bolt-on acquisitions. The company expects to achieve a recurring EBITDA margin of around 24.3%, benefiting from the productivity measures taken in 2023, which will counterbalance the dilution effect of the accelerated growth of the Miracle-Ear Direct Retail network and increased marketing investments in response to European market softness.
“In the first half of 2024, we continued along our growth path, recording a strong increase in revenues and a rise in profitability compared to the same period of 2023. These results were achieved thanks to an above-market organic growth and a significant acceleration in acquisitions, with approximately 290 new stores acquired since the beginning of the year in North America, Europe and China, despite a still soft European market, especially in the latter part of the second quarter. We continue to further consolidate our global leadership and look ahead with confidence to the evolution of our business”.
–Enrico Vita, CEO of Amplifon
About Amplifon
Amplifon is a global leader in the hearing care retail market, dedicated to empowering people to rediscover all the emotions of sound. With a network of over 9,900 points of sale in 26 countries and five continents, Amplifon delivers innovative and highly personalized hearing solutions and services to ensure an outstanding customer experience.
Source: Amplifon
