amplifon acquires otohub

Amplifon Acquires Otohub; Reports Strong Growth in First Half of 2019

MILAN, ITALY — Otohub announced today that it has signed a definitive agreement to become a fully owned subsidiary of the Amplifon Group. Amplifon acquires the Otohub’s assets and IPs, people and customer contracts and Otohub will continue to operate under the Otohub brand.

Gianna and I are very excited by this new chapter for Otohub! In the market there is no better partner than Amplifon, due to their innate propensity for innovation, their strong forward thinking and unique customer care. This acquisition allows Otohub to pursue innovation at a larger scale and unlock new market opportunities having immediate access to Amplifon’s resources, expertise and global presence, which will have a tremendous impact on our technology, development platforms, team resources and outreach capabilities
– Antonio CurciOtohub General Manager

Following the acquisition, Otohub is planning to “accelerate development of new, technologically advanced products, improving the existing products line, designing innovative services, and redefining the way in which hearing care is provided to benefit customers worldwide”.

Amplifon Posts Strong Growth in First Half of 2019

Amplifon released its Financial report for the second quarter and First Half of 2019. Among the highlights:
  • The company posted consolidated revenues of 832.0 million euros, up 25.0% at constant exchange rates and 26.1% at current exchange rates compared to the same period of 2018.
  • Recurring EBITDA rose 28.4% to 141.2 million euros, with the margin coming in at 17.0% of revenues, an increase of 30 basis points compared to the same period of 2018, even after the consolidation of GAES. EBITDA as reported reached 135.4 million euros, or 16.3% of revenues
  • Recurring Net profit amounted to 61.9 million euros, an increase of 31.6% compared to the first half of 2018. Net profit as reported rose 21.2% to 57.0 million euros

The company says that it expects to continue recording above market trends in revenues in the second
half of 2019 thanks to strong organic growth, the integration of GAES and the contribution of acquisitions, mainly in France and Germany.

“The first half of 2019 shows once again extremely positive results. These results are characterized by solid, above-market organic growth, further accelerating in the second quarter, as well as by the extraordinary contribution from acquisitions, mostly driven by GAES. In fact, GAES integration continues in the wake of the excellent first quarter results, thus contributing positively to the double-digit growth in revenues. We are also very satisfied with the results achieved in terms of profitability at group level which showed significant improvement, even after the consolidation of GAES. This allows us to be confident of achieving a recurring EBITDA margin in 2019 higher than the 2018 margin. Lastly, we are proceeding at a sustained pace with the execution of our other strategic initiatives, as demonstrated by the first very positive results of the progressive roll-out of the Amplifon Product Experience also in the Netherlands and Germany.”

–Enrico Vita, Amplifon CEO

Amplifon also reports that it expects to continue to execute its strategic plan for 2020 thanks to “both the integration of GAES and the progressive roll-out of the Amplifon Product Experience in France, Australia and the United States in the third quarter”.
Source: Amplifon, Otohub