Amplifon recorded strong growth in the first nine months of 2024 with revenues up 8% or $A2.89 billion, allowing it to strengthen its presence in core markets and exceed 10,000 stores globally.
“In the first nine months of 2024, we continued along our revenue growth path thanks to an above-market organic performance and the significant contribution of acquisitions, despite a remarkable 2023 comparison base and a still softer-than-expected, albeit recovering, European market,” CEO Mr Enrico Vita said in a media release dated 30 October 2024.
“The M&A acceleration recorded in the year allows us to further strengthen our presence in core markets – specifically in the United States, France, Germany and China – and to exceed the threshold of 10,000 stores globally.
“Thanks to these acquisitions and continuous investments, we further strengthened our competitive positioning in the global hearing care market and we look ahead with confidence to the medium-term evolution of our business”.
Amplifon said its global network now exceeded 10,000 points of sale. It said 370 stores were acquired in China this year, bringing the Chinese network to more than 500.
There are more than 300 Amplifon stores in Australia in Melbourne, Sydney, Brisbane, Adelaide and Perth. Amplifon was formally National Hearing Care in Australia.
Amplifon said consolidated revenues of €1.75 billion (A$2.89 billion) were up 8% at constant exchange rates (6.1% at current exchange rates) to the end of September 2024 driven by above market organic growth of 4.3% and M & A acceleration of 3.7%.
Recurring earnings before interest, taxes, depreciation, and amortistion (EBITDA) were 6.9% higher than in the first nine months of 2023, with the margin up 10 basis points at 23.6% despite “a softer than expected European market and the dilution effect due to the Miracle-Ear direct retail network accelerated growth in the United States.”
Net financial debt and leverage was higher than December 2023 after investments in Capex and acquisitions for €283 million (A$467 million), dividends and share buyback for €86 million (A$142 million).
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