Amplifon, revenues up 9.3% in the first quarter
Amplifiera leading hearing solutions company and part of the FTSE MIB, closed the first quarter of 2023 with consolidated revenues equal to 540.3 million euros, up 9.3% at constant exchange rates and 9% at current exchange rates compared to the first quarter of 2022, and a Recurring EBITDA equal to 123.5 million euros, up by 9.5% compared to the same period of 2022, with an EBITDA margin of 22.9%, up by 10 basis points. The net income on a recurring basis was equal to 34.9 million euros, up by 6.3% compared to the same period of 2022.
“We have started 2023 with strong growth of 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, although recovering compared to the last three quarters – commented the CEO Henry Life – We have gained market share in all geographies in which 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 2023 to be another year of significant growth and further strengthening of Amplifon’s global leadership,” he added.
For 2023, revenues will grow to 2.30 billion
Il free cash flow amounted to 46.3 million euros, a slight decrease compared to the excellent result reported in the first quarter of 2022 due to higher investments. L’net financial debt is equal to 826.4 million euros, an improvement compared to 830 million euros at December 31, 2022, despite the seasonality, after Capex for 26.6 million euros and net investments for M&A for 38.8 million euros, with financial leverage as at 31 March 2023 down to 1.48x.
For 2023 Amplifier waits: consolidated revenues significantly increased to 2.30-2.35 billion euros (compared to 2.12 billion euros achieved in 2022), thanks to increases in market shares and bolt-on acquisitions, which will contribute to the growth of revenues for about 2%; a recurring EBITDA in the order of 570-585 million euros (compared to 525 million euros in 2022), depending on the operating leverage and the new pricing actions implemented in order to mitigate the increase in labor costs and to support other costs and strategic investments.