Amplifon's 1st half of 2017 confirms expansion trend

Financial

Financial information
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Today the Board of Directors of Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, approved the Interim Management Report as at June 30th, 2017 during a meeting chaired by Susan Carol Holland.

Organic growth and acquisitions sustain the excellent performance of revenues in all the company’s geographic areas and the solid improvement in profitability acceleration in network expansion continues, particularly in Germany, France and Portugal, for a total of 347 points of sale.

Main results for the first half of 2017:

  • Consolidated revenues of 623.8 million euros, up 14.6% at current exchange rates and 13.4% at constant exchange rates compared to the same period of 2016.
  • EBITDA net of non-recurring expenses reached 103.4 million euros, an increase of 17.5%, with the margin coming in at 16.6% of revenues, showing an improvement of 40 basis points compared to the same period of 2016. EBITDA as reported was 100.9 million euros, or 16.2% of revenues, an increase of 18.0% compared to the first half of 2016.
  • Recurring net profit amounted to 39.8 million euros, an increase of 27.0% compared to the same period of 2016. Net profit as reported rose 28.5% from the 29.6 million euros reported in the first half of 2016 to 38.1 million euros.
  • Net financial debt was 300.5 million euros, up with respect to the 224.4 million euros reported at December 31st, 2016, due primarily to increased investments in network expansion, the purchase of treasury shares and the payment of dividends.
  • Free cash flow was positive for 32.5 million euros, an increase of around 12.6 million euros compared to the same period of 2016.

“The outstanding performance of the first half of 2017 shows that we are reaping the benefits of the consolidation of our global leadership”, said Enrico Vita, Amplifon’s Chief Executive Officer. “The effectiveness of the marketing and communication strategy continues to make a strong contribution to the increase in organic growth and profitability, while the acquisitions program, intensified as of the beginning of the year, is proving to be the right choice for accelerating growth and increasing our share in key markets. We are convinced that the strong results posted in the first half, well balanced across all the geographic areas, create a solid base for facing the second half of the year with optimism and achieving our medium-long term objectives”.

Source: Amplifon