(Finance) – Amplifon he finished the first nine of the year with an Rreported net result of 104.2 million eurosup from the 103.4 million euros reported in the first nine months of 2023. Net profit on a recurring basis stood at 107.4 million euros, down from the 112.8 million euros reported in the first nine months of 2023 due to the greater amortization resulting from the acquisitions, the strong investments in the business and the increase in financial charges.
“In the first nine months of 2024 we continued on our path of revenue growth thanks to an organic performance superior to the reference market and the significant contribution of acquisitions, despite a very challenging comparative basis with 2023 and a European market still below of expectations, although recovering”, underlines the CEO Erico Vita.
Consolidated revenues stood at 1,744.8 million euros, up 8% at constant exchange rates and 6.1% at current exchange rates compared to the first nine months of 2023. Recurring EBITDA equal to 412.2 million euros, marks a 6.9% increase compared to 385.8 million euros in the first nine months of 2023. The impact on revenues was 23.6%, up by 10 basis points, despite a weaker European market than expected and the dilution resulting from the significant Accelerating the growth of Miracle-Ear’s direct store network in the United States.
Free cash flow equal to 50.6 million euros compared to the 68.8 million euros recorded in the same period last year. Net financial debt equal to 1,068.3 million euros compared to 852.1 million euros at 31 December 2023, following investments in Capex and M&A for a total of 283 million euros (compared to 183 million euros in the first nine months of 2023 ), distribution of dividends for 66 million euros and purchase of treasury shares for 20 million euros, with financial leverage at 30 September 2024 at 1.78x compared to 1.50x at 31 December 2023 and 1.63x at 30 September 2023.
For the fourth quarter of 2024, the Company expects: a progressively normalizing European market and a growing US market, and more sustained growth of the group compared to the reference market. therefore, we expect: consolidated revenues in high-single digit growth at constant exchange rates and an EBITDA margin on a recurring basis substantially in line with that reported in 2023.