Key annual data
We achieved record results in 2018. Our larger scale and improved operational efficiency allowed us to further increase profitability.
1,372.7 million euros, up 10.6% at constant exchange rates and 8.4% at current exchange rates compared to 2017. Revenues were driven by strong organic growth (+7.0%), as well as the contribution from acquisitions (+3.6%). The foreign exchange effect was negative by 2.2%.
241.3 million euros, an increase of 11.0% compared to 2017, thanks to the significant acceleration in revenues and improved operating leverage. The margin on revenues reached 17.6%, an improvement of 40 basis points compared to the previous year.
Recurring net profit
113.4 million euros, an increase of 19.3% compared to 2017.
Performance by region
The EMEA region contributed significantly to the group's profitability: recurring EBITDA grew by almost 24% to 186 million euros. The margin on revenues hit an all-time high of 19.4%, as a result of the sharp increase in the top-line, greater operational efficiency and larger scale. Americas showed strong profitability improvement, and APAC region showed solid sales performance in local currencies.
Excellent profitable growth
In 2018, revenues for Europe, the Middle East and Africa amounted to 960.4 million euros (+12.7% at constant exchange rates compared to 2017). Extraordinary organic growth, and the M&A activity in France and Germany also contributed to the result. Organic growth was very strong on key markets: France, Germany, Spain and Italy, also thanks to the successful roll-out of the Amplifon product line and digital ecosystem.
Recurring EBITDA grew by almost 24% to 186 million euros.
Accelerating performance during the year
In 2018, we recorded 234.4 million euros of revenues in the Americas (+7% in local currencies). The performance was driven by the excellent organic growth of both Miracle-Ear and Amplifon Hearing Health Care, combined with the contribution of Canada, which grew mainly through acquisitions.
Recurring EBITDA went up from 45.2 million euros in 2017 to 47.0 million euros in 2018 (+4.1%). The margin on revenues, at 20.1%, rose 20 base points, thanks to operational efficiency.
Positive sales performance
In APAC, revenues were 174.4 million euros in 2018, up 4.6% in local currencies despite the excellent results obtained in 2017. Positive performance in Australia and solid organic growth in New Zealand despite the softness of the two markets in the second half of the year.
Recurring EBITDA was 43.6 million euros, down compared to the 51.5 million euros in 2017 mainly due to the particularly adverse foreign exchange effect and the strong marketing investments in a softer market environment.
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