Strong revenue growth at around 1.2 billion euros in the first half (+8%), and EBITDA at 297.2 million euros (+7.7%) with margin increasing at 25.2% (+40 bps)
REVENUES UP 8% AT CONSTANT EXCHANGE RATES, DRIVEN BY A SOLID, ABOVE-MARKET ORGANIC GROWTH (+4.6%), AND M&A ACCELERATION (+3.4%) IN A SOFTER-THAN-EXPECTED EUROPEAN MARKET IN THE SECOND QUARTER
RECURRING EBITDA 7.7% HIGHER THAN IN THE FIRST HALF OF 2023, WITH THE MARGIN UP 40 BASIS POINTS AT 25.2% THANKS TO THE FIELD PRODUCTIVITY MEASURES TAKEN IN THE SECOND HALF OF LAST YEAR. NET PROFIT UP AT 90.3 MILLION EUROS
NET FINANCIAL DEBT AND LEVERAGE HIGHER THAN DECEMBER 2023 AFTER INVESTMENTS IN CAPEX, ACQUISITIONS, AND DIVIDENDS TOTALING AROUND 275 MILLION EUROS (+87 MILLION EUROS COMPARED TO THE FIRST HALF OF 2023)
FINALIZED IN JULY THE THIRD M&A IN THE UNITED STATES SINCE THE BEGINNING OF THE YEAR: ACQUISITION OF A FRANCHISEE WITH 15 STORES. AROUND 290 POINTS OF SALE ADDED TO THE GLOBAL NETWORK SINCE JANUARY, MAINLY IN FRANCE, GERMANY, NORTH AMERICA, CHINA AND URUGUAY
GOOD START TO THE THIRD QUARTER WITH STRONG REVENUE GROWTH IN JULY
THE COMPANY CONFIRMS ITS OBJECTIVE OF DELIVERING HIGH-SINGLE-DIGIT REVENUE GROWTH IN THE FULL YEAR AND EXPECTS TO REACH AN EBITDA MARGIN OF AROUND 24.3%, BENEFITING FROM THE FIELD PRODUCTIVITY MEASURES TAKEN IN 2023 WHICH COUNTERBALANCE THE DILUTION EFFECT OF THE ACCELERATED GROWTH OF THE MIRACLE-EAR DIRECT RETAIL NETWORK AND THE HIGHER MARKETING INVESTMENTS TO RESPOND TO EUROPEAN MARKET SOFTNESS
MAIN RESULTS FOR H1 2024
- Consolidated revenues of 1,177.3 million euros, an increase of 8.0% at constant exchange rates and of 5.7% at current exchange rates compared to the first half of 2023
- Recurring EBITDA was 297.2 million euros, up 7.7% compared to 276.0 million euros in the first half of 2023. The margin rose 40 basis points to 25.2% due mainly to the field productivity measures taken in the second half of last year which more than offset the impact of the softer-than-expected European market and the dilution effect of the accelerated growth of Miracle-Ear Direct Retail in the US
- Recurring net profit was 90.3 million euros, higher than the 89.3 million euros recorded in the first half of 2023. Net profit as reported was 87.8 million euros, increasing compared to the 81.4 million euros recorded in the first half of last year
- Free cash flow was 46.8 million euros, compared to 76.1 million euros recorded in the prior year due to a decrease in operating cash flow and higher investments
- Net financial debt was 1,009.3 million euros compared to 852.1 million euros at December 31st, 2023, after Capex and M&A for around 210 million euros and dividend payment of 66 million euros, with financial leverage at 1.70x on June 30th, 2024, compared to 1.50x at December 31st, 2023
ENRICO VITA, CEO
“In the first half of 2024 we continued along our growth path, recording a strong increase in revenues and a rise in profitability compared to the same period of 2023. These results were achieved thanks to an above-market organic growth and a significant acceleration in acquisitions with approximately 290 new stores acquired since the beginning of the year in North America, Europe and China, despite a still soft European market, especially in the latter part of the second quarter. We continue to further consolidate our global leadership and look ahead with confidence to the evolution of our business”.
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