Strong revenue growth and profitability improvement in the first nine months of 2018, supported by an excellent third quarter
Double digit revenue growth (+10.4% at constant exchange rates), driven by strong organic growth and acquisitions mainly in France and Germany.
Continuous improvement in profitability: recurring ebitda margin increases of ~40 bps and recurring net profit up 28.1%. Successful ongoing roll-out of Amplifon product line and digital ecosystem in Italy.
Closing of the GAES acquisition on track, after receiving the unconditional approvals from the Spanish and Portuguese anti-trust authorities.
Main results for the first nine months of 20181 :
- Consolidated REVENUES of 967.6 million euros, up 10.4% at constant exchange rates and 7.3% at current exchange rates compared to the same period of 2017
- EBITDA net of non-recurring expenses reached 154.4 million euros, an increase of 9.6% at current exchange rates, with the margin coming in at 16.0% of revenues, showing an improvement of around 40 basis points compared to the same period of 2017. EBITDA as reported reached 148.4 million euros, or 15.3% of revenues
- Recurring NET PROFIT amounted to 65.3 million euros, an increase of 28.1% compared to the first nine months of 2017. Net profit as reported rose 26.4% from the 48.2 million euros recorded in the first nine months of 2017 to the current 60.9 million euros
- NET FINANCIAL DEBT was 348.6 million euros, higher than the 320.7 million euros posted at September 30th, 2017 and the 296.3 million euros reported at December 31st, 2017
- FREE CASH FLOW was positive for 50.8 million euros, showing an improvement of 49.5%, or approximately 16.8 million euros, compared to the same period of 2017