Strong revenue growth (+25.0% at constant exchange rates) sustained by solid organic growth, further accelerating in the second quarter, and the extraordinary contribution of M&A.
Significant improvement in profitability (recurring EBITDA margin +30 bps) even after the consolidation of GAES. Recurring Net profit +31.6%.
Outstanding performance in Spain also thanks to the excellent results from the GAES integration.
Very positive initial results from the launch of the Amplifon Product Experience in the Netherlands and Germany.
Main results for the first half of 20191 :
- Consolidated revenues of 832.0 million euros, up 25.0% at constant exchange rates and 26.1% at current exchange rates compared to the same period of 2018
- Recurring EBITDA rose 28.4% to 141.2 million euros, with the margin coming in at 17.0% of revenues, an increase of 30 basis points compared to the same period of 2018, even after the consolidation of GAES. EBITDA as reported reached 135.4 million euros, or 16.3% of revenues
- Recurring Net profit amounted to 61.9 million euros, an increase of 31.6% compared to the first half of 2018. Net profit as reported rose 21.2% to 57.0 million euros
- Net financial debt was 841.1 million euros, substantially unchanged with respect to the 840.9 million euros reported at December 31st, 2018 thanks to strong cash flow generation, also after a higher dividend payment
- Recurring Free cash flow reached 64.8 million euros, an increase of 20.3 million euros or 45.7% compared to the same period of 2018