Amplifon Sees U.S. Demand Lifting Revenue Growth in 2024

Reuters | March 7, 2024

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(Reuters) – Italian hearing aid maker Amplifon expects high-single-digit growth in 2024 revenues at constant exchange rates, as its market expands in the United States and stabilises in Europe, it said on Thursday.

The group in January bought 50 shops of its Miracle-Ear business from a franchisee in the U.S., aiming to strengthen its presence in the Americas to offset slowing demand in Europe.

Shares in the Milan-based group rose more than 5% following the group’s results on Thursday.

The world’s largest retailer of hearing aids expects profitability to grow this year, with a recurring core profit (EBITDA) margin above 24.6%.

It posted recurring EBITDA of 155.8 million euros ($169.7 million) in the last quarter, unchanged from a year earlier, and revenues up by 6% to 615 million euros.

It pledged to return a dividend of 0.29 euros per share, also in line with last year.

Amplifon also said it ask shareholders to authorise a new buyback programme for up to 10% of its share capital after the current one expires in October. ($1 = 0.9179 euros) (This story has been corrected to specify that shops were bought from a franchisee in paragraph 2)


(Reporting by Alessandro Parodi; editing by Jason Neely and Keith Weir)

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