Amplifon ended the first quarter with revenues up 8.8 percent at constant exchange rates to €573.1 million and recurring Ebitda of €136.8 million, up 10.7 percent from last year's first quarter.

This is according to the company in a note in which it explains about revenues that "the performance was driven by significant organic growth of 5.6 percent, higher than the reference market, and acquisitions of 3.2 percent, mainly in France, Germany, the United States, Uruguay and China.

Net income on a recurring basis was 35.7 million, up 2.2 percent from 34.9 million in the first quarter of 2023 despite higher depreciation and amortization as a result of heavy investment in the business and higher financial expenses.

"We are very pleased with the excellent start to 2024," commented CEO Enrico Vita, adding that the trend continued in April, with growth in 'high-teens' revenues at constant exchange rates.

In the first quarter of the year, recurring Ebit was 65.7 million euros, up from 61.5 million a year ago.

For the remainder of 2024, Amplifon confirms expectations "of previously communicated strong growth results" net of further slowdowns in global economic activities due to, among other things, inflation trends and the geopolitical situation.

"In the medium term, the company remains extremely positive about its prospects for profitable and sustainable development due to the fundamentals of the 'hearing care' market and the even stronger competitive positioning," the note reads.

On the stock market, Amplifon's stock is volatile, registering a strong acceleration immediately after the release of the quarterly report, only to slow down and reverse the gains. Around 1:15 p.m. it rises about 0.6 percent.

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(Sara Rossi, editing Andrea Mandalà)