(Alliance News) - Amplifon Spa's board of directors on Monday approved its interim report for the quarter ended March 31, which closed with a net profit on a recurring basis of EUR35.7 million, up 2.2 percent from EUR34.9 million reported in the first quarter of 2023.

In the first quarter of 2024, consolidated revenues amounted to EUR573.1 million, up 8.8 percent at constant exchange rates and 6.1 percent at current exchange rates compared to the first quarter of 2023, "despite the challenging comparative basis with revenues up 9 percent in the first quarter of 2023 compared to the same period in 2022 - and Easter ahead of the previous year."

Ebitda on a recurring basis was EUR136.8 million, up 11 percent from the first quarter of 2023, with the margin on revenues on a record recurring basis of 23.9 percent, up 100 basis points from the first quarter of 2023.

Ebit stood at EUR65.7 million on a recurring basis, up from EUR61.5 million recorded in the first quarter of 2023, with the margin on revenues exceeding 11 percent.

"This performance is attributable to higher depreciation and amortization related to the strong investments in network expansion, innovation and digital transformation," the company wrote in the released note.

Reported Ebit was EUR64.6 million.

"Thanks to these results, we are very confident that we will be able to continue our path of significant growth also in the full year 2024," commented Enrico Vita, ceo of the company.

Amplifon on Monday trades in the green by 0.6 percent at EUR31.74 per share.

By Maurizio Carta, Alliance News reporter

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