OVS posts increase in Q1 sales and profit

Net sales for the first quarter at OVS S.p.A. were 299.9 million euros, up 30.6 percent compared to the same quarter last year.

This performance, the company said, characterised the OVS and Upim brands and all of the group's distribution channels.

“The first quarter of 2022 completes the first full year without the negative impact of the closures that were imposed following the pandemic situation. Despite geopolitical volatility and inflationary pressures, our results and actions to date provide indication that we can look to the remaining part of the year with confidence,” said Stefano Beraldo, CEO of OVS S.p.A. in a statement.

The company’s adjusted EBITDA was 20.1 million euros, up 3.5 times compared to the first quarter of 2021. OVS's EBITDA increased by 11.6 million euros (from 2 percent to 6.9 percent of sales) and Upim's by 4.2 million euros (from 4.9 percent to 9.3 percent of sales).

The company’s adjusted EBIT before tax was 0.7 million euros compared to the loss of 13.5 million euros in the first quarter of 2021.