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OVS raises full year outlook

By Prachi Singh

15 Dec 2021

Business

Image: OVS press portal

Total sales in the first nine months of 2021 at OVS SpA amounted to 978 million euros, up 33 percent compared with the same period in 2020.

For the entire FY21, the company expects net sales in a range of 1.33 to 1.35 billion euros, up from 1.30 to 1.32 billion euros announced at the time of publication of the half-year results and adjusted EBITDA in a range of 135 to 145 million euros, up from the 120 to 135 million euros previously communicated.

“The results for the third quarter of the year were again very satisfactory in terms of sales, profitability, and cash generation. The Group is implementing various measures aimed at containing the tension on costs currently in place, which is also expected for at least part of next year. The good trend is continuing also in the fourth and last quarter. This leads to an upward revision of the closing estimates for year-end previously provided to the market,” said the company’s chief executive officer Stefano Beraldo.

The company said in a statement that when compared to 2019 performance, the value dropped 1.3 percent, marking a sharp recovery in performance in the second and third quarters compared with the first quarter of the year affected by the lock-downs, when the sales declined 27.7 percent. The performance recovered due to positive like-for-like sales and the excellent performance of digital channels characterised by both brands and all the group’s distribution channels.

The company’s adjusted EBITDA was 104.5 million euros, up 64.4 million euros or 160.6 percent compared with the first nine months of 2020, and up 3.4 million euros or 3.4 percent compared with the same period of 2019. Adjusted profit before tax was 43.2 million euros, up 62.7 million euros on last year, reflecting the recovery in profitability recorded at the EBITDA level.

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