OVS reports strong Christmas trading

At the close of the 2022 financial year, OVS has said that the strong sales performance over the first nine months continued in the fourth quarter, including Christmas and the major winter sales period, with consolidated net sales of roughly 420 million euros, up 11 percent compared to the fourth quarter of 2021.

Margin also improved, with fourth-quarter consolidated EBITDA up more than 10 percent year-on-year.

Overall, the company added that consolidated net sales for the twelve months exceeded 1.5 billion euros, an 11 percent increase over 2021.

This result contributed to a free cash flow for the year of more than 60 million euros.

OVS said in a statement that compared to the scenario of several months ago, the inflationary pressures on costs that characterised 2022 are slowing down and are expected to reverse in the second half of 2023.

“In terms of sales, consumer trends show positive signs, and our customers continue to show appreciation for the group’s brands. In this context, and given the solidity of our current projects and operations, OVS is expecting further growth in 2023,” the company said.

With regard to the acquisition of Coin S.p.A., OVS S.p.A. announces that the parties have called off the negotiations.