OVS sales surpass pre-Covid levels, outlook positive

Net sales at OVS S.p.A. of 705.8 million euros, increased 17.8 percent during the first half period compared to H1 2021, and were up 8.5 percent compared to pre-covid period.

The company said, on a like-for-like basis, sales rose 4 percent.

Adjusted gross margin was in line with previous year and 90 basis points higher than 2019. Adjusted EBITDA of 82.3 million euros, rose by 22.2 million euros compared to H1 2021 and EBITDA margin was 11.7 percent against 10 percent in H1 2021 and 9.6 percent in H1 2019.

In the second quarter, net sales increased to 405.9 million euros, up 9.8 percent. Adjusted EBITDA was 62.2 million euros, 7.7 million euros higher compared to Q2 2021 and EBITDA margin was 15.3 percent versus 14.7 percent in Q2 2022. Adjusted result before taxes was at 44.5 million euros, up from 33.5 million euros in H1 2021.

The company expects that for the second half, still in presence of exogenous factors negatively affecting consumers’ attitude, its brand positioning will attract new customers looking for more affordable prices, with a positive effect on our sales. In light of the positive developments and the performance achieved so far, OVS expects full-year results to significantly improve over the previous year.