OVS sales and profit improve, outlook positive

OVS ended the year with net sales of 1,536 million euros, up 1.5 percent despite exceptionally unfavourable weather that penalised the apparel market in the initial periods of both seasons.

The company’s sales in the first months of 2024 are up by around 5 percent.

OVS said in a release that the positive full year result was also due to the best fourth quarter ever, with net sales of 433.1 million euros and adjusted EBITDA of 60.7 million euros.

Adjusted EBITDA for the year was 182.2 million euros or 11.9 percent of net sales. The trend in revenues and the gross margin, which rose to 57.3 percent of sales, more than offset the inflationary pressures on indirect costs.

Reported net profit increased to 52.4 million euros, while adjusted net profit was 75.9 million euros.

OVS board of directors has proposed a dividend of 0.07 euro per share to the shareholders’ meeting, and extended the current buyback plan for an additional 20 million euros.

In 2024 the company expects sales to grow further due to the ongoing strengthening of its customer base, increasingly appreciating the new product projects, and due to the effect of the expected weather normalisation.