OVS, 2022 sales over 1.5 billion. Negotiations for the purchase of Coins are skipped

OVS 2022 sales over 15 billion Negotiations for the purchase

(Tiper Stock Exchange) – OVS extensionon the occasion of the closure of the 2022 financial year, communicates that the strong nine-month sales performance continued in the fourth quarterincluding Christmas and the most important period of the winter sales, with consolidated net revenues of approximately 420 million euros, up 11% compared to the fourth quarter 2021.

Margins also improved, with consolidated EBITDA in the fourth quarter growing by more than 10% compared to the previous year.

Altogether consolidated net sales for the twelve months exceed 1.5 billionup 11% compared to 2021. This result contributes to generating a free cash flow of the twelve months exceeding 60 million and, consequently, a leverage at 31 January 2023 of less than 1.00x.

Compared to the scenarios of a few months ago – explains the company – the inflationary tensions on costs that characterized 2022 “are easing”, with a decline starting from the second half of 2023. On the sales front, the consumer orientation shows ” positive signals” and our customers continue to show “appreciation” for the group’s brands. In this context, OVS expects further growth in 2023, also thanks to the quality of the projects in progress and the quality of its operations.

Stop the Coin purchase negotiations
With reference to the initiative aimed at acquiring Coin, OVS informs the parties that they have decided to terminate the negotiations. The OVS group confirms the commercial value of the Coin brand and network, but while continuing to evaluate the external growth opportunities that the
market will offer them, prefers to continue with the significant deleverage action which, in this market context and also in the light of current prices, appears to represent the best interests of its shareholders.