(Finance) – OVSa clothing company listed on Euronext Milan, closed thefinancial year ended 31 January 2024 with net sales to 1,536 million euros, up 1.5% compared to the previous year, despite exceptionally unfavorable weather which penalized the clothing market at both starts of the season. The result was also achieved thanks to the best fourth quarter ever, with net sales of 433.1 million euros and an adjusted EBITDA of 60.7 million euros. L’Adjusted EBITDA for the year was 182.2 million euros (+2%), equal to 11.9% of sales.
L’reported net profit is equal to 52.4 million euros, a significant increase compared to last year. L’adjusted net profit it was 75.9 million euros, compared to 78.4 million euros in the previous year.
There net financial position rectified and the leverage ratio continue to improve and, as of 31 January 2024, they are reduced to 145.5 million euros and 0.80x respectively, after 47.8 million euros for dividend distributions and purchases of treasury shares.
The Board of Directors proposes to the Assembly a dividend of 0.07 euros per share. If added to the amount distributed in February 2024, the dividend yield calculated with respect to the current share value is equal to 4.6%. The Board of Directors approved the extension of the current one buyback plan for a further 20 million euros.
“For the 2024 society expects further growth in sales compared to the financial year just concluded, both due to the current strengthening of its customer base, which shows that it increasingly appreciates new product projects, and as a result of the desirable climate normalization – commented theCEO Stefano Beraldo – Since the beginning of the financial year, sales have increased by approximately 5% compared to the same period of 2023, when they were already significantly increasing compared to the previous financial year”.
“The whole of 2024 will benefit from cost normalization of the product which, having surged in the post-covid period, have only decreased starting from the second half of 2023 – he added – We expect that the expected increase in labor costs for the renewal of the national contract will be compensated by better sales combined with a best margin”.
(Photo: Maurizio Camagna)