(Alliance News) - OVS Spa on Wednesday reported that full-year 2023 sales grew by about 1.4 percent, an increase that occurred mainly on a like-for-like basis.

The second half of the year, contrary to general concerns about consumption trends, compounded by an abnormal continuation of summer temperatures, also saw sales hold up with the last quarter growing.

"For the umpteenth time, the group achieves better results than the market, reaching a share of 9.6 percent, up from 8.1 percent in 2019.

Thanks to the strong recovery in profitability in the fourth quarter, adjusted Ebitda for the year will be up slightly from EUR180.2 million in 2022.

The adjusted net financial position as of January 31, 2024 is an improvement from EUR162.0 million as of January 31, after distributing dividends of EUR16.4 million during the year and purchasing treasury shares of EUR31.4 million. The leverage ratio is thus less than 0.90x.

The corporate board also resolved to initiate - as of February 5 - a share buyback program for a maximum amount of EUR20 million, up to a maximum of 11 million shares.

OVS closed Wednesday's session in the red by 0.5 percent at EUR2.21 per share

By Maurizio Carta, Alliance News reporter

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