Adjusted EBITDA amounted to €89 million (~$99.68 million), up €2.6 million compared to the first half of 2023. Adjusted net income also increased to €34.6 million (~$38.75 million), up €0.9 million from the previous year, the company said in its financial statement.
OVS SpA reported that its net sales increased by 3.6 percent to €762 million (~$853.44 million) and adjusted EBITDA increased to €89 million (~$99.68 million) in the first half of 2024. Despite climate challenges, gross margin improved to 59.6 percent. The company’s brands, especially Upim and B.Angel, showed solid growth. OVS remains optimistic for the second half and has expanded its buyback program by €10 million (~$11.20 million).
Despite adverse weather conditions in the second quarter, OVS’ performance remained strong. The group’s flagship brand recorded strong sales growth, while Upim posted a notable 7.3 percent increase in sales. The company also highlighted the success of its Piombo Contemporary line, which targets a more refined customer base, and the B.Angel brand, which doubled its sales over the past two years. The beauty segment continued its strong performance, supported by social media-driven activations.
OVS's net financial position stood at -€263 million (~$294.56 million) as of July 31, 2024, reflecting €80 million (~$89.60 million) spent on treasury stock and dividends over the past year. Despite this, the company generated approximately €60 million (~$67.20 million) in cash over the same period.
Looking ahead, the company remains optimistic about the second half of the year. August sales rose by 7% and double-digit growth was recorded in September, driven by the success of the autumn collections. The company's board of directors has approved a further extension of 10 million euros (around 11.20 million dollars) of its buyback programme, underlining confidence in future results.
OVS plans to continue expanding its brand portfolio and sales network, while maintaining a focus on profitability and sustainable growth. With strong momentum entering the second half, the group is on track to deliver solid results for the remainder of 2024.
Fibre2Fashion (KD) Press Desk
