(Alliance News) - OVS Spa reported Tuesday, at the close of fiscal year 2022, that it reported revenues of EUR420 million in the fourth quarter, up 11 percent from the same period last year.

Margins also improved, with consolidated Ebitda in the fourth quarter up more than 10 percent from the previous year.

Overall, consolidated net sales for the 12 months exceed EUR1.5 billion, up 11 percent from 2021. This result contributes to full-year free cash flow in excess of EUR60 million and, consequently, leverage as of January 31, 2023 of less than 1.00 times.

"Compared to the scenarios of a few months ago, the inflationary tensions on costs that characterized 2022 are dissipating, with a descent starting in the second part of 2023. On the sales front, consumer orientation shows positive signs and our customers continue to show appreciation for the group's brands. Against this backdrop, OVS, thanks in part to the goodness of its ongoing projects and the quality of its operations, expects 2023 to see further growth," the company said.

With reference to the initiative to acquire Coin Spa, OVS reported that the parties

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 opportunities for external growth that the market will offer it, prefers to pursue the significant deleverage action that, in this market context and also in light of the current quotations, appears to represent the best interest for its shareholders."

OVS stock closed Tuesday down 0.2 percent at EUR2.20 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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