(Alliance News) - OVS Spa reported Wednesday that it reported first quarter ended April 30 net sales of EUR352.2 million from EUR336.5 million, up 5.0 percent from the same period a year earlier.

The company reported Ebitda of EUR29.7 million from EUR27.5 million, up 8.1%, and Ebit in the first quarter of EUR14.2 million from EUR11.7 million in 2023.

Net financial position is EUR254.2 million from EUR150.9 million as of April 30, 2023.

Stefano Beraldo, chief executive officer of OVS, commented, "Sales growth affected the group's main brands, despite delivery delays caused by the Suez Canal crisis. The trend is even more remarkable when we compare it with the strong increase recorded in the same period last year."

"The performance of the Upim brand, both in direct and franchise stores, was excellent. Although for the second year in a row the month of May was characterized by decidedly unfavorable weather, the increase in sales to date remains strong. During the quarter, national contracts related to the trade sector were renewed, with a more diluted impact over time than initially expected."

OVS on Wednesday closed in the green by 0.6 percent at EUR2.83 per share.

By Claudia Cavaliere, Alliance News reporter

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