DGAP-News
OVB enjoys successful first half of 2016 (news with additional features)
DGAP-News: OVB Holding AG / Key word(s): Half Year Results/Interim Report
OVB enjoys successful first half of 2016 (news with additional features)
10.08.2016 / 08:19
The issuer is solely responsible for the content of this announcement.
OVB enjoys successful first half of 2016 (news with additional features)
10.08.2016 / 08:19
The issuer is solely responsible for the content of this announcement.
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- Sales growth of 4.4%
- Operating income up 32.8%
- Annual forecast raised
Cologne, 10 August 2016 - The European financial advisory group OVB enjoyed
a successful first half of 2016, with total sales commission increasing by
4.4 percent to EUR115.8 million. The Group recorded a substantial
improvement in operating income of 32.8 percent, from EUR6.1 million in the
previous year to EUR8.0 million.
Strong business performance on many national markets
The majority of the 14 OVB national companies recorded good or extremely
good business performance. Business was adversely affected by unfavourable
conditions in some countries. "Although the environment remains
challenging, we enjoyed positive development in all segments in the first
half of 2016. We are focusing on our core competence of providing customers
with comprehensive, personal, trust-based consulting in line with our
allfinanz approach. The services provided by our financial advisors are
becoming increasingly valuable," noted OVB CEO Mario Freis.
In the Southern and Western Europe segment, total sales commission
increased by 18.3 percent, from EUR25.7 million to EUR30.4 million. This
meant that OVB continued to generate dynamic growth in this region. Sales
growth in Germany amounted to 1.8 percent. Total sales commission in the
Central and Eastern Europe segment declined slightly year-on-year by 0.6
percent to EUR54.8 million (previous year: EUR55.1 million).
Sustained earnings growth
Operating income rose sharply from EUR6.1 million to EUR8.0 million. All
of the segments contributed to this earnings growth. OVB has succeeded in
further increasing its earnings strength thanks to sales growth and cost
discipline. In the first half of 2016, the Group's EBIT margin based on
total sales commission improved to 6.9% after 5.5% in the same period of
the previous year. Accordingly, earnings per share rose from EUR0.29 to
EUR0.43.
Business outlook remains positive
"Although the current market environment is presenting us with some
challenges, we believe that our stable business model with its focus on
long-term success means we are well equipped for the future," commented
Freis. CFO Oskar Heitz added: "We are also launching initiatives that will
- Sales growth of 4.4%
- Operating income up 32.8%
- Annual forecast raised
Cologne, 10 August 2016 - The European financial advisory group OVB enjoyed
a successful first half of 2016, with total sales commission increasing by
4.4 percent to EUR115.8 million. The Group recorded a substantial
improvement in operating income of 32.8 percent, from EUR6.1 million in the
previous year to EUR8.0 million.
Strong business performance on many national markets
The majority of the 14 OVB national companies recorded good or extremely
good business performance. Business was adversely affected by unfavourable
conditions in some countries. "Although the environment remains
challenging, we enjoyed positive development in all segments in the first
half of 2016. We are focusing on our core competence of providing customers
with comprehensive, personal, trust-based consulting in line with our
allfinanz approach. The services provided by our financial advisors are
becoming increasingly valuable," noted OVB CEO Mario Freis.
In the Southern and Western Europe segment, total sales commission
increased by 18.3 percent, from EUR25.7 million to EUR30.4 million. This
meant that OVB continued to generate dynamic growth in this region. Sales
growth in Germany amounted to 1.8 percent. Total sales commission in the
Central and Eastern Europe segment declined slightly year-on-year by 0.6
percent to EUR54.8 million (previous year: EUR55.1 million).
Sustained earnings growth
Operating income rose sharply from EUR6.1 million to EUR8.0 million. All
of the segments contributed to this earnings growth. OVB has succeeded in
further increasing its earnings strength thanks to sales growth and cost
discipline. In the first half of 2016, the Group's EBIT margin based on
total sales commission improved to 6.9% after 5.5% in the same period of
the previous year. Accordingly, earnings per share rose from EUR0.29 to
EUR0.43.
Business outlook remains positive
"Although the current market environment is presenting us with some
challenges, we believe that our stable business model with its focus on
long-term success means we are well equipped for the future," commented
Freis. CFO Oskar Heitz added: "We are also launching initiatives that will
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