Corporate | 10 August 2016 08:19
DGAP-News: OVB Holding AG / Key word(s): Half Year Results/Interim Report
2016-08-10 / 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
open up additional growth potential in future."
Although growth momentum is unlikely to remain at the same high level in
the second half of the year, OVB is anticipating positive development for
the year as a whole based on its strong performance in the first six months
of 2016. OVB is now forecasting a slight increase in total sales commission
for the 2016 financial year as a whole (previously: close to the prior-year
level) and a substantial (previously: slight) year-on-year increase in
operating income.
About OVB Group
The OVB Group, with its holding company headquartered in Cologne, is one of
Europe's leading financial advisory groups. Since being founded in 1970,
OVB's business activities have focused on long-term, comprehensive and
above all cus-tomer-oriented allfinanz consulting for private households.
OVB works with more than 100 high-performance providers and uses
competitive products to serve its clients' individual needs for subsistence
and pensions, asset building, asset protec-tion and increasing assets. OVB
currently operates in a total of 14 countries.
Over 5,100 full-time financial advisors currently advise approximately 3.26
million clients. In 2015, OVB Holding AG and its subsidiaries generated
total sales commission of EUR224.7 million and EBIT of EUR14.0 million. OVB
Holding AG has been listed on the Frankfurt Stock Exchange (Prime Standard,
ISIN DE0006286560) since July 2006.
The presentation of the results of the first half year 2016 and the interim
report can be downloaded from the Investor Relations section of www.ovb.eu.
This press release is also available on the Internet at:
www.ovb.eu > in Dialogue > Press Releases
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Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=YJJTPVJXEP
Document title: OVB Press Release of 8/10/2016
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2016-08-10 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: OVB Holding AG
Heumarkt 1
50667 Köln
Germany
Phone: +49 221 2015 - 0
Fax: +49 221 2015 - 264
E-mail: ir@ovb.eu
Internet: www.ovb.eu
ISIN: DE0006286560
WKN: 628656
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News Service