OVB aiming for €300 million mark
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OVB continued its successful corporate development and grew with strong momentum in the first half of the year. The guidance for the year as a whole has therefore been raised.
At €159.2 million, advisory income between the start of January and the end of June was 21.8% higher than in the same period of the previous year. All three segments contributed to the positive development. Income in Central and Eastern Europe rose by 22.4% to €76.1 million. In the Germany segment, growth came to 4.4%. Advisory income here totalled €31.7 million. The strongest growth momentum was recorded in the Southern and Western Europe segment, where advisory income climbed by 36.4% to €51.4 million.
OVB recorded a significant jump in EBIT, which was up 66.1% year-on-year at €12.4 million. Central and Eastern Europe was a key driving force here, too, with operating income in this segment rising by 38.8% to €8.3 million. In the Germany segment, EBIT of €5 million was generated, 2.6% more than in the previous year. But by far the strongest growth in operating income was recorded in the Southern and Western Europe segment, where it was up 181.3% year-on-year at €4.7 million.
“It is pleasing that almost every national company significantly increased its earnings. The OVB Group’s EBIT margin increased to 7.8% in the reporting period after 5.7% in the same period of the previous year,” emphasises CFO Frank Burow.
OVB now has 4.05 million customers in 15 countries, 3.7% more than the year before. They are supported by 5,465 full-time financial advisors, 7.7% more than in the previous year.
“We are observing a growing need for quality one-stop financial advice. The increasing digitalisation of our business processes has also further increased the efficiency of our sales activities,” says Mario Freis, CEO of OVB Holding AG.
€300 million mark targeted
A key factor for the performance in the second half of the year will be the further development of the coronavirus crisis. Due to the very dynamic business performance in the first half of the year, the OVB Executive Board currently anticipates advisory income of €300 million to €310 million and EBIT between €19 million and €22 million for 2021 as a whole. (ahu)