OVB HOLDING AG - Brokerage income increases very significantly by 16.1 per cent
- EBIT growth of 37.2 per cent
- Earnings per share virtually double
- Client base grows by 6.5 per cent
Cologne, 8 May 2024. OVB Holding AG, based in Cologne and one of Europe's leading financial advisory groups, has had a successful start to the 2024 financial year. Brokerage income increased significantly by 16.1 per cent year-on-year to €96.8 million (Q1 2023: €83.4 million). All three of the Group's segments reported significant growth in sales. Germany achieved sales growth of 6.8 per cent; income from brokerage services enjoyed a strong increase of 16.5 per cent in the Central and Eastern Europe segment. The Southern and Western Europe segment was the most dynamic in the first quarter of 2024, with an increase in sales of 20.5 per cent compared to the same quarter in the previous year.
Across the whole of Europe, the number of clients in the reporting period rose by 6.5 per cent to 4.55 million. In the first three months of 2024, the OVB sales team saw growth of 2.7 per cent to 5,939 full-time financial advisors.
The OVB Group improved its operating income (EBIT) in the reporting period by 37.2 per cent, from €3.1 million to €4.3 million. In the Central and Eastern Europe segment, EBIT rose from €2.7 million to €4.6 million, which corresponds to substantial growth of 68.2 per cent. Operating income in the Southern and Western Europe segment increased by 39.8 per cent, to €1.7 million. In the Germany segment, earnings performance was characterised by a significant increase in expenditure on digitalisation as well as training and further education, in line with planning. EBIT here fell from €1.4 million to €0.8 million.
Consolidated net income after non-controlling interests amounted to €4.4 million, up 87.2 per cent on the previous year. Earnings per share thus virtually doubled from €0.16 to €0.31.
Mario Freis, CEO of OVB Holding AG, is satisfied with this performance: "As we expected, growth momentum has continued to improve in all three segments. The significant growth in sales was accompanied by a sharp rise in operating income. We are on track to achieve the targets we have communicated for the current year."
Outlook for the year as a whole
The Executive Board of OVB Holding AG expects the positive trend in sales performance to continue. To take account of the continuing uncertainties over macroeconomic developments, OVB is forecasting brokerage income in a range between €360 million and €385 million in the Group for the 2024 financial year. In view of the expenses associated with the current "OVB Excellence 2027" strategy, operating income of between €17 million and €20 million is anticipated.
About the 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 customer-oriented financial consulting for private households. OVB works with more than 100 high-performance providers and uses competitive products to serve its clients' individual needs, from subsistence and property/asset insurance to pensions and asset building and growth.
OVB currently operates in 16 European countries. 5.939 full-time financial advisors currently advise 4.55 million clients. OVB Holding AG and its subsidiaries generated brokerage income of €354.3 million and EBIT of €17.8 million in 2023. OVB Holding AG has been listed on the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006.
Key figures for the OVB Group for the first quarter of 2024| Unit |
1.1.-31.3. 2023 |
1.1.-31.3. 2024 | Change | |
| Clients | Number | 4.27 m | 4.55 m | +6.5% |
| Financial advisors | Number | 5,785 | 5,939 | +2.7% |
| Brokerage income | € million | 83.4 | 96.8 | +16.1% |
| Unit |
1.1.-31.3. 2023 |
1.1.-31.3. 2024 | Change | |
| Earnings before interest and taxes (EBIT) | € million | 3.1 | 4.3 | +37.2% |
| EBIT margin | % | 3.7 | 4.4 | +0.7%-pts |
|
Consolidated net income (after non-controlling interests) | € million | 2.3 | 4.4 | +87.2% |
| Earnings per share (undiluted) | € | 0.16 | 0.31 | +87.2% |
| Unit |
1.1.-31.3. 2023 |
1.1.-31.3. 2024 | Change | |
| Central and Eastern Europe | ||||
| Clients | Number | 2.91 m | 3.15 m | +8.2% |
| Financial advisors | Number | 3,549 | 3,700 | +4.3% |
| Brokerage income | € million | 45.2 | 52.7 | +16.5% |
| Earnings before interest and taxes (EBIT) | € million | 2.7 | 4.6 | +68.2% |
| EBIT margin | % | 6.0 | 8.7 | +2.7 %-pts |
| Germany | ||||
| Clients | Number | 613,588 | 610,757 | -0.5% |
| Financial advisors | Number | 1,161 | 1,089 | -6.2% |
| Brokerage income | € million | 13.8 | 14.8 | +6.8% |
| Earnings before interest and taxes (EBIT) | € million | 1.4 | 0.8 | -44.1% |
| EBIT margin | % | 9.9 | 5.2 | -4.7%-pts |
| Southern and Western Europe | ||||
| Clients | Number | 747,983 | 792,122 | +5.9% |
| Financial advisors | Number | 1,075 | 1,150 | +7.0% |
| Brokerage income | € million | 24.3 | 29.3 | +20.5% |
| Earnings before interest and taxes (EBIT) | € million | 1.2 | 1.7 | +39.8% |
| EBIT margin | % | 5.1 | 5.9 | +0.8%-pts |
Percentages and figures may be subject to rounding differences. Percentages are calculated on the basis of EUR thousand.
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OVB Holding AG published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 09:54:02 UTC.
