Financial difficulties for its Italian distributor
This morning, Ovzon announced that its 2022 results will be adversely impacted by further provisions of SEK 34m for bad debt, resulting in total 2022 provisions of SEK 50m. The bad debt relates to its Italian distributor (plausibly Gomedia), which has recently had financial difficulties. As a reminder, on 31 Dec'21, Ovzon signed a breakthrough order (USD 9.8m over 14 months) with the Italian Fire and Rescue Service; the largest order the company has ever received outside the US DoD. As such, Ovzon's European-related sales grew 209% y-o-y to SEK 109m in 2022, accounting for 31% of sales (vs. 18% in '21).
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