For immediate release 14 November 2008
CVS Group plc (“CVS” the “Company” or the “Group”)
Complete Annual Report 2008 PDF
Chairman’s Statement 15 September 2008
Chairman’s Letter 10 November 2008 Annual General Meeting to be held on 4 December 2008
Annual Report for the year ended 30 June 2008
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its Annual Report for the year ended 30 June 2008 following its successful listing on AIM in October 2007.
Financial Highlights
| Year | Ended | Growth % | |
| 30 June 2008 | 30 June 2007 | ||
| Adjusted results before exceptional items, other gains, fair value adjustments and amortisation of intangibles: |
|||
| Adjusted EBITDA¹ | £9.61m | £5.09m | 89 |
| Adjusted cash generated from operations ² | £8.27m | £6.51m | 27 |
| Pre tax adjusted earnings per share ³ | 10.7p | 4.0p | 168 |
| Reported results: | |||
| Revenue | £62.15m | £38.97m | 59 |
| Operating profit | £4.08m | £2.89m | 41 |
| Cash generated from operations | £6.50m | £6.51m | - |
| Basic and diluted (loss)/earnings per share | (1.2p) | 0.7p | n/a |
¹ - See page 23 of the financial statements for a reconciliation of (loss)/profit before income tax for the period to adjusted earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items (“adjusted EBITDA”).
² - See page 27 of the financial statements for a reconciliation of cash generated from operations to adjusted cash generated from operations.
³ - See note 12 of the financial statements, for a reconciliation of basic and diluted earnings per share to pre tax adjusted earnings per share.
| 30 June 2008 | 30 June 2007 | Acquisitions | |
| Number of surgeries | 150 | 120 | 30 |
| Number of laboratories | 7 | 3 | 4 |
Other Highlights
- Successful placing of 45,205,800 shares on admission to AIM on 10 October 2007.
- Successful refinancing of bank debt of £46m, including an acquisition facility of £12m and working capital facility of £2m.
- Acquisition of 30 new surgeries and four laboratories during the year.
Commenting on these results, CVS Chief Executive, Simon Innes said:
“I am delighted that we have continued to deliver strong financial results with excellent growth, in both adjusted EBITDA and revenue, while achieving impressive operating cash flow. The Board is confident that CVS is well placed to deliver good operational and financial progress, with the prospects of solid long term growth.”
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Chairman’s Letter 10 November 2008 Annual General Meeting to be held on 4 December 2008