Annual Report for the year ended 30 June 2009 - 17 November 2009
For immediate release - 17 November 2009
CVS Group plc (“CVS” the “Company” or the “Group”)
Complete Annual Report 2009 (PDF)
Chairman’s Statement 21 September 2009
Chairman’s Letter 13 November 2009 and Notice of Annual General Meeting
to be held on 10 December 2009
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its Annual Report for the year ended 30 June 2009.
| Financial Highlights | Year | Ended | Growth % |
| 30 June 2009 | 30 June 2008 | ||
| Adjusted results before income tax, net finance expense, depreciation, amortisation, other gains, share option expense and exceptional item | |||
| Adjusted EBITDA 1 | £12.50m | £9.61m | 30 |
| Adjusted earnings per share 2 | 11.5p | 8.0p* | 44 |
| Reported results: | |||
| Revenue | £76.61m | £62.15m | 23 |
| Operating profit | £7.01m | £4.08m | 72 |
| Profit before income tax | £4.44m | £0.12m | N/A |
| Profit/(loss) after income tax | £3.04m | £(0.34m)* | N/A |
| Cash generated from operations | £12.38m | £6.50m | 90 |
| Basic earnings/(loss) per share | 5.9p | (0.7p)* | N/A |
| Diluted earnings/(loss) per share | 5.8p | (0.7p)* | N/A |
1 - See page 24 of the financial statements for a reconciliation of profit before income tax for the period to adjusted earnings before income tax, net finance expense, depreciation, amortisation, other gains, share option expense and exceptional items (“adjusted EBITDA”).
2 - See note 12 of the financial statements, for a reconciliation of basic and diluted earnings per share to adjusted earnings per share.
* Restated – see note 2 to the financial statements for details.
• Significant improvement in Group revenue and profits.
• Like-for-like sales growth of 2%.
• Cash generated from operations increased by 90%.
• Successfully acquired and integrated 17 surgeries, bringing the total to 168 at the year end.
• First pet crematorium and cemetery acquired during year.
• Over 60% of financial year’s acquisition consideration funded by internally generated cash.
Commenting on these results, CEO Simon Innes said:
“The Group has delivered significant growth in revenue, profits and operating cashflows in the year. Our track record of achieving improvements in adjusted EBITDA margin together with the growth opportunities available to us, underpins the Board’s confidence in the Group’s future. The resilience of the business to the current recession augurs well for the time when more normal economic conditions return.”
Complete Annual Report 2009 (PDF)
Chairman’s Statement 21 September 2009
Chairman’s Letter 13 November 2009 and Notice of Annual General Meeting
to be held on 10 December 2009