Annual Report for the year ended 30 June 2010 - 16th November 2010
For immediate release - 16 November 2010
CVS Group plc (“CVS” the “Company” or the “Group”)
Complete Annual Report 2010 (PDF)
Chairman’s Letter 15 November 2010 and Notice of Annual General Meeting to be held on 9 December 2010
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its Annual Report for the year ended 30 June 2010.
| Financial Highlights | Year | Ended | Growth % |
| 30 June 2010 | 30 June 2009 | ||
| Adjusted results: | |||
| Adjusted EBITDA 1 | £13.1m | £12.5m | +4.6 |
| Adjusted earnings per share 2 | 11.9p | 11.5p | +3.5 |
| Reported results: | |||
| Revenue | £85.5m | £76.6m | +11.6 |
| Operating profit | £5.7m | £7.0m | -18.9 |
| Profit before income tax | £3.8m | £4.4m | -13.6 |
| Profit after income tax | £3.1m | £3.0m | +0.7 |
| Cash generated from operations | £12.6m | £12.4m | +2.0 |
| Basic earnings per share | 5.7p | 5.9p | -3.4 |
1 - See page 32 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, transaction caosts and share option expense (“adjusted EBITDA”).
2 - See note 12 of the financial statements, for a reconcilliation of basic and diluted earnings per share to "adjusted earnings per share".
• Significant increase in Group revenue
• Underlying like-for-like sales growth of 0.2% (excluding the weather affected months of December 2009 and January 2010); like-for-like sales decrease of 1.2% (before adjusting for the above)
• Cash generated from operations increased by 2%
• Successfully acquired and integrated 41 surgeries and a laboratory. Of these acquired sites, 40 were completed in the last third of the year bringing the total number of sites at the year end to 211 surgeries and 6 laboratories
• Profit before income tax reduced by £0.6m reflecting transaction costs being expensed which would previously have been capitalised due to changes in accounting standards, additional acquisition related amortisation charges and increased non-cash share option charges, partly offset by lower finance expenses
Chief Executive Comment
“I am pleased to report that CVS has delivered sustained growth in revenue and operating cash flow in the year. Like–for-like sales showed slight growth after excluding the weather affected months of December 2009 and January 2010. These results demonstrate the veterinary profession’s ability to be largely resilient to tougher trading conditions. However, in light of the more challenging and competitive landscape, the Group has responded with a number of measures aimed at augmenting the organic business and developing new revenue streams.”
Simon Innes
Complete Annual Report 2010 (PDF)
Chairman’s Letter 15 November 2010 and Notice of Annual General Meeting to be held on 9 December 2010