CVS Group plc Annual Report for the year ended 30 June 2011
Complete Annual Report 2011 (PDF)
Chairman's Statement 26 September 2011
Investor Presentation September 2011 (PDF)
Annual report for the year ended 30 June 2011
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its Annual Report for the year ended 30 June 2011.
Financial Highlights
| Year ended | Year ended | Movement % | |
| 30 June 2011 | 30 June 2010 | % | |
| Adjusted results: | |||
| Adjusted EBITDA 1 | £14.5m | £13.1m | +11.1 |
| Adjusted earnings per share 2 | 14.0p | 11.9p | +17.6 |
| Reported results: | |||
| Revenue | £101.5m | £85.5m | +18.7 |
| Operating profit | £6.4m | £5.7m | +11.8 |
| Profit before income tax | £4.3m | £3.8m | +10.8 |
| Profit after income tax | £3.5m | £3.1m | +14.0 |
| Cash generated from operations | £17.6m | £12.6m | +39.7 |
| Basic earnings per share | 6.2p | 5.7p | +8.8 |
- Significant increase in Group revenue and profit generation, leading to 17.6% and 8.8% increases in adjusted and basic EPS respectively
- Underlying like-for-like sales 3 growth of 0.4%
- Cash generated from operations increased by 39.7%
- Net debt reduced by £8.4m to £33.5m
- Successfully acquired and integrated 12 surgeries. Of these acquired sites, 9 were completed in the second half of the year bringing the total number of sites at the year end to 223 surgeries and 6 laboratories
- Our on-line retail platform, Animed Direct, was successfully launched in the year and is trading ahead of expectations
- Proposed maiden dividend of 1p per share
1 - See page 33 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, costs relating to business combinations and share option expense (“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”.
3 - See note 2 of the financial statements for definition of like-for-like sales.
Chief Executive Comment
“I am pleased to report that CVS has delivered sustained growth in revenue, profit generation and operating cash flow in the year. Like-for-like sales showed slight growth, which is encouraging during a period of tougher trading conditions. The Group continues to focus on organic growth whilst also developing new revenue streams and continuing to grow through selective strategic acquisitions.”
Simon Innes
Registered Office:
CVS House
Vinces Road
Diss
Norfolk
IP22 4AY
Company Secretary:
P D Coxon
Independent Auditors:
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
The Atrium
St Georges Street
Norwich
Norfolk
NR3 1AG
Nominated Advisor and Broker:
Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD
Bankers:
NatWest Bank Plc
12 High Street
Southampton
London
SO14 2BF
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Royal Bank of Scotland Plc
36 St Andrew Square
Edinburgh
EH2 2YB
Legal advisors:
Blake Lapthorn
New Kings Court
Tollgate
Chandlers Ford
Eastleigh
SO53 3LG
DLA Piper UK LLP
3 Noble Street
London
EC2V 7EE
Complete Annual Report 2011 (PDF)