Interim Results for the six months ended 31 December 2007 - 18 March 2008
For immediate release 18 March 2008
CVS Group plc (“CVS” or “the Group”)
Interim Results for the six months ended 31 December 2007
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce maiden interim results since its AIM flotation in October 2007..
KEY POINTS
| Six months ended | Six months ended | % change | |
| 31.12.07 | 31.12.06 | ||
| £'000 | £'000 | ||
| Revenue | 28,542 | 16,349 | +74.6 |
| Adjusted EBITDA** | 4,404 | 2,152 | +104.6 |
| EBITDA | 2,640 | 2,152 | +22.7 |
| Adjusted profit before tax** | 2,449 | 867 | +182.5 |
| (Loss)/profit before tax | (1,587) | 312 | n/a |
| Earnings per share | |||
| Adjusted** | 4.3p | 1.3p | +230.8 |
| Basic and diluted | (3.5p) | 0.2p | n/a |
For ease of comparison the figures above are shown on an underlying basis as well as an actual basis.
** Adjusted figures are before IPO costs, one-off finance expenses (including fair value adjustments on hedge instruments) and amortisation.
- Revenue growth of 74.6% with like for like revenue growth of 5.4%
- Significant EBITDA growth £2.25m – increase of 104.6%
- Strong cash generation of £3.96m in the period (2006/7: £2.02m) – increase of 96.4%
- Continued acquisition growth
134 surgeries at period end – increase of 54%
12 surgeries post period end and one major laboratory acquisition more than doubling revenue of laboratory division - Bank funding secured including acquisition facility of £12.0m
- Successful AIM flotation in October 2007
Commenting on the outlook, Chairman Richard Connell said:
“The focus on delivering growth both organically and through acquisition and, in particular, cash and profit generation, is expected to continue. The recently announced acquisitions provide a good platform for second half performance, which has started well, and discussions are ongoing in relation to other prospective acquisitions”.
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 0207 466 5000
Richard Oldworth
Suzanne Brocks