For immediate release 17 March 2009
CVS Group plc (“CVS” or “the Group”)
Complete document PDF (CVS Interim Results Report)
Interim Results for the six months ended 31 December 2008
CVS, one of the UK's leading providers of veterinary services, is pleased to announce record interim results for the six months ended 31 December 2008.
KEY POINTS
| Six months ended | Six months ended | % change | |
| 31.12.08 | 31.12.07 | ||
| £'000 | £'000 | ||
| Revenue | 37,237 | 28,542 | +30.5 |
| EBITDA (adjusted)* | 6,079 | 4,437 | +37.0 |
| Profit before income tax (adjusted)* | 3,896 | 2,482 | +57.0 |
| Profit/(loss) before income tax | 1,866 | (1,587) | NA |
| Earnings/(loss) per share (Adjusted)* | 5.2p | 3.2p | 62.5 |
| Earnings/(loss) per share (Basic) | 2.1p | (3.5p) | NA |
* Adjusted figures are disclosed in the full interim statement
- Adjusted EBITDA* margin increased from 15.4% to 16.3%
- Businesses held for over 12 months now dominant part of Group, driving cost efficiencies and buying power
- Like-for-like sales growth of 2.3%
- Cash generation* increased 41% to £5.59m (2007:£3.96m)
- Successfully acquired and integrated 11 surgeries in the period (28 surgeries acquired in 2008 calendar year)
- Further two surgeries acquired since period end giving current total of 163
- First pet crematorium acquired during period
- Over half of acquisition consideration in financial year to date (17 March 2009) funded from internally generated cash
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 resilience of the business to the current recession augurs well for the time when more normal economic conditions eventually return”.
Complete document PDF (CVS Interim Results Report)
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Richard Oldworth
Ben Romney