Interim Results for the six months ended 31 December 2009 - 19 February 2010
For immediate release 19 February 2010
CVS Group plc (“CVS” or “the Group”)
Interim Results for the six months ended 31 December 2009
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 2009.
|Six months ended||Six months ended||% change|
|31 December 2009||31 December 2008|
|Adjusted results before income tax, net finance expense, depreciation, amortisation, share option expense and transaction costs relating to acquisitions:|
|Adjusted earnings per share2||7.2p||5.2p||38|
|Profit before income tax||£2.81m||£1.87m||50|
|Profit after income tax||£2.02m||£1.24m*||62|
|Cash generated from operations||£6.64m||£5.59||19|
|Basic and diluted earnings per share||3.9p||2.4p*||63|
1 See page 5 for a reconciliation of profit before income tax for the period to adjusted earnings before income tax, net finance expense, depreciation, am transaction costs relating to acquisitions (“adjusted EBITDA”).
2 See note 6 of the interim financial information, for a reconciliation of basic and diluted earnings per share to adjusted earnings per share.
* Restated – see note 2 of the interim financial statements for details.
- Sales growth of 11.4%.
- Underlying like-for-like sales of 1.5% in the five months to 30 November 2009 (ignoring effects of adverse weather conditions in December); like-for-like sales growth of 0.5% for six month period.
- Adjusted EBITDA margin improved from 16.3% to 17.2%.
- Cash generated from operations increase by 18.9%.
- Acquisitions continued to be funded from internally generated cash.
Commenting on these results, CVS Chief Executive, Simon Innes said:
“I am delighted to report another strong set of results with growth in revenues, earnings and cash generation, demonstrating the resilience of our business to the challenging economic conditions. I am pleased with the acquisitions made in the period and in particular with the significant acquisition announced today”.
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Brewin Dolphin: 0845 213 2000