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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”)

Complete document PDF (CVS Interim Results Report)

 

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.

FINANCIAL HIGHLIGHTS

  Six months ended Six months ended % change
  31 December 2009 31 December 2008  
  (unaudited) (unaudited)  
Adjusted results before income tax, net finance expense, depreciation, amortisation, share option expense and transaction costs relating to acquisitions:      
Adjusted EBITDA1 £7.12m £6.08m 17
Adjusted earnings per share2 7.2p 5.2p 38
Reported results:
Revenue £41.48m £37.24 11
Operating profit £3.79m £3.42 11
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.

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”.

 

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

 

Brewin Dolphin: 0845 213 2000

Richard Jones

 

CVS (UK) Limited, CVS House, Vinces Road, Diss, Norfolk IP22 4AY  01379 644288
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