For immediate release 16 September 2008
CVS Group plc (“CVS” the “Company” or the “Group”)
Preliminary Results for the year ended 30 June 2008
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its maiden preliminary results for the year ended 30 June 2008 following its successful listing on AIM in October 2007.
Financial Highlights
| Year | Ended | % change | |
| 30.06.08 | 30.06.07 | ||
| £’000 | £’000 | ||
| Revenue | 62,150 | 38,972 | +59.5 |
| Adjusted EBITDA¹ | 9,613 | 5,088 | +88.9 |
| Adjusted cash generated from operations ² | 8,268 | 6,509 | +27.0 |
| Operating profit | 4,079 | 2,894 | +40.9 |
| Profit before tax | 124 | 773 | -84.0 |
| Earnings per share | |||
| Pre-tax adjusted ³ | 10.7p | 4.0p | +167.5 |
| Basic and diluted | (1.2p) | 0.7p | n/a |
¹ - See page 7 of the financial information for a reconciliation of (loss)/profit before income tax for the period to adjusted earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items (“Adjusted EBITDA”).
² - See page 11 of the financial information for a reconciliation of cash generated from operations to adjusted cash generated from operations.
³ - See note 7 of the financial information for a reconciliation of basic and diluted (loss)/earnings pre share to pre-tax adjusted earnings per share.
Operating Highlights
- 30 surgeries acquired during year, increasing total by 25% to 150
- Laboratories more than doubled to seven, broadening the range of diagnostic services
- Group currently employs around 360 vets out of an estimated total of 12,000 practising vets in UK – significant scope for further expansion
Commenting on the results and outlook, CVS Chief Executive Simon Innes said:
“I am delighted that we have continued to deliver strong financial results with excellent growth in both Adjusted EBITDA and revenue, while achieving impressive operating cashflow. The Board is confident that CVS is well placed to deliver good operational and financial progress with the prospects of solid long term growth”…… “the new financial year has started well….”
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 0207 466 5000
Richard Oldworth
Suzanne Brocks