For immediate release 22 September 2009
CVS Group plc (“CVS” the “Company” or the “Group”)
Complete Preliminary Results 2009 PDF
Preliminary Results for the year ended 30 June 2009
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its preliminary results for the year ended 30 June 2009.
Financial Highlights
| Year | Ended | % Change | |
| 30.06.09 | 30.06.08 | ||
| £'000 | £'000 | ||
| Revenue | 76,605 | 62,150 | +23.3 |
| Adjusted EBITDA¹ | 12,496 | 9,613 | +30.0 |
| Cash generated from operations | 12,380 | 6,504 | +90.3 |
| Operating profit | 7,011 | 4,079 | +71.9 |
| Profit before tax | 4,444 | 124 | N/A |
| Earnings/(loss) per share | |||
| Adjusted ² | 11.5p | 0.8p* | +43.7 |
| Basic | 5.9p | (0.7p)* | N/A |
¹ - See page 8 of the financial information for a reconciliation of profit before income tax for the period to adjusted earnings before income tax, net finance expenses, depreciation, amortisation, other gains, share option expense and exceptional items (“Adjusted EBITDA”).
² - See note 6 of the financial information for a reconciliation of basic and diluted earnings per share to adjusted earnings per share.
* Restated – see note1 to the financial information for details.
Operating Highlights
- Like for like sales growth of 2%.
- Successfully acquired and integrated 17 surgeries, bringing the total to 168 at year end.
- First pet crematorium and cemetery acquired during year.
- Over 60% of financial year’s acquisition consideration funded by internally generated cash.
Commenting on these results, CEO Simon Innes said:
“The Group has delivered significant growth in revenue, profits and operating cashflows in the year. Our track record of achieving improvements in adjusted EBITDA margin together with the growth opportunities available to us, underpins the Board’s confidence in the Group’s future. The resilience of the business to the current recession augurs well for the time when more normal economic conditions return.”
Contacts:
CVS Group plc - 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications - 020 7466 5000
Richard Oldworth
Suzanne Brocks