Preliminary Results for the year ended 30 June 2010 (5 October 2010)
For immediate release 5 October 2010
CVS Group plc (“CVS” the “Company” or the “Group”)
Complete Preliminary Results 2010 (PDF)
Chairman's Statement 4 October 2010
Investor Presentation - Final Results Year to 30 June 2010 (PDF)
Preliminary Results for the year ended 30 June 2010
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its preliminary results for the year ended 30 June 2010.
Financial Highlights
| Year ended | Year ended | Movement | |
| 30 June 2010 | 30 June 2009 | ||
| Adjusted results: | |||
| Adjusted EBITDA 1 | £13.1m | £12.5m | +4.6 |
| Adjusted earnings per share 2 | 11.9p | 11.5p | +3.5 |
| Reported results: | |||
| Revenue | £85.5m | £76.6m | +11.6 |
| Operating profit | £5.7m | £7.0m | -18.9 |
| Profit before income tax | £3.8m | £4.4m | -13.6 |
| Profit after income tax | £3.1m | £3.0m | +0.7 |
| Cash generated from operations | £12.6m | £12.4m | +2.0 |
| Basic earnings per share | 5.7p | 5.9p | -3.4 |
1 - See page 10 of the financial information for a reconciliation of profit before income tax for the period to adjusted earnings before income tax, net finance expense, depreciation, amortisation, transaction costs and share option expense (“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".
- Significant increase in Group revenue
- Underlying like-for-like sales growth of 0.2% (excluding the weather affected months of December 2009 and January 2010); like-for-like sales decrease of 1.2% (before adjusting for the above)
- Cash generated from operations increased by 2.0%
- Successfully acquired and integrated 41 surgeries and a laboratory. Of these acquired sites, 40 were completed in the last third of the year bringing the total number of sites at the year end to 211 surgeries and 6 laboratories
- Profit before income tax reduced by £0.6m reflecting transaction costs being expensed which would previously have been capitalised due to changes in accounting standards, additional acquisition related amortisation charges and increased non-cash share option charges, partly offset by lower finance expenses
Commenting on the results Chief Executive, Simon Innes, said:
“I am pleased to report that CVS has delivered sustained growth in revenue and operating cash flow in the year. Like–for-like sales showed slight growth after excluding the weather affected months of December 2009 and January 2010. These results demonstrate the veterinary profession’s ability to be largely resilient to tougher trading conditions. However, in light of the more challenging and competitive landscape, the Group has responded with a number of measures aimed at augmenting the organic business and developing new revenue streams.”
Contacts:
CVS Group plc - 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications - 020 7466 5000
Richard Oldworth
Suzanne Brocks
Ben Romney
Complete Preliminary Results 2010 (PDF)
Chairman's Statement 4 October 2010
Investor Presentation - Final Results Year to 30 June 2010 (PDF)