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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".

 

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)

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