I've done well out of CVS over the last 3? years, but have become increasingly concerned at the cost of acquisitions, and lately, the danger of lower margins. There was hardly a mention of cash or borrowings in last autumn's Annual Report, and I halved my holding. Since then I don't think anything's changed, and I'm unsure whether to stay in. Any thoughts?
This was a good buy. People spend money looking after their pets no matter what the financial climate:
"The Board is pleased to announce that in the four month period ended 31 October 2016 the Group's like-for-like sales grew by 6.3% compared to the same period last year. Gross margins have improved and underlying profitability for the period to 31 October 2016 is ahead of the Board's expectations.
I see that the valuation was overstretched and had a bit of a pull back. Bought some of these on that latest drop at around the 850p mark. Encouraged to see directors buys plus new sp prediction of 1000p.
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