Nice results! · Revenue up 10.4% to £120.1m · Adjusted EBITDA up 5.5% to £16.5m · Adjusted earnings per share up 7.0% to 16.9 pence per share · Like-for-like sales5 growth for the Group of 3.4% · Acquired and integrated 14 surgeries · Acquired Valley Pet Crematorium · Healthy Pet Club members up over 70% to 111,900 · 252 surgeries · Animed Direct revenue up 62.0% to £4.9m
8 Aug '13
Does anyone know why the share price is up 3% today?
14 Mar '13
The six months results to 31/12/12 are out. Phenominal performance in testing conditions. adjusted EBITDA up 5.2%. Profits before adjustments up 10.2%, Revenue up 8.1%, EPS up 116.7%. Net debt reduced by £0.2 m. The group continues to expand with the purchase of 3 more veterinary practices and a pet crematorium. The loyalty scheme membership has also increased by 33%. Cash generation fell by 0.5 m, but still remains at healthy at £7.4 m. Margins from Animed Direct remain low as it builds its prescence in online sales. Margins in the lab practice have also fell due partially to competitive pressures. The Board expects a dividend to be paid at 12/13 at least at the same level (1.5p) as last year. I`ll be retaining my shareholding.
18 Oct '12
CVS: Panmure Gordon raises target from 160p to 188p, buy rating unchanged.
5 Oct '12
If CVS is to build on its progress then it needs to avoid past mistakes and must be wary of getting into a race to the bottom for additional online sales. Indeed, should sales growth online slow, then the division's low profit margins will become a problem. And, at 29 times forecast earnings for 2013-14 (see table), CVS's shares look highly rated. However, the company has a largely captive market in the UK and the 'force' is clearly with it. With profit margins set to continue improving and the dividend growing usefully, the shares still have long-term merit.......but as always dyor.......
5 Oct '12
CVS's entry into e-commerce also showed signs of bearing fruit. Sales at its online pharmacy arm, Animed Direct, more than tripled to £3m, although some City analysts question the aggressive pricing that keeps the division's profit margins so low; that said, e-commerce is generally low-margin. Still, across the whole group, an increase in like-for-like sales of 2.9 per cent in 2011-12 marks an encouraging return to growth. True, CVS's balance sheet carries a lot of debt as the company expands by acquiring individual vets' practices, though there are signs of a structural improvement, with net debt falling by £2.6m to £30.9m during the year. This is a positive sign that the underlying business can generate enough cash both to reduce debt and to raise dividends. True, cash profits dropped 12 per cent to £15m, but that was a result of carrying extra working capital. Meanwhile, free cash flow of £7.2m was plenty to cover £3.8m-worth of acquisitions and £0.6m-worth of dividends.
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