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(Alliance News) - CVS Group PLC on Thursday said it is "well positioned" for the future despite taking a knock from Covid-19.
The Norfolk, England-based veterinary services provider posted a pretax profit for the year ended June 30 of GBP9.9 million, narrowing from GBP11.7 million a year prior.
Revenue was up 5.2% however at GBP427.8 million from GBP406.5 million a year before. This increase reflects a focus on CVS's core business and organic growth opportunities coupled with "robust" like-for-like sales growth of 0.7% for the group as a whole, down from 5.2% a year before, the company said.
With regards to Covid-19, the company said: "Covid-19 severely impacted our business in the last quarter of this financial year, reducing our revenues. CVS was eligible for, and successfully accessed, the Coronavirus Job Retention Scheme and placed over half of all employees on furlough."
All employees are back from furlough now however.
The company did not announce a final dividend, down from a final dividend of 5.5 pence per share a year prior. CVS does not pay an interim dividend.
Going forward, CVS said that it operates in a sector with favourable market and consumer trends, with pet owners who remain willing to spend money on their pets and medical enhancements increasing the range of services the company can offer.
Chair Richard Connel said: "Despite continued uncertainty over Brexit, I am confident that CVS is well positioned to avoid significant adverse impacts from the UK's decision to exit the EU. Pharmaceutical manufacturers and wholesalers are increasing their stock levels in order to reduce the risk of supply shortages and, following the acquisition of Vet Direct in 2018, CVS now controls more directly its equipment and consumables supplies.
"Looking ahead, we welcome the positive environment for acquisitions and are well placed to take advantage of growth opportunities."
CVS is well-positioned to withstand any potential future downturn, the company said.
CVS shares were up 0.9% at 1,180.00 pence each on Thursday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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