LONDON (Alliance News) - Premier Veterinary Group PLC Friday reported a widened pretax loss for its most recently ended financial year, which it described as "transformational".
For the year to end-September the company reported a pretax loss of GBP1.6 million, widened from a pretax loss of GBP917,000 a year before, as a rise in revenue to GBP2.3 million from GBP2.0 million was offset by higher administrative expenses.
Back in November 2014 the company, formerly Ark Therapeutics Group, agreed to buy Premier Veterinary Group. It subsequently changed its name and sold off the trade and assets of its wholly owned subsidiary WVS Ltd.
Following the period end in December 2015 the company also sold off its veterinary business, made up of subsidiaries Zetland Ltd, Thanet One Ltd and The Veterinary Clinic (Bearwood) Ltd for GBP4.1 million.
The company said that, following the disposal of the veterinary clinics it can now focus its attention on the development and expansion of its preventative healthcare plan, Pet Care Plan.
Premier Veterinary said it does not presently intend to pay any dividends, but it will review its position on this if its future operations lead to "significant levels of distributable profits."
"As a result of this business transformation your company is now focused on the development of its veterinary services and in particular the roll-out of its Pet Care Plan business in multiple overseas territories. Your board believes with this re-defined focus and continued investment that a significant increase in shareholder value can be generated over time and that the company is entering a very exciting phase of development," said Chairman Iain Ross in a statement.
Shares in Premier Veterinary Group were untraded Friday morning, having last traded at 146.68 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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