CVS Group Regulatory News (CVSG)

10 Jan 2008 07:00

CVS Group plc10 January 2008 For Immediate Release 10 January 2008 CVS Group plc ("CVS" or "the Group") Acquisition of Axiom Veterinary Laboratories ("Axiom Lab") - Doubles Group Revenues in Diagnostic Laboratory Services CVS, one of the UK's leading providers of veterinary services, is pleased toannounce the acquisition of Axiom Lab. Founded in 1980, Axiom Lab providesdiagnostic laboratory services to third party veterinary practices. CVS'existing three diagnostic laboratories specialise in histology and represented7% of Group turnover in the year ended 30 June 2007. Axiom Lab complements theGroup's diagnostic operations by bringing a strength and specialisation inbiochemistry, as well as allergy testing, to its range of services. It will alsodouble Group revenues derived from laboratory services. Management accounts for the year ended 31 December 2007 show that Axiom Labachieved EBITDA of approximately £700,000 on turnover of approximately £4.5million. The £4.039m consideration is being satisfied wholly in cash. Axiom Lab employs 10 vets across three sites and the team will remain with CVSafter acquisition. We are pleased that owner, Peter Webb, will remain full timewith the business as Managing Director of Axiom Lab. Commenting on the acquisition, CVS Chief Executive Simon Innes said "Axiom Lab'sbiochemistry specialisation provides the perfect complement to our existingdiagnostic services. We welcome the Axiom Lab team to CVS and look forward tothe benefits of their considerable reputation in their specialist field." Contacts:CVS Group plc 01379 644 288Simon Innes, Chief ExecutivePaul Coxon, Finance Director Buchanan Communications 0207 466 5000Richard OldworthSuzanne Brocks This information is provided by RNS The company news service from the London Stock Exchange