Last checked at 26 Nov 2015 07:00
26th November 2015
CVS Group plc
("CVS" or the "Group")
Annual General Meeting Statement
CVS, the UK's leading provider of veterinary services, is holding its AGM at 11:00 am today at which Richard Connell, Chairman, will provide the following update to shareholders:
"The Board is pleased to announce that in the four month period ended 31 October 2015 the Group's like-for-like sales grew by 3.2% compared to the same period last year. Profitability for the period to 31 October 2015 is in line with the Board's expectations.
During the period the Group significantly advanced its referrals strategy with the opening of the Major Multi-Disciplinary Referral Centre at Lumbry Park in Alton, Hampshire, the acquisition of Dovecote Veterinary Hospital in Castle Donington and the acquisition of Highcroft Pet Care Referral Centre, together with 12 other surgeries, in Bristol and Bath. These businesses will enable CVS to perform more of its own referral work which is currently sent outside the Group as well as third party work for other veterinary practices.
Since the start of the current financial year on 1 July 2015 the Group made a total of six acquisitions of 31 surgeries bringing the total number of surgeries to 322. The acquisitions were:
Practice name | No. of surgeries | Location | Date acquired |
Dovecote Veterinary Hospital | 1 | Castle Donington | 20 July 2015 |
Rosemullion | 3 | Falmouth | 11 August 2015 |
Torbridge Veterinary Hospital | 3 | Bideford | 21 September 2015 |
Alnorthumbria | 9 | Northumberland | 30 September 2015 |
Okeford Veterinary Centre | 2 | Okehampton | 13 October 2015 |
Highcroft Pet Care | 13 | Bristol and Bath | 23 October 2015 |
The acquisitions of Rosemullion and Alnorthumbria helped to further develop the Group's large animal and equine businesses with Rosemullion performing both large and small animal veterinary work and Alnorthumbria also performing equine as well as small animal work."
Contacts:
CVS Group plc
Simon Innes, Chief Executive
Nick Perrin, Financial Director 01379 644 288
N+1 Singer (Nominated Adviser & Broker) 020 7496 3000
Aubrey Powell
Alex Wright