Last checked at 25 Jul 2011 07:00
Immediate Release | 25 July 2011 |
CVS Group plc
Trading update and Acquisitions
The Board is pleased to announce that it expects results for the year ended 30 June 2011 to be in line with market expectations. Like for like turnover for the year showed growth in the region of +0.4%, with the second half delivering like for like sales growth in the region of +3%.
The Board is also pleased to report further acquisition activity in the second half of the financial year, with RH Campbell, Attimore and Clarendon House veterinary clinics being added to the Group's practice division. Net debt at 30 June was in line with market expectations, being in the region of £34 million, after having funded these acquisitions.
RH Campbell is a single site practice in Swansea acquired in January 2011. The turnover of the practice for the year ended 30 November 2010 was in the region of £0.3 million.
Attimore Veterinary Group is a five site practice in and around the Welwyn Garden City area acquired in April 2011. The turnover of the practice for the year ended 30 November 2010 was in the region of £1.3 million.
Clarendon House Veterinary Group is a three site practice in and around the Chelmsford area acquired in May 2011. The turnover of the practice for the year ended 30 September 2010 was in the region of £1.1 million.
All three acquisitions provide a good geographical fit with the Group's existing surgery locations.
In total the Group now operates 223 surgeries, 6 diagnostic laboratories, 1 pet crematorium and an online dispensary across the UK and remains the largest operator in a highly fragmented market.
The Board of Directors confirms that the preliminary results for the year ended 30 June 2011 will be announced on Tuesday 27 September 2011.
For further enquiries please contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Richard Oldworth
Christian Goodbody
Brewin Dolphin Investment Banking: 0845 059 6412
Nick Owen
Matt Davis