23 Mar 2016 11:38
PREMIER VETERINARY GROUP plc
("PVG" or "the Company")
CONTINUED GROWTH IN PET CARE PLAN
London, UK, 23 March 2016 - At today's Annual General Meeting, Premier Veterinary Group plc (LSE: PVG) reports on progress made during the second quarter in the growth in the number of fee generating pet care plans provided by third party veterinary clinics under its preventative healthcare programme for pets branded "Pet Care Plan" ("PCP"):
Pet Care Plan Customer Growth
The number of pets on active plans in the second quarter of 2016, and in the preceding two quarters, are as follows:
As at September 2015 | As at December 2015 | As at March 2016 | |
Rest of World | 3,000 | 5,000 | 10,000 |
United Kingdom | 79,000 | 99,000 | 107,000 |
Total no of pets on plan | 82,000 | 104,000 | 117,000 |
100th Veterinary Clinic Signed Up to PCP in The Netherlands
The Company also announces that it has entered into contractual arrangements for its Pet Care Plan ("PCP") with over 100 veterinary clinic customers in the Netherlands. PCP now covers 8,000 pets in the Netherlands where the plan is sold under the name of Huisdieren ZorgPlan ("HZP"). There are approximately 1,000 domestic animal veterinary practices in the Netherlands and this market has similar compliance rates on vaccination and flea, worm and tick control to the UK. The Company's Dutch customer practices have embraced HZP to improve client loyalty, increase revenue, improve cash flow and differentiate themselves in a very competitive market.
Iain Ross, Chairman of PVG, commented:
"The disposal of our veterinary business at the end of 2015 has enabled our management to focus on the development and expansion of PCP, and the board is greatly encouraged by the consistent growth in the number of pets on plan.
"Integral to our strategy is to grow more aggressively in overseas territories. The Netherlands was among the first countries targeted for overseas expansion for PCP, and our business there has shown rapid growth to date.
"The board remains confident of further good progress both this year and beyond."
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Daniel Smith, Chief Financial Officer
Square1 Consulting Tel: +44 (0)207 929 5599
David Bick/Brian Alexander
Note to Editors:
PVG's services to third party veterinary practices include the administration of a preventative healthcare program for pets branded "Pet Care Plan" and the operation of a buying group (the "PVA Buying Group") which offers enhanced discounts to member practices.
Pet Care Plan is a structured, preventative healthcare program for cats, dogs and rabbits and is available through veterinary practices. The program is seen as a way of providing gold standard care for pets at an affordable price for the client, by way of fixed monthly payments.
Pet Care Plan uses a clinical approach to prevention, as this is the most effective method of ensuring illnesses are diagnosed more quickly and not given a chance to advance. What truly sets Pet Care Plan apart is its unique approach of offering an end-to-end solution which has been proven to work. PVA works alongside practices to create a tailor-made, cost-effective service for clients, one that delivers excellent care to their patients and significantly improves practice performance.
The PVA Buying Group, is now the UK's largest veterinary buying group without group interests in veterinary practices or veterinary wholesalers.
For further details: http://www.premiervetalliance.co.uk/
This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.