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Interim Results

CVS Group revenues rise

21 March 2016 07:24

Integrated veterinary services provider CVS Group posts adjusted pre-tax profits of GBP11.2m for the six months to the end of December - 17.9% up on last time.

Revenues rose by 23% to GBP100.7m and adjusted EBITDA increased by 23.7% to GBP14.6m.

Operating profit fell to £5.4m (2014: £5.8m) due to a £1.7m increase in the amortisation of intangible assets as a consequence of the high level of acquisitions in the past year. Adjusted profit before tax, which excludes the intangible asset impact, increased by 17.9% to £11.2m (2014: £9.5m). Basic earnings per share fell from 7.0p to 5.6p (again due to the significant increase in the amortisation of intangible assets) but adjusted earnings per share rose from 12.9p to 14.7p.

Chairman Richard Connell said: "The Board is pleased to report that trading since the half year is in line with expectations. Like-for-like sales growth for January and February 2016 has improved slightly compared to the 2015 calendar year. With our wide range of organic opportunities, healthy cash generation and a strong acquisition pipeline, the Board looks forward with confidence to the remainder of the year and beyond."

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Related Company: CVSG

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