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Annual Results

CVS pre-tax profits up 58.4%

29 September 2017 07:31

Operating profits at CVS - one of the UK's leading providers of veterinary services - rose by 46.2% to £17.2m in the year to the end of June.

Revenue rose 24.6% to £271.8m with like-for-like sales growth for the group of +6.3%.

Pre-tax profits of £14.5m were up 58.4%.

Adjusted EBITDA rose by 28.2% to £42.1m and adjusted earnings per share increased by 32.1% to 42.8p.

Looking ahead, non-executive chairman Richard Connell said: 'The group's exposure to the potential impacts of Brexit appears to be limited.

'The greatest impact could be in the employment of European vets.

'We have not seen any significant impact on employment so far but, together with other major employers in the industry and the Royal College of Veterinary Surgeons, we are lobbying the UK Government to ensure that there are no adverse impacts.

'Clearly, Brexit issues create some uncertainty for the pace of growth in the UK economy over the next couple of years, but the Board believes that the characteristics of our business make it relatively resilient.

'Like-for-like sales growth has remained robust since the year end. The acquisition pipeline remains strong and the recent acquisition of B&W Equine will allow for further developments in our equine business.

'Further acquisitions in the Netherlands will continue the development of our business in Europe.

'The recent launch of our MiPet Cover insurance is an exciting development which has significant long term potential, although it is not expected to generate a profit in the current financial year.

Initiatives such as the introduction of own brand products, the expansion of out-of-hours sites and the development of our referrals business are expected to continue to deliver benefits in 2018.

'The Board therefore believes that the outlook for CVS remains very promising.'

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