IN BRIEF: CVS held back by soft UK online retail, laboratory arm sales
CVS Group PLC - Norfolk, England-based provider of veterinary services - On Thursday, says sales increased 6.6% to GBP341.8 million in the six months to December 31 from GBP320.5 million a year prior. Says adjusted earnings before interest, taxes, depreciation and amortisation increases by 4.5% to GBP67.4 million from GBP64.5 million a year prior with an adjusted Ebitda margin of 19.7% in line with target. Like-for-like sales for the period compared to the first half were hit by 1.1% by a continuation of softer market conditions in the UK most notably in online retail and laboratory businesses. Performance across the core Veterinary Practice division is flat and CVS expects to deliver year on year growth in this division and across the group in the second half. Estimates impact to year ending June 30 2026 of GBP8 million from national insurance scheme changes and GBP3 million from national living wage/national minimum wage rises. Is targeting cost synergies in Australia and efficiencies in the UK to offset these increases. Read More