22nd Sep 2022 10:04
(Alliance News) - CVS Group PLC on Thursday posted a rise in annual profit and revenue as the company benefited from favourable and "resilient" market dynamics in the year.
In the year that ended on June 30, the Norfolk-based veterinary service provider said revenue rose 8.6% to GBP554.2 million from GBP510.1 million the year before, while pretax profit climbed 8.8% to GBP36.0 million from GBP33.1 million.
CVS noted strong like-for-like sales growth of 8.0% benefiting from favourable market dynamics, and a reduction in costs relating to business combinations, amounting to GBP4.9 million, down 47% from GBP9.3 million the year before.
Adjusted earnings before interest, tax, depreciation and amortisation amounted to GBP107.4 million, up 10% from GBP97.5 million the year before.
The firm added that demand for its services increased as the pet population continues to grow.
Chief Executive Officer Richard Fairman said: "The veterinary market remains resilient, with an increasing pet population providing favourable dynamics and a strong platform for sustainable growth across our integrated services. I'm pleased that we have delivered a strong set of results, with good growth against all of our key financial metrics despite a challenging macro-economic backdrop."
CVS also increased its final dividend by 7.7% to 7.0 pence per share from 6.5p the prior year.
Looking ahead, CVS reported strong sales and like-for-like growth against the previous year in the first 10 weeks of its new financial year. CVS added that trading was in line with market expectations.
Shares were up 0.7% at 1,621.00 pence each on Thursday morning in London.
By Xindi Wei; [email protected]
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