28th Jun 2019 09:25
(Alliance News) - Shares in veterinary practices firm CVS Group PLC jumped Friday after reporting it expects annual profit to be ahead of market expectations following progress from a drive to improve performance.
Shares in CVS were 6.7% higher at 660.00 pence in London on Friday.
For the 11 months ended May, like-for-like sales grew 5.4% on the year prior. Underlying this, core practices growth expanded 4.4% on the year before.
For the full year ending on Sunday, CVS said it expects to report revenue in line with market expectations. Nonetheless, it expects adjusted earnings before interest, taxes, depreciation and amortisation to be "comfortably above" current market expectations. This is after a number of actions the firm took to improve performance.
For comparison, CVS generated GBP47.6 million in adjusted Ebitda on revenue of GBP327.3 million in financial 2018. Pretax profit was GBP14.1 million.
CVS will announce a full-year trading statement on July 26.
Related Shares:
CVS Group