19th May 2025 10:11
(Alliance News) - CVS Group PLC on Monday adjusted its full-year guidance to reflect its remaining operations, following the completion of its Crematoria operations disposal.
The Norfolk, England-based provider of veterinary services said its Crematoria operations were sold to Anima Care UK Ltd, part of French funerals firm Funecap Group, for GBP42.4 million in cash. This represented a 10-times multiple of adjusted earnings before interest, tax, depreciation and amortisation.
The Crematoria business will be treated as a discontinued operation in CVS's results for the financial year ending June 30, which will adjust its revenue guidance for continuing operations by around GBP12.3 million, its Ebitda forecast by approximately GBP4.3 million, and its guided pretax profit by around GBP3.3 million.
The group expects to report a one-off gain from the disposal of around GBP32.0 million.
CVS did not on Monday outline its specific guidance for financial 2025, but had said at its interim results release at the end of February that it expected full-year results in line with market expectations.
CVS also on Monday noted it has completed its previously announced acquisition of VPP Group Pty Ltd, or Veterinary Practice Partners, which comprises six practice sites in Victoria.
The group has made six acquisitions, totalling 14 practice sites, during its financial year to date, for a cumulative initial consideration of AUD55.8 million, or USD35.8 million.
CVS now has 28 practices in Australia, consisting of 42 practice sites, with a "strong pipeline of future acquisition opportunities with contracts exchanged for a further acquisition", which comprises one practice site.
Shares in CVS Group were down 0.5% at 1,241.30 pence each in London on Monday morning. The stock remains up 17% over the past year.
By Emily Parsons, Alliance News reporter
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