21st Jul 2014 08:26
LONDON (Alliance News) - CVS Group PLC said Monday its results for the year to end-June will meet market expectations, as revenue rose 6.9% on a like-for-like basis.
The veterinary services company said revenue growth had been driven by good weather during the winter months, and sales were strong in all of its main businesses, particularly Animed Direct.
Animed, an online dispensary, is currently generating annualised revenue of GBP10.4 million as of June 2014, compared to GBP6.7 million as of June 2013, it said.
Varying regulatory requirements in Europe have led to a delay in the release of its local language European websites, it said, and the first is now expected to be launched in the next few months.
Memberships for its Health Pet Club loyalty schemes rose 45% to 162,000 pets from 111,900 at the beginning of the year. The schemes now contribute 11% of total revenues, up from 9% in the previous year. CVS said it made good progress in its referrals business during the year.
CVS opened four emergency out-of-hours centres during the year. Additionally, in July the company purchased the freehold of Lumbry Park in Alton for GBP800,000, ahead of plans to fit it out as a multi-disciplinary referral centre to open in summer 2015.
The company acquired ten practices during the year, as well as a pet crematorium, which it said extends its operations. All of these acquisitions have been integrated into the group, and CVS said that the post acquisition turnover of the businesses acquired was GBP6.6 million during the year.
CVS said it was encouraged by the recent improvement in its sales performance, the continuing potential for further acquisitions, and the general progress in all of its divisions.
Shares in CVS were trading up 1.2% at 326.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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