23rd Nov 2022 10:56
(Alliance News) - CVS Group PLC on Wednesday said that while it remained mindful of wider macroeconomic uncertainties, it expected to deliver further sales growth in line with expectations over the financial year.
CVS is a Norfolk, England-based veterinary services provider, with practices in the Netherlands and Ireland.
For the four months to October 31, the company reported total sales growth of 7.4% versus the same period last year. Similarly, like-for-like sales increased by 7.4%, within previously stated guidance of organic revenue growth between 4% and 8%.
CVS attributed this to a "positive performance" across all business areas, with continued resilient customer demand for its range of integrated veterinary services.
The Healthy Pet Club preventative care scheme saw a further increase in membership with 479,000 members at October 31, from 458,000 members the previous year.
CVS said that it continues to benefit from its integrated veterinary platform, with adjusted earnings before interest, taxes, depreciation and amortisation in line with expectations at 19%.
Over the period, the group also completed a further two acquisitions, bringing its total to four, comprising seven practice sites in the financial year to date for an initial consideration of GBP22.1 million.
CVS also said it had begun a formal search process for an additional non-executive director in the previous financial year.
Looking ahead, the company intends to invest in its practices and clinical equipment to drive organic growth, whilst continuing to explore acquisition opportunities.
Though mindful of wider macroeconomic uncertainties, CVS expects trading in line with full year market expectations.
The company will pay a dividend of 7.0 pence per share.
CVS shares were trading 3.2% higher at 1,988.00p each in London on Wednesday morning.
By Holly Beveridge; [email protected]
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