25th Mar 2021 13:53
CVS Group PLC - Norfolk, England-based veterinary services provider - Pretax profit for six months ended December 31, doubles to GBP14.8 million from GBP7.6 million in year before. Revenue for the period rises 9.4% to GBP245.6 million from GBP224.5 million in 2019, and by 7.8% on a like-for-like basis. Says this was driven by revenue in its referrals division growing by 21% year-on-year and new client registrations rising by 17%. Adjusted earnings before interest, tax, depreciation and amortisation was GBP45.1 million, up 19% from GBP37.9 million in 2019, matching its expectations exactly.
"Notwithstanding the ongoing uncertainty, we delivered a strong performance in the first half of the year, with our fully integrated model allowing us to cater for the veterinary needs of an expanding pet population. Through our integrated model, we are well positioned to benefit from opportunities presented by favourable consumer trends," says Chief Executive Richard Fairman.
Looking ahead, CVS says like-for-like sales in the first eight months of financial 2021 have grown 8.2%, compared to 7.9% in the same period last year.
"Trading in the first two months of our second half continues the positive trend and we remain well positioned to achieve both organic and acquisitive future growth," says Fairman.
Current stock price: 1,961.00 pence, up 4.4% on Thursday
Year-to-date change: up 31%
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
CVS Group