20th Jul 2021 10:49
(Alliance News) - CVS Group PLC on Tuesday said it expects annual adjusted earnings before interest, tax, depreciation and amortisation to be marginally ahead of recently upgraded market expectations.
Shares were down 0.4% to 2,256.31 pence in London, after earlier rising as much as 4.2% on Tuesday morning.
CVS posted adjusted Ebitda of GBP55.3 million in 2020. The company, which owns over 480 veterinary surgeries in the UK, Netherlands and Ireland, said trading momentum since April had continued, delivering strong revenue growth and contributing to double digit growth for the year.
Like-for-like sales growth for the full year ended June was 17% compared to 0.7% the year previously. In the 2020 financial year, CVS made revenue of GBP427.8 million.
"We look forward to continuing our growth trajectory as we head into the new financial year and have further plans to improve our level of clinical care through investment in our people and our specialist facilities. We are also well placed to pursue further targeted acquisitions," the company said.
Growth at the company is highlighted by CVS employing 10% more veterinary surgeons at the end of June compared to a year ago, the company said.
CVS plans to announce its preliminary results on September 23.
By Will Paige; [email protected]
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