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CVS Group plc – Preliminary results for the year ended 30 June 2018

27th September 2018

CVS, one of the UK’s leading providers of veterinary services, is pleased to announce its preliminary results for the year ended 30 June 2018.

 

Financial Highlights

 

  Year ended Year ended  
  30 June 30 June Change4
  2018 2017 %
       
Revenue (£m) 327.3 271.8 +20.4
Adjusted EBITDA (£m)1 47.6 42.1 +13.3
Adjusted profit before income tax (£m)2 36.0 33.5 +7.1
Adjusted earnings per share (pence)3 42.4 42.8 -0.9
Operating profit (£m) 17.7 17.2 +2.8
Profit before income tax (£m) 14.1 14.5 -3.2
Basic earnings per share (pence)

 

 

16.0 18.5 -13.5
Proposed dividend (pence) 5.0 4.5 +11.1

 

  • Revenue up 20.4% to £327.3m
  • Like-for-like sales growth for the Group of +4.9% 5
  • Healthy Pet Club members up 18.3% to 362,000
  • Adjusted EBITDA up 13.3% to £47.6m
  • Adjusted earnings per share down 0.9% to 42.4 pence per share
  • Acquired and integrated 52 surgeries during the year
  • 16 surgeries acquired after the year end
  • Now operate 491 surgeries

 

1 Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) is profit before income tax, net finance expense, depreciation, amortisation and costs relating to business combinations.

 2 Adjusted profit before income tax is calculated as profit on ordinary activities before amortisation, taxation and costs relating to business combinations.

3 Adjusted earnings per share is calculated as adjusted profit before income tax less applicable taxation divided by the weighted average number of ordinary shares in issue in the period.

4 Percentage changes have been calculated throughout this document based on the underlying values.

5 Like for like sales are as defined in the Summary of significant accounting policies

 

 

The annual report and accounts will be available on the Group’s website www.cvsukltd.co.uk together with this announcement from 27 September and will be posted to shareholders in due course.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.