AGM Statement and ShareSave Scheme

RNS Number : 7900Y

CVS Group plc

04 December 2014

 

4^th December 2014

CVS Group plc

("CVS" or the "Group")

Annual General Meeting Statement and ShareSave Scheme

Annual General Meeting Statement

CVS, the UK's leading provider of veterinary services, is holding its AGM at 11:00 a.m. today at which Richard Connell, Chairman, will provide the following information to shareholders:

 "The Board is pleased to announce that in the four month period ended 31 October 2014 the Group's like-for-like sales grew by 8.7% compared to the same period last year. Like-for-like percentage growth in the Veterinary Practice Division was higher than growth for the whole of the previous financial year. This improvement reflects the initiatives the Group has made over recent years as well as the mild autumn weather and continuing improvement in general economic conditions. In Animed Direct, our on-line dispensary, sales grew by the same absolute amount as in the comparable period for 2013.

Profitability for the period to 31 October 2014 is in line with the Board's expectations given the improved like-for-like sales figures.

The Group made six further acquisitions of 10 small animal surgeries since 30 June 2014 bringing the total number of surgeries to 272. The acquisitions were:

Practice name	No. of surgeries	Location	Date acquired
Riversbrook	2	Ipswich	28 July 2014
West End Veterinary Partnership	3	Edinburgh	5 August 2014
Anrich Veterinary Hospital	1	Huddersfield	12 August 2014
Batchelor, Davidson & Watson Limited	2	Edinburgh	14 October 2014
Westmoor Veterinary Hospital	1	Tavistock	21 October 2014
Aylsham Vets Limited	1	Aylsham	3 November 2014

The aggregate historical annualised turnover of these businesses was approximately £4.5 million generating aggregate EBITDA of approximately £ 1.1 million

It is pleasing to note that following the West End and Batchelor, Davidson and Watson acquisitions the Group has a significant presence in Edinburgh, extending the Group's geographic footprint into this important region. The other acquisitions provide a good complementary fit with the Group's existing locations."

ShareSave Scheme

CVS is pleased to announce the launch of a further Save As You Earn scheme (the "Scheme") which is open to all its employees. Almost 17% of the Group's employees have applied to participate in the Scheme, which will commence on 1 January 2015 and run to its maturity on 31 December 2017.

The scheme grants to its participants options over ordinary shares in CVS at an exercise price of 296 pence each, being a 20% discount on the closing mid-market price of 370 pence on the day before the application period commenced. If exercised in full the options would result in the issue of 745,905 ordinary shares being approximately 1.27% of the current issued share capital of the Group.

The following Directors have elected to participate in the Scheme:

Director                                                                             Maximum number of shares

Nick Perrin                                                                                                                      3,040

Simon Innes                                                                                                                   6,081

Contacts:

CVS Group plc

Simon Innes, Chief Executive

Nick Perrin, Financial Director                                                               01379 644 288

N+1 Singer - Nominated Adviser & Broker

Aubrey Powell/ Alex Wright                                                                  020 7496 3000

 

END

 

 

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