Annual General Meeting Statement

RNS Number : 9891G

CVS Group plc

26 November 2015

 

26^th November 2015

CVS Group plc

("CVS" or the "Group")

Annual General Meeting Statement

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

"The Board is pleased to announce that in the four month period ended 31 October 2015 the Group's like-for-like sales grew by 3.2% compared to the same period last year. Profitability for the period to 31 October 2015 is in line with the Board's expectations.

During the period the Group significantly advanced its referrals strategy with the opening of the Major Multi-Disciplinary Referral Centre at Lumbry Park in Alton, Hampshire, the acquisition of Dovecote Veterinary Hospital in Castle Donington and the acquisition of Highcroft Pet Care Referral Centre, together with 12 other surgeries, in Bristol and Bath. These businesses will enable CVS to perform more of its own referral work which is currently sent outside the Group as well as third party work for other veterinary practices.

Since the start of the current financial year on 1 July 2015 the Group made a total of six acquisitions of 31 surgeries bringing the total number of surgeries to 322. The acquisitions were:

Practice name	No. of surgeries	Location	Date acquired
Dovecote Veterinary Hospital	1	Castle Donington	20 July 2015
Rosemullion	3	Falmouth	11 August 2015
Torbridge Veterinary Hospital	3	Bideford	21 September 2015
Alnorthumbria	9	Northumberland	30 September 2015
Okeford Veterinary Centre	2	Okehampton	13 October 2015
Highcroft Pet Care	13	Bristol and Bath	23 October 2015

The acquisitions of Rosemullion and Alnorthumbria helped to further develop the Group's large animal and equine businesses with Rosemullion performing both large and small animal veterinary work and Alnorthumbria also performing equine as well as small animal work."

Contacts:

CVS Group plc

Simon Innes, Chief Executive

Nick Perrin, Financial Director                                                               01379 644 288

N+1 Singer (Nominated Adviser & Broker)                                      020 7496 3000

Aubrey Powell

Alex Wright                                                                                                                              

 

END

 

 

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