CVS Group plc
13 December 2007
For Immediate Release 13 December 2007
CVS Group plc
('CVS' or 'the Group')
Acquisitions and Pre-close Trading Update
Acquisitions
CVS, one of the UK's leading providers of veterinary services, is pleased to
announce three single site practice acquisitions located in Kidsgrove in
Staffordshire, Fleet in Hampshire and Doncaster.
The practices achieved aggregate EBITDA of £276,000 on turnover of £1.986m for
their respective latest financial reporting periods. The consideration, which is
not being disclosed for reasons of commercial sensitivity, is being satisfied
wholly in cash.
The acquired practices employ a total of 10 vets bringing the Group total to
almost 300.
Commenting on the acquisitions, CVS Chief Executive Simon Innes said 'Each of
these three practices enjoys a strong reputation for clinical care and we look
forward to developing an excellent long term relationship with their respective
teams'.
Pre-close Trading Update
With five months of the current financial year now behind us the Board is
delighted to report continued strong progress on all fronts.
We started the financial year with 43 small animal practices operating from 120
surgeries and with one equine specialist practice and three veterinary
diagnostic laboratories. In the period up to flotation in early October we
acquired a further two small animal practices operating from seven surgeries
which, together with the significant number of acquisitions made in the second
half of last financial year, gave us a substantially higher EBITDA run-rate than
the actual historic EBITDA of £5.1m achieved for the year ended 30 June 2007.
Since flotation we have acquired a further four small animal practices,
including the three announced today, operating from six surgeries and employing
24 vets. Our pipeline of potential acquisitions remains strong, assisted by the
demographics which have now been prevalent in the sector for a few years.
We will remain focused on acquiring well established practices achieving
excellence in terms of clinical care and where each practice employs at least
three vets. The central services provided by the Group remain very attractive to
vets, enabling individual surgeries to focus on clinical care.
Our organic growth continues to be firm and we are confident of achieving
another year of significant progress in executing our strategy.
Contacts:
CVS Group plc 01379 644 288
Simon Innes, Chief Executive
Paul Coxon, Finance Director
Buchanan Communications
Richard Oldworth 0207 466 5000
Suzanne Brocks 07776 234 600
This information is provided by RNS
The company news service from the London Stock Exchange
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