CVS Group plc Trading Update (1491X)
30 April 2021 - 4:00PM
UK Regulatory
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RNS Number : 1491X
CVS Group plc
30 April 2021
30 April 2021
CVS Group plc
("CVS", the "Company" or the "Group")
Trading Update
CVS, one of the UK's leading providers of integrated veterinary
services, is pleased to announce an update on trading and outlook
for the current financial year.
In our interim results release on 25 March 2021, we reported on
our strong performance for the first eight months of the current
financial year. The Board is pleased that this momentum has
continued, with sales remaining strong and a steady increase in
customer demand from the end of the last quarter.
The Royal College of Veterinary Surgeons issued revised guidance
towards the end of March 2021, transitioning from essential
services only to allowing the full range of procedures subject to
professional judgement and appropriate biosecurity. This, coupled
with the continued delivery of the vaccination programme and
further easing of lockdown restrictions, means the Board is
increasingly confident that this strong performance will continue
for the remaining months of this financial year. Consequently, the
Group now expects full year revenue to be ahead of current
management expectations and adjusted EBITDA(1) to be comfortably
ahead.
The Board would like to acknowledge and thank all members of the
CVS team for their continuing dedication to delivering the best
possible care to animals. We continue to focus on maintaining
appropriate levels of health, safety and wellbeing across our
operations in order to protect both our colleagues and clients.
The Group is also pleased to announce the acquisition of
Greensands Veterinary Clinic, a small animal practice in
Hertfordshire, which completed on 29 April 2021.
The Group plans to provide further details on its financial
results for the year ending 30 June 2021 in a pre-closed period
statement, expected to be issued on 20 July 2021.
Notes
1 Adjusted EBITDA (earnings before interest, tax, depreciation
and amortisation) is profit before income tax, net finance expense,
depreciation, amortisation, costs relating to business combinations
and exceptional items. Adjusted EBITDA is used as a financial
metric that removes the cost of debt, costs relating to
depreciation and amortisation and one-off costs to get a normalised
number that is not distorted by irregular items or structural
investment.
This announcement is released by CVS Group plc and contains
inside information for the purposes of the retained UK version of
the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR"),
encompassing information relating to trading for the Company's
current financial year, and is disclosed in accordance with the
Company's obligations under UK MAR. This announcement is being made
on behalf of the Company by the directors named below.
CVS Group plc via MHP Communications
Richard Fairman, CEO
Ben Jacklin, COO
Robin Alfonso, CFO
N+1 Singer (Nominated Adviser & Broker) +44 20 7496 3000
Aubrey Powell / Rachel Hayes / Jen Boorer
MHP Communications (Financial PR) +44 20 3128 8841
Andrew Jaques / Simon Hockridge
Notes to Editors
CVS Group is a fully integrated provider of veterinary services
in the UK, with practices in the Netherlands and the Republic of
Ireland. CVS is focused on providing high quality clinical services
to its customers and their animals, with outstanding and dedicated
clinical teams and support colleagues at the core of its
strategy.
The Group has 498 veterinary practices across its three markets,
including eight specialist referral hospitals and 34 dedicated
out-of-hours sites. Alongside the core Practices division, CVS
operates Laboratories (providing diagnostic services to CVS and
third parties), Crematoria (providing pet cremation and clinical
waste disposal for CVS and third party practices), Buying Groups
and Animed Direct (the Group's online retail business).
The Group employs c. 7,400 personnel, including c. 1,900
veterinary surgeons and c. 2,500 nurses.
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END
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