CVS Group (LON:CVSG) - the cash keeps flowing for the veterinary group
The UK’s largest veterinary group, operating 211 veterinary surgeries, 6 laboratories, 1 pet crematorium and 1 online dispensary, primarily focused on the small animal market, issued encouraging results presenting sustained growth in revenue and operating cash flow in what amounted to a difficult year.
Excluding the weather affected months of December 2009 and January 2010 when it was tough for both customers and staff to get to surgeries underlying like-for-like sales growth showed a marginal improvement of 0.2%. During the period they successfully acquired and integrated 41 surgeries (annualised turnover from these c£21m) and a laboratory. Of the acquired sites, 40 were completed in the last third of the year bringing the total number of sites at the year end to 211 surgeries and 6 laboratories. As a result overall revenue was up 11.6% to £85.5m and adjusted EBITDA up 4.6% to £13.1m. The…