CVS Group hails continued growth in Australia as revenue rises
CVS Group PLC on Thursday said sales and adjusted earnings grew in its recent financial year as the company increased its presence in Australia.
The Norfolk, England-based provider of veterinary services said revenue rose 5.9% to £712.8 million in the financial year ended June 30 from £673.2 million a year prior. Revenue from Australia jumped 52% to £79.1 million from £52.1 million.
CVS expects to post adjusted earnings before interest, tax, depreciation and amortisation of £141.5 million, up 5.1% from £134.6 million and in line with market consensus.
The adjusted Ebitda margin was nearly maintained at 19.9% compared to 20.0%, in line with CVS's guidance of 19% to 23%.
Looking ahead, CVS said: "The economic backdrop in the UK remains challenging with low consumer confidence impacting footfall in companion animal practices.
"However, with the expansion in Australia progressing well, the UK Competition & Markets Authority process drawing to an end, and the structurally favourable dynamics of the sector, CVS remains well positioned to deliver attractive growth in shareholder value over the medium and long-term."
Chief Executive Officer Richard Fairman added: "Our Australia practices continue to perform well, and we have increased our market share through accretive acquisitions. Australia now represents around 11% of group revenue, with acquisitions performing ahead of plan and benefiting from buying synergies. We have a strong pipeline of further acquisition opportunities in Australia."
CVS expects to publish its annual results on September 24.
CVS shares were down 4.7% to 1,241.00 pence each on Thursday morning in London.
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