CVS Group plc AGM Statement (9993P)

TIDMCVSG

RNS Number : 9993P

CVS Group plc

24 November 2016

24(th) November 2016

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 2016 the Group's like-for-like sales grew by 6.3% compared to the same period last year. Gross margins have improved and underlying profitability for the period to 31 October 2016 is ahead of the Board's expectations.

Since the start of the current financial year on 1 July 2016 the Group made a total of eight acquisitions of 18 surgeries bringing the total number of surgeries to 378. The acquisitions were:

 
 Practice name                    No. of sites   Main locations       Business 
-------------------------------  -------------  -------------------  -------------- 
 Davidson Veterinary                   3         Nottingham           Small animal 
  Care 
-------------------------------  -------------  -------------------  -------------- 
 Buttercross Veterinary                3         Nottingham           Small animal 
  Care 
-------------------------------  -------------  -------------------  -------------- 
 Church Walk Vets                      2         Ulverston,           Small animal 
                                                  Barrow-In-Furness 
-------------------------------  -------------  -------------------  -------------- 
 Batheaston Veterinary                 1         Bath                 Small animal 
  Clinic 
-------------------------------  -------------  -------------------  -------------- 
 Deveron Veterinary                    2         Turriff              Small animal, 
  Surgeons                                        & Macduff            large animal 
                                                                       & equine 
-------------------------------  -------------  -------------------  -------------- 
 Haven Veterinary                      1         Great Yarmouth       Small animal 
  Surgeons 
-------------------------------  -------------  -------------------  -------------- 
 Forrest House Vets                    3         Bedale,              Small animal, 
                                                  Northallerton,       large animal 
                                                  Masham               & equine 
-------------------------------  -------------  -------------------  -------------- 
 Kliniek voor Gezelschapsdieren        3         Dieren,              Small animal 
  Dieren                                          Brummer, 
                                                  Velp (The 
                                                  Netherlands) 
-------------------------------  -------------  -------------------  -------------- 
 

The acquisition of further practices in the UK has continued the geographic development of the Group across the country and has further developed the large animal and equine as well as the small animal businesses.

Particularly exciting is our first acquisition in The Netherlands. Kliniek voor Gezelschapsdieren Dieren is a high quality, small animal practice based in the east of the Netherlands. It is intended that this acquisition is the start of the development of a business in The Netherlands on a similar basis to the CVS Group in the UK.

The pipeline of acquisitions remains strong."

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

Liz Yong

James Hopton

This information is provided by RNS

The company news service from the London Stock Exchange

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November 24, 2016 02:00 ET (07:00 GMT)