CVS Group sales and EBITDA margins improve
By Iain Gilbert
Date: Wednesday 24 Nov 2021
(Sharecast News) - Veterinary services firm CVS Group said on Wednesday that its "positive start" to the new financial year had continued into September and October, with sales and margins increasing year-on-year.
CVS stated total sales had grown by 13.8% in the four months ended 31 October, while like-for-like sales increased 12.4% and adjusted underlying earnings margins remained "strong" at 19.2%, up from 18.7% at the same time a year earlier.
The AIM-listed group also noted that strong cash generation across its operations had continued since year-end and leverage on a bank test basis had remained "comfortably below 1.0x", in line with management expectations.
CVS added that it was focussed on investing in its practices, improving the facilities and expanding the offering of specialist facilities and clinical procedures in order to provide "the best possible care" to animals.
"The board considers that current trading is supportive of management's full-year expectations and the Group remains well placed to deliver further growth over the longer term; we look forward to sharing further updates as appropriate," said CVS.
As of 1050 GMT, CVS shares were down 0.99% at 2,401.0p.
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