Business
AGM Statement
AGM Statement.
About this update from Cvs Group Plc
[{"type":"text","content":"\n \nRNS Number : 9120X CVS Group plc 30 November 2017 \n\n30 November 2017\nCVS Group plc\n(\"CVS\" or the \"Group\")\n \nAGM Statement\n \nCVS, the UK's leading integrated provider of veterinary services, is holding its AGM at 11.00 a.m. today at which Richard Connell, Chairman, will provide the following update to shareholders:\n \n\"The Board is pleased to announce that in the four month period ended 31 October 2017 the Group's total sales grew by 20.6% and like-for-like sales1 grew by 4.3% compared to the same period last year.\n \nThe strong growth in sales of Animed Direct, which we noted in our last results statement, has continued. Excluding Animed Direct, like-for-like sales for the Group grew by 1.5% which, while a slower growth rate than in other recently reported periods, is measured against particularly strong comparators in the previous year which moderate as the current financial year progresses. The like-for-like trends have shown more variance both within and between months than in prior years, making it harder to identify particular trends. The Board believes that the slower like-for-like growth probably reflects the impact on consumers of the greater general uncertainty widely evident in the UK economy and some shortage of clinicians in the UK. Customer loyalty remains high and our healthy pet scheme memberships continue to show excellent growth, at a run-rate in line with the 20%+ level reported at our most recent year end.\n \nFor many years it has been challenging to recruit veterinary surgeons in the UK. In spite of the fact that CVS believes it is able to offer new recruits the broadest range of career paths and opportunities within the UK industry, we note that these challenges have increased since the vote to leave the European Union. The Group intends to implement a number of measures to encourage more veterinary surgeons and nurses to work for CVS. These measures will include increasing some salaries by more than inflation as well as improving flexible working opportunities. It is intended that any increases in salaries will be funded through price increases.\n \nMarket consolidation continues and the higher level of acquisition activity evident during our most recent reporting periods has continued. The Group continue...