Business
Interim results
Interim results.
About this update from Cvs Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 1046D CVS Group plc 17 March 2011 \n \n\n\n\n\n\nFor Immediate Release\n\n\n17 March 2011\n\n\n\n\n \n \n \nCVS GROUP plc\n(\"CVS\", the \"Company\" or the \"Group\")\n \nInterim Results for the six months ended 31 December 2010\n \nCVS, one of the UK's leading providers of veterinary services, is pleased to announce its interim results for the six months ended 31 December 2010.\n \nFinancial highlights\n \n\n\n\n\n\n\n\nSix months ended 31 December 2010\n(Unaudited)\n\n\nSix months ended 31 December 2009\n(Unaudited)\n\n\nChange \n %\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA 1\n\n\n£7.2m\n\n\n£7.1m\n\n\n+0.5\n\n\n\n\nAdjusted earnings per share2 \n\n\n6.3p\n\n\n7.2p\n\n\n-12.5\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReported results:\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£50.5m\n\n\n£41.5m\n\n\n+21.7\n\n\n\n\nOperating profit\n\n\n£3.2m\n\n\n£3.8m\n\n\n-14.7\n\n\n\n\nProfit before income tax\n\n\n£2.2m\n\n\n£2.8m\n\n\n-23.4\n\n\n\n\nCash generated from operations\n\n\n£8.8m\n\n\n£6.6m\n\n\n+32.5\n\n\n\n\nBasic and diluted earnings per share\n\n\n2.6p\n\n\n3.9p\n\n\n-33.3\n\n\n\n\n \n· Sales growth of 21.7%\n· Like-for-like sales3 decrease of 2.1%\n· Adjusted EBITDA slightly up at £7.2m as growth from acquisitions was offset by impact of declining like-for-like sales \n· Profit before income tax reduced by £0.6m impacted by increased non-cash charges for amortisation and depreciation (combined £0.8m)\n· Significant increase in cash generated from operations by 32.5% contributing to an overall reduction in net debt during the period of £4.1m after funding acquisitions and debt repayment\n· Following the acquisition of St David's Veterinary Hospital, a three site practice in Devon, CVS operates 214 veterinary surgeries (2009: 170)\n· Our on-line retail platform, Animed Direct, was successfully launched in the period and is trading ahead of expectations\n1See page 5 for a reconciliation of profit before income tax for the period to adjusted earnings before income tax, net finance expense, depreciation, amort...