Business
Trading Statement
Trading Statement.
About this update from Cvs Group Plc
[{"type":"text","content":"\n\n25 July 2024\n \nCVS Group plc\n(\"CVS\" or the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nFull year trading update, business developments and Board changes\n \nCVS, the UK listed veterinary group and a leading provider of veterinary services is pleased to issue the following update on trading for the financial year ended 30 June 2024 (\"FY24\")1, other business developments and Board changes. The Group expects to announce its FY24 preliminary results on 26 September 2024.\n \nFY24 Highlights 2\n· Full year revenue growth for its continuing operations of c.10% with like-for-like3 sales increasing by 2.9% (FY23: 7.3%)\n· Revenue growth and like-for-like3 sales impacted by: the transitory effect of the cyber incident announced on 8 April 2024 and the resulting decision to accelerate the cloud migration across the majority of the Group's companion animal practices in the UK; and softer demand given wider publicity around the veterinary sector and the continued cost of living pressures\n· When adjusted for the estimated impact of the cyber incident and subsequent cloud migration at the Group's practices, underlying like-for-like sales growth would have been c.4.1%\n· Adjusted EBITDA4 margin for continuing operations is expected to be at the lower end of our stated range of 19% to 23%\n· As such the Group expects to report FY24 Adjusted EBITDA4 of c.£127m (unaudited)\n· Roll out of Australia acquisitions continues with 22 practice acquisitions (comprising 28 practice sites) for aggregate initial considera...