4th December 2014
CVS Group plc
("CVS" or the "Group")
Annual General Meeting Statement and ShareSave Scheme
Annual General Meeting Statement
CVS, the UK's leading provider of veterinary services, is holding its AGM at 11:00 a.m. today at which Richard Connell, Chairman, will provide the following information to shareholders:
"The Board is pleased to announce that in the four month period ended 31 October 2014 the Group's like-for-like sales grew by 8.7% compared to the same period last year. Like-for-like percentage growth in the Veterinary Practice Division was higher than growth for the whole of the previous financial year. This improvement reflects the initiatives the Group has made over recent years as well as the mild autumn weather and continuing improvement in general economic conditions. In Animed Direct, our on-line dispensary, sales grew by the same absolute amount as in the comparable period for 2013.
Profitability for the period to 31 October 2014 is in line with the Board's expectations given the improved like-for-like sales figures.
The Group made six further acquisitions of 10 small animal surgeries since 30 June 2014 bringing the total number of surgeries to 272. The acquisitions were:
Practice name |
No. of surgeries |
Location |
Date acquired |
Riversbrook |
2 |
Ipswich |
28 July 2014 |
West End Veterinary Partnership |
3 |
Edinburgh |
5 August 2014 |
Anrich Veterinary Hospital |
1 |
Huddersfield |
12 August 2014 |
Batchelor, Davidson & Watson Limited |
2 |
Edinburgh |
14 October 2014 |
Westmoor Veterinary Hospital |
1 |
Tavistock |
21 October 2014 |
Aylsham Vets Limited |
1 |
Aylsham |
3 November 2014 |
The aggregate historical annualised turnover of these businesses was approximately £4.5 million generating aggregate EBITDA of approximately £ 1.1 million
It is pleasing to note that following the West End and Batchelor, Davidson and Watson acquisitions the Group has a significant presence in Edinburgh, extending the Group's geographic footprint into this important region. The other acquisitions provide a good complementary fit with the Group's existing locations."
ShareSave Scheme
CVS is pleased to announce the launch of a further Save As You Earn scheme (the "Scheme") which is open to all its employees. Almost 17% of the Group's employees have applied to participate in the Scheme, which will commence on 1 January 2015 and run to its maturity on 31 December 2017.
The scheme grants to its participants options over ordinary shares in CVS at an exercise price of 296 pence each, being a 20% discount on the closing mid-market price of 370 pence on the day before the application period commenced. If exercised in full the options would result in the issue of 745,905 ordinary shares being approximately 1.27% of the current issued share capital of the Group.
The following Directors have elected to participate in the Scheme:
Director Maximum number of shares
Nick Perrin 3,040
Simon Innes 6,081
Contacts:
CVS Group plc
Simon Innes, Chief Executive
Nick Perrin, Financial Director 01379 644 288
N+1 Singer - Nominated Adviser & Broker
Aubrey Powell/ Alex Wright 020 7496 3000
