CVS Pleased As Strong Trading Continues Into September And October

(Alliance News) - CVS Group PLC on Thursday said its positive start to the financial year ...

Alliance News 26 November, 2020 | 10:49AM
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(Alliance News) - CVS Group PLC on Thursday said its positive start to the financial year continued into September and October.

Ahead of its annual general meeting on Thursday, the Norfolk, England-based veterinary services provider said total sales were up 6.3% in the four months to October 31, with like-for-like sales up 5.1%.

Earnings before interest, tax, depreciation and amortisation margin for the four-month period improved to 18.7% from 18.2% a year ago.

"The board is pleased to report that the previously announced positive performance for the first two months of the new financial year has continued through September and October, with current trading ahead of that in the prior year. Encouragingly, during the current Covid-19 lockdown restrictions, all our practices have remained open and are offering the majority of services to clients," the company said.

The positive trading performance, combined with continued strong cash generation, has led to a further reduction in net debt to GBP40.9 million at October 31 from GBP62.1 million at the end of June.

Shares in CVS were up 4.7% at 1,420.00 pence in London on Thursday.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
CVS Group PLC 1,459.84 GBX 0.40 -

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