CVS Group: FY Turnover To Be GBP85M, Completes 3 New Buys In June

29th Jun 2010 07:16

LONDON (Dow Jones)--CVS Group PLC (CVSG.LN), a veterinary services provider, said Monday turnover for the year will be in the region of GBP85 million, net of inter company sales of GBP2 million. MAIN FACTS: -The expected turnover is in the region of GBP1 million below the board's expectations for the final quarter. -Performance will still reflect modest like-for-like growth for the year as a whole, after adjusting for the weather affected months of December 2009 and January 2010, despite the challenging environment. -Company has delivered a better than expected level of acquisition activity in the year, which is expected to generate annualized turnover of GBP21 million, compared to the GBP12 million expected at the start of the financial year; Total number of surgeries acquired in the year amounted to 41 together with one laboratory. -Three new acquisitions completed in June funded by internally generated cash, comprising five surgeries located in the vicinity of Mansfield, Horsham and Burgess Hill respectively. The combined annual turnover for the five surgeries is GBP2.7 million. -Board confirms the appointment of Steve Scully as the Director of Practice Operations. Scully will sit on the Executive Committee and brings with him a range of experience. -Shares on Monday closed at 150.5 pence, valuing the company at GBP84.7 million. --By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires June 29, 2010 02:16 ET (06:16 GMT)