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CVS upgrades outlook on performance as sales continue to improve
StockMarketWire.com
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Veterinary services company CVS upgraded its outlook on first-half performance following an ongoing improvement in sales.
CVS said it expected to report first-half adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, of approximately £45.1 million, up from last year's £37.9 million.
The upgrade following an ongoing improvement in sales.
For the six months ended 31 December 2020, sales grew by 9.4% to £245.6 million from £224.5 million year-on-year.
Adjusted EBITDA margin had improved from 16.9% in H1 2020 to 18.4% in H1 2021.
Vet vacancy rates were stable at 7.4%, down from 7.8% last year.
'The performance reflects the continued strengthening of the group's offering and was achieved through a combination of growth in our core practices division and related services, alongside increased demand in Animed direct, the group's online pharmacy and retail business,' the company said.
The company expects to announce its H1 2021 interim results on 25 March 2021.
At 8:22am: (LON:CVSG) Cvs Group PLC share price was 0p at 1288p
Story provided by StockMarketWire.com
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