Veterinary group continues rapid growth
VETERINARY group CVS has continued its rapid growth after reporting a 57pc rise in profits - despite the recession.The Diss-based firm now operates more than 160 vet surgeries across the country and saw pre-tax profits rise to �3.
VETERINARY group CVS has continued its rapid growth after reporting a 57pc rise in profits - despite the recession.
The Diss-based firm now operates more than 160 vet surgeries across the country and saw pre-tax profits rise to �3.9m in the last six months of 2008, up from �2.5m in the same period in 2007.
Revenue was also up 30pc to �37.2m over the same period.
The latest interim results reflect the company's rapid growth after its successful flotation on the Alternative Investment Market (AIM) in October 2007.
During the six-month period, CVS built on its reputation as one of the country's leading veterinary services companies, acquiring 11 new surgeries and its first pet crematorium, the Rossendale Pet Crematorium in Lancashire.
The company's diagnostic laboratories operation saw a particularly steep growth in revenue, up 182pc following its acquisition of Devon-based Axiom Veterinary Laboratories.
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Following the success of the approach bosses have said they would continue to focus on acquisitions and expanding its share in the market.
At the end of last year the group was the largest employer in the veterinary profession, with 1,689 staff including more than 300 practising vets, 3.1pc of the UK total.
The company also attracts 7pc of the small animal veterinary market measured by wholesaler spend.
Chairman Richard Connell said: 'The focus on delivering growth both organically and through acquisition and, in particular, cash and profit generation, is expected to continue.
'The resilience of the business to the current recession augurs well for the time when more normal economic conditions eventually return.'
The company was established in August 1999 and provides professional management expertise in areas of finance, personnel practice management and health and safety, relieving veterinary staff of administrative tasks and enabling them to concentrate of clinical care.
Among its 61 veterinary groups are Linden House Veterinary Centre in Diss, Melton Veterinary Practice in Melton, Suffolk, Button & Allen Veterinary Hospitals in Lowestoft and Gorleston, Coastline Veterinary Surgeries in Lowestoft and Grove Veterinary Group in Norfolk.
Responding to the interim results, chief executive Simon Innes said: 'I am delighted to report another strong set of results with significant growth in revenues, earnings and cash generation, demonstrating the resilience of our business to the challenging economic conditions.'
The company's shares recently traded at 143.5p.