Veterinary services provider CVS said it expected adjusted earnings to meet recently upgraded market expectations as annual revenues climbed by nearly a quarter amid improved second-half performance.
For the financial year ended 30 June 2019, total revenue rose 24.2% to £406.5m, and 5.2% on a like-for-like basis supported by a 3.8% climb in like-for-like revenue in its core practices division.
Total gross margin for the financial year ended 30 June 2019 reduced to 76.2% from 79.6% in the previous year due to both an increase in the proportion of revenues from the farm division, which represented 9.5% of group revenue, and a reduction in farm Gross Margin following the acquisition of Slate Hall, the company said.
The Group achieved its cost savings target of £1.2m.
'I am pleased that we are able to report improved performance in the second half of the financial year. A number of actions have been taken to both address the key issues which contributed to the underperformance in the first half and to position the Group for future growth,' said Richard Connell, Chairman.