CVS proves pet care pays with second dividend – MoneyWeek

Adjustedearningsbeforeinterest,taxdepreciationandamortisationhaveincreasedby7。

9%to£15。

7m(2011:£14。

5m)。

Cashgeneratedamountedto£15。

5mdownfromthe2011figureof£17。

6m;reflectingaone-offimprovementinsupplierpaymenttermsintheprioryear。

Profitsbeforetaxdecreasedby11。

3%to£3。

8mafteraoneoffchargerelatedtonewfinancingtermsagreedattheendof2011。

InDecemberlastyearCVSpaiditsmaidendividendof1ppershare,anditsnowannouncedafurtherdividendof1。

5ppershare。

CVSdoesappeartobegoingplaces。

Thestockpricehasrisen62%inthelastyearandthenumberofsurgeriesnowabsorbedintothechainhasreached231。

CVSisthebiggestemployerintheUKveterinaryprofessionwithapproximately2,300staff,includingaround550vets。

Tocountertherecessionthegroupisfocusingonitsloyaltyprogramme,whichaimstoimprovecustomerspurchasesofvaccinationanddrugsales(whicharemigratingonline)。

TheChiefExecutiveSimonInnessaidoftheresults:Theprogressmadeingrowingthemembershipofourloyaltyschemesandtheexpansionofoure-commerceactivitieshavebeennotableachievementsintheyear。

Wecontinuetofocusonorganicgrowthwhilstalsodevelopingnewrevenuestreamsandcontinuingtogrowthroughselectivestrategicacquisitions。

OnepersonwhowontbearoundmuchlongeratthefirmisChiefFinancialOfficer,PaulCoxon,whowillleaveattheendofthecalendaryear。

PanmureGordonreiterateditsbuyrating,sayingCVShasexceededourexpectationsonmostmeasures,reflectingastrongperformanceacrosstheboard。

LFL[like-for-like]revenueprogresshasbeenpleasingandcontinuestodeliverpositivemomentumintothecurrentyear。

Thebrokerhasmaintaineditsforecastsatthisjuncture,butbelievestherecouldbesomeupsidepotentialfromavarietyofsources(organic,MA,e-commerce)asweprogressthroughtheyear。

CVSshareswereup4。

9%at11am。

BS

NakedTextNakedText


About the Author:

bck官网注册账号_bck体育网页版_bck体育安全吗