CVS Group raises earnings expectations after decent second half

Integrated veterinary services provider CVS Group updated the market on its trading on Friday, reporting that it achieved like-for-like sales growth of around 5.4% during the 11 month period in the year-to-date, and approximately 4.4% in its core practices division.

The AIM-traded firm, which was looking to the end of its financial year on 30 June, said it was expecting to report revenue for the full year in line with current consensus market expectations.

It said that in its interim results release, CVS noted that a number of actions were being taken by management to improve performance.

On Friday, it reported that as a result of those actions, the “encouraging progress” noted in the second half had continued.

As a result, the group now expected adjusted EBITDA performance for the full-year to be “comfortably above” current consensus market expectations.

“The Group will provide further details on its financial results for the year ending 30 June when it releases a pre-closed period statement on 26 July,” the CVS board said in its statement.

“The update will contain further insight into performance across the group's business and its continuing growth strategy.”