Premier Veterinary posts wider loss for the year

Pet care expert Premier Veterinary reported a wider loss for the year ended 30 September.

The company posted a loss from continuing operations of £1.6m compared with £917,000 in 2014. Revenue rose to £2.3m from £2m but this was largely balanced out by higher administrative costs.

Chief executive officer Dominic Tonner said: "2015 has been a transformational year for the company.

“Following the disposal of the veterinary clinics, management is now able to focus its attention on the development and expansion of Premier Vet Alliance which incorporates our preventative healthcare plan (Pet Care Plan) and a veterinary buying group.”

The company said the number of pets on the Pet Care Plan more than doubled to 82,000, adding that strong growth has continued since the year end and there are currently more than 100,000 pets benefiting from the plan.

In November 2014, the company, which used to go by the name of Ark Therapeutics Group, announced that it had agreed to buy Premier Veterinary.

At 1430 GMT, Premier Veterinary shares were down 2.2% to 146.68p.