CVS Group sees jump in sales and profits

Veterinary services firm CVS Group has reported a 20% increase in profit for the year ended 30 June.

Operating profit came in at £11.8m compared to £9.8m last year.

Like-for-like sales expanded 4.8%, slowing from the 6.8% growth in the preceding year, while revenue jumped 30% to £218.1m.

"I am delighted to report an outstanding performance by CVS with a record year for revenue and operating profits across the group," CVS chairman Richard Connell said in a statement.

He added that the firm was poised for further growth following the acquisition of 67 surgeries, three crematoria and two other businesses this year.

"In total these businesses are expected to generate revenue of approximately £50m per annum," Connell said.

"The group's exposure to the potential impacts of Brexit appears to be limited and, whilst the referendum vote to leave the EU creates some uncertainty for the pace of growth in the UK economy over the next couple of years, the board believes that the characteristics of our business make it relatively resilient," he added.