Veterinary services provider CVS (LON:CVSG) saw shares sink over 6 percent on Monday morning, despite announcing positive trading figures in line with expectations.
The company, who are Britain’s largest provider of veterinary services for small companion animals, said revenue and adjusted EBITDA for the recently ended financial year are anticipated to be in line with market expectations.
Group revenue for the year showed total like-for-like growth of 6.3 percent, after particularly strong growth for Animed Direct during the second half of the year. Growth in the Veterinary Practices Division was sustained at more normal levels.
The group acquired 62 surgeries being acquired during the year to June 2017, for a total of £47.4 million. The group now operates a total of 422 veterinary surgeries, an on-line dispensary, four diagnostic laboratories and seven pet crematoria.
Looking to the future, CVS said: “The Board anticipates further like-for-like growth in line with normal levels and the impact of the acquisitions made during the year ended 30 June 2017 will add significantly to the profitability of the Group. Further acquisitions and general progress across all of the Group’s divisions are expected.”
Despite the positive trading update its share price fell in early morning trading, and is currently down 5.59 percent at 1,2263.25 (0940GMT).