CVS, one of the UK s leading providers of integrated veterinary services, gives the following update on trading covering the six months ended 31 December 2020 ( H1 2021 ). Financial data is stated in accordance with IFRS, except where otherwise indicated.
Summary · Strong H1 2021 financial performance with total sales growing by 9.4% to £245.6m (H1 2020: £224.5m) and like-for-like ( LFL ) sales
1 increased by 7.8% (H1 2020: 8.4%), reflecting continued momentum across all divisions and recognition of HPC revenue · Adjusted EBITDA margin improved from 16.9% in H1 2020 to 18.4% in H1 2021 (pre-IFRS 16 from 13.4% to 15.2%) · Vet vacancy rates stable at 7.4% (H1 2020: 7.8%) · Positive trading performance, coupled with continued strong cash generation, has led to a reduction in net bank borrowings