CVS Group (AIM:CVSG) – nice update from UK’s largest veterinary group
The highly acquisitive AIM quoted veterinary group has announced in the four month period ending 31 October 2014 that like-for-like sales grew by 8.7% compared to the same period last year.
In addition to operating improvements the mild autumn weather and continuing improvement in general economic conditions helped boost the numbers. The Group made six further acquisitions of 10 small animal surgeries since 30 June 2014 bringing the total number of surgeries to 272 with the aggregate historical annualised turnover of the acquired businesses approximately £4.5m generating aggregate EBITDA of approximately £ 1.1m. The acquisition multiple of approx. 6x EBITDA continues to be attractive. While many AIM stocks have struggled to perform this year CVSG has really steamed ahead with the share price up over 60% pushing the valuation to quite…