StockMarketWire.com - Veterinary services provider CVS said profit increased thanks to a rise in revenue, but added it had shuttered half of its small animal practices following the Covid-19 outbreak. 'Whilst the full impact of the Covid-19 impact is unknown, the new RCVS/BVA guidance is resulting in a significant reduction in both small animal billable visits and revenue,' the company said. 'In light of this we are taking actions to temporarily close half of our small animal practices during the government lock down period with these closures representing approximately one third of our capacity in this area of operation,' it added. For the six months ended 31 December 2019, pre-tax profit rose to £6.7m from £1.6m on-year as revenue rose 15% to £224.5m.

Central administration costs were £5.4m (2018: £4.9m). Expressed as a percentage of Group revenue, these costs decreased to 2.4% (2018: 2.5%).

Employment costs as a percentage of sales fell to 51.0% from 51.6%, amid improved clinical staff retention rates, with vet vacancy rates down to 7.8% from 8.8%.

At 9:55am: [LON:CVSG] Cvs Group PLC share price was -101.75p at 752.25p



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