StockMarketWire.com - Veterinary services provider CVS pulled its final dividend and reported flat profit as higher costs offset a climb in revenue.

For the year ended 30 June 2020, pre-tax profit was flat at £9.9 million year-on-year as revenue rose 5.2% to £427.8 million.

An increase in exceptional costs resulted from impairment of assets and provisions of £4.3m following the decision to close 33 of its smaller branch sites, representing less than 1% of overall revenue, the company said.

'Having taken advantage of government support during the COVID-19 pandemic ... the board does not intend to recommend the payment of a final dividend,' the company said.

'The pace of growth in the UK economy may be impacted by Brexit and COVID-19 uncertainty, but the veterinary sector has proven to be resilient in past periods of economic downturn and the board believes that CVS is well-positioned to withstand any potential future downturn,' it added.



At 8:51am: [LON:CVSG] Cvs Group PLC share price was +14.5p at 1184.5p



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