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Investing.com -- Shares of CVS Group traded about 1% lower on Thursday following the company’s first-half earnings report which revealed a slight revenue shortfall against consensus expectations, but in-line EBITDA figures.
The veterinary services provider reported a first-half revenue of £341.8 million, marking a 1% rise compared to the same period last year, although it fell short by approximately 1% against market consensus and RBC estimates.
CVS has continued its acquisition strategy, particularly focusing on the Australian market, with two new acquisitions adding to the three completed in November.
This strategic decision brings the total investment to £23 million. The company’s balance sheet shows a net debt to EBITDA ratio of 1.66x at the period’s end, with a forecast to decrease to 1.2x by the end of June.
CVS added that it is increasing its investment in growth in Australia, where there is greater stability and certainty in the regulatory environment around the sector.
"In light of the uncertainty in the UK due to the ongoing CMA Market Investigation, the Group continues to be more selective about investment in the UK, with very disciplined capital investment in facilities, equipment and IT and no UK acquisitions," it said on Thursday.
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