TIDMPVG
RNS Number : 8633X
Premier Veterinary Group PLC
23 December 2019
Premier Veterinary Group PLC
("PVG PLC", the "Company" or the "Group")
Trading Update
London, UK, 23 December 2019 - Premier Veterinary Group PLC
(LSE: PVG) provides the following trading update in respect of its
year ended 30 September 2019.
Trading update to 30 September 2019
Expected outturn
The Group has continued to see significant growth in revenue and
a resulting decrease in its operating loss. For the financial year
ended 30 September 2019 the comparison of headline financials
(unaudited) to the previous year is as follows:
GBPm As at As at
Sep-19 Sep-18
Revenue 3.9 3.2
Operating costs (6.3) (6.7)
Operating loss (2.4) (3.5)
Loss before tax (2.9) (3.6)
Group revenue has grown by 22% in the last 12 months to GBP3.9m
primarily driven by growth in the number of fee generating pets on
plan. The growth in revenue has been delivered whilst there has
also been a reduction in costs of 6%. As a result operating losses
have been reduced by 31% to GBP2.4 million (30 September 2018:
GBP3.5 million).
Growth in Pets on plan
The Group's recurring revenue streams are driven by the number
of pets that are signed up to Premier Pet Care Plan ("PPCP"), a
preventative healthcare programme for pets. The number of revenue
generating pets on active plans as at the end of the financial
year, and at the end of the previous year was as follows:
000's As at As at
Sep-19 Sep-18
United Kingdom 240 193
Europe 52 42
US 19 9
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Total 311 244
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The number of revenue generating pets on plan at the end of
September 2019 had increased by 27% to 311,000 (30 September 2018:
244,000).
There has been significant growth in the number of pets on plan
across all geographic regions. In the UK, numbers increased by 24%
to 240,000 as at 30 September 2019 (30 September 2018:
193,000).
In the US, the number of pets on plan more than doubled to
19,000 as at 30 September 2018 (30 September 2018: 9,000).
In Europe, the number of pets on plan in Europe increased by 24%
to 52,000 (30 September 2019: 42,000).
Our continued long-term investment in our operating platform
both in terms of technology and high quality people has established
a best-in-class global multi-currency platform which delivers
strong user functionality and has enabled the Group to grow pets on
plan by 65% over the last 2 years whilst also reducing absolute
operating costs.
Outlook
The Group expects our platform to continue to provide efficient
growth in the coming years and as a result the UK, US and
Netherlands regions, and subsequently the whole Group is expected
to become profitable at operating profit level on a monthly basis
during the course of the current financial year.
Financing
PVG are in negotiations with Bybrook Finance Solutions Limited
(a company of which Rajan Uppal, a director of PVG, is the sole
director and Shareholder) to extend the repayment date of the
existing loan of GBP3.85m which is due for repayment on 25 January
2021, to roll up the monthly interest and to provide a further
facility of up to GBP1m which is expected to provide sufficient
working capital for PVG for the foreseeable future.
Notice of Results
The Group will release its results for the year ended 30
September 2019 on 31 January 2020.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Andy Paull, Chief Financial Officer
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Note to Editors:
PVG's services to third party veterinary practices, through its
wholly owned subsidiary, Premier Vet Alliance Limited ("PVA"),
include the administration and support of a preventative healthcare
programme for pets branded "Premier Pet Care Plan" ("PPCP"). In the
US, PPCP is marketed through the Company's wholly owned subsidiary,
Premier Vet Alliance (US) Limited.
PPCP is a structured, preventative healthcare programme for
cats, dogs and rabbits and is available only through veterinary
practices. The programme is seen as a way of providing gold
standard care for pets at an affordable price for the client, by
way of fixed monthly payments.
PPCP uses a clinical approach to prevention, as this is the most
effective method of ensuring illnesses are diagnosed more quickly
and not given a chance to advance. What truly sets PPCP apart is
its unique approach of offering an end-to-end solution and support
to the practice, which has been proven to work extremely well. PVA
works alongside practices to create a tailor-made, cost-effective
service for clients, one that delivers excellent care to their
patients and significantly improves practice performance.
For further details: http://www.premiervetalliance.co.uk/
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by,
followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims",
"intends", "will", "can", "may", "anticipates", "would", "should",
"could" or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result
of these factors, readers are cautioned not to rely on any
forward-looking statement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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December 23, 2019 08:01 ET (13:01 GMT)
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