The CVS Board is recommending a continuation of their progressive dividend policy, with the payment of a final dividend of 7.5p per Ordinary share (2022: 7.0p). The ex-dividend date is 2 November 2023 and the dividend payment date is 8 December 2023.
Other financial highlights include:
Revenue increased by 9.8%, to £608.3m (2022: £554.2m), with Group like-for-like sales growth of 7.3% in line with the Group's stated organic revenue growth target of between 4% and 8%, reflecting continued demand for the Group's high-quality clinical care
Adjusted EBITDA growth of 13.0%, to £121.4m (2022: £107.4m), underpinned by strong revenue performance and the continued investment in their facilities, equipment, technology and colleagues in addition to the recognition of research and development expenditure tax credit
Profit before tax increased by 49.7%, to £53.9m (2022: £36.0m) benefitting from the increase in adjusted EBITDA partially offset by an increase in finance expense, depreciation and costs relating to business combinations. The prior year was impacted by the one-off impairment of investment relating to the acquisition of Quality Pet Care Ltd
Leverage increased to 0.73x (2022: 0.40x) as a result of the above investment and acquisitions
Operating cash conversion improved 4.9ppts to 70.0%
