TIDMPVG
RNS Number : 8763T
Premier Veterinary Group PLC
18 October 2017
PREMIER VETERINARY GROUP PLC
("PVG", the "Company" or the "Group")
Further re Trading update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
London, UK, 18 October 2017 - Premier Veterinary Group plc (LSE:
PVG) provides the following update on trading, following its
previous update on 22 September 2017.
Update on US
The Board is pleased to announce that it has signed a further
cooperation agreement with The Veterinary Cooperative ('TVC'). TVC
is a Group Purchasing Organisation with over 3,000 member
clinics.
The Board has decided to focus the Group's US resources in the
mid-west and south-eastern states, where it has its largest
presence, until such time that the changes the Group is
implementing to improve sign up rates take effect and are
sustained. The business will continue to service existing customers
in all regions. The decision to focus the Group's resources will be
reflected in a lower and slower growing cost base than previously
envisaged.
Financing
As at 30 September 2017, the Group had in excess of GBP3 million
of cash. Additional funds may be required towards the end of the
current financial year. The Board is exploring a number of funding
options and the directors are confident of being able to raise any
additional finance required.
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 for the fourth quarter of its 2017
financial year, and in the preceding four quarters was as
follows:
000's As at As at As at As at As at
Sept-16 Dec-16 Mar-17 Jun-17 Sept-17
United Kingdom 121 132 137 145 156
Europe 18 21 22 25 28
US - 1 2 3 4
-------- ------- ------- ------- --------
Total no. of fee generating pets on plan 139 154 161 173 188
The number of revenue generating pets on plan at the end of the
financial year represents growth of 35% for the year.
In the United Kingdom, the number of pets on PPCP has grown by
29% on last year. The UK PPCP business is well established, cash
generative and continues to see opportunities for growth from its
existing customer base and new customer opportunities.
In Europe, the number of pets on PPCP at 30 September 2017 has
grown by 56% on last year. Our most significant territory in Europe
is the Netherlands. PPCP is branded as Huisdieren Zorg Plan ("HZP")
in the Netherlands. The number of pets on HZP has grown by 46% in
the last year to 24,000 pets on PPCP at 30 September 2017. HZP is
expected to become profitable in the financial year ending 30
September 2018.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Will Evans, Chief Financial Officer
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, where veterinary practices are known as veterinary hospitals,
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/hospitals. 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/hospital, which has been
proven to work extremely well. PVA works alongside
practices/hospitals to create a tailor-made, cost-effective service
for clients, one that delivers excellent care to their patients and
significantly improves practice/hospital performance.
For further details:
http://www.premiervetgroup.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 company news service from the London Stock Exchange
END
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