REG - CVS Group plc - Interim Results <Origin Href="QuoteRef">CVSG.L</Origin> - Part 2

CVSAnnouncement

31/03/2017 07:06

- Part 2: For the preceding part double click  ID:nRSe0897Ba 

Deferred consideration paid in respect of prior year acquisitions                                                  0.7           
 Total consideration paid in year - cash                                                                            11.8          
                                                                                                                                    
 
 
Adjustments relate to the patient and customer data records acquired as part
of acquisitions, goodwill on acquisitions and the deferred tax gross up of the
patient data records acquired. 
 
10.   Business combinations (continued) 
 
Business combinations subsequent to the period end 
 
Subsequent to the 31 December 2016, the Group acquired 13 surgeries. A summary
of these surgeries can be seen in the Chairman's Statement on page 3. The
provisional cash consideration for these acquisitions is approximately
£17.0m. 
 
11.   Cash generated from operations 
 
                                                31 December 2016(Unaudited) £m  31 December 2015(Unaudited) £m  Year ended  
                                                                                                                30 June     
                                                                                                                2016        
                                                                                                                (Audited)   
                                                                                                                £m          
 Profit for the period                          6.3                             3.4                             7.0         
 Add back:                                                                                                                  
 Taxation                                       1.7                             0.9                             2.1         
 Total finance costs                            1.5                             1.1                             2.7         
 Amortisation of intangible assets              7.6                             5.7                             13.7        
 Depreciation of property, plant and equipment  2.7                             2.3                             5.2         
 Share option expense                           0.8                             0.6                             1.3         
 (Increase)/decrease in working capital:                                                                                    
 Inventories                                    (0.9)                           (0.2)                           (1.6)       
 Trade and other receivables                    (0.5)                           0.7                             5.2         
 Trade and other payables                       0.1                             3.0                             (2.0)       
 Total cash flows from operating activities     19.3                            17.5                            33.6        
 
 
12.   Analysis of movement in net debt 
 
                            Restated  Cash flow  Non-cash    31 December  
                            1 July    £m         movements   2016         
                            2016                 £m          £m           
                            £m                                            
 Cash and cash equivalents  6.7       (0.2)      -           6.5          
 Borrowings - current       (0.2)     -          -           (0.2)        
 Borrowings - non-current   (99.6)    25.7       (0.4)       (74.3)       
 Net debt                   (93.1)    25.5       (0.4)       (68.0)       
 
 
Non-cash movements relate to the amortisation of issue costs on bank loans and
interest on loan notes. Cash and cash equivalents comprise cash at bank and in
hand. 
 
Management has elected to change its accounting policy in relation to the
classification of its revolving credit facility ("RCF") to reflect
management's intention in relation to repayment rather than solely the legal
form of the arrangement.  The impact of this is that the RCF has been
disclosed as a non current liability in this interim report.  This change has
also been reflected retrospectively to adjust the classification of the RCF
from current liabilities to non current liabilities in the prior periods. 
This change in accounting policy has no impact on the income statement,
earnings per share or any other key performance indicator. 
 
13.   Dividends 
 
The dividends paid in December 2016, representing the final dividend payable
for the year ended 30 June 2016, amounted to £2,113,748 (3.5p per share)
(2015: £1,795,000; 3.0p per share).

Directors and advisers 
 
Directors                                                                    R
Connell (Chairman) 
 
M McCollum (Non-Executive Director) 
 
S Innes (Chief Executive Officer) 
 
N Perrin (Finance Director) 
 
Company Secretary                                                  R Cleal 
 
Company number                                                    06312831 
 
Registered office                                                      CVS
House 
 
Owen Road 
 
Diss 
 
Norfolk 
 
IP22 4ER 
 
Auditors                                                                    
Deloitte House 
 
Station Place 
 
Cambridge 
 
CB1 2FP 
 
Bankers                                                                      
NatWest Bank Plc 
 
12 High Street 
 
Southampton 
 
SO14 2BF 
 
Royal Bank of Scotland Plc 
 
36 St Andrew Square 
 
Edinburgh 
 
EH2 2YB 
 
HSBS Bank plc 
 
8 Canada Square 
 
London 
 
EQ14 5HQ 
 
Legal advisors                                                            DLA
Piper UK LLP 
 
3 Noble Street 
 
London 
 
EC2V 7EE 
 
Registrars                                                                  
Neville Registrars Limited 
 
Neville House 
 
18 Laurel Lane 
 
Halesowen 
 
B63 3DA 
 
Nominated Adviser and Broker                             N+1 Singer 
 
One Bartholomew Lane 
 
London 
 
EC2N 2AX 
 
This information is provided by RNS
The company news service from the London Stock Exchange