Full-year results landed in line with guidance, with revenue up 5.9% to £713mn. Like-for-like growth was 2.1%. Australian sales were up over 50% to £79.1mn, helped by acquisitions.
Underlying cash profit (EBITDA) rose broadly in line with sales to £142mn. Free cash flow fell slightly to £69mn.
Acquisition spending increased 48% to £45mn, contributing to a £67mn rise in net debt to £196mn. The £20mn share buyback has now been completed, and the final dividend was raised from 8.5p to 9.0p.
Like-for-like sales this year remain in positive territory, and the Group expects to meet market forecasts which currently point to sales of £747mn and underlying cash profit of £150mn.
The shares fell 5.2% in early trading.
Our view
HL view to follow.
CVS Group key facts
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