Greencross shares rise

SHARES in Greencross have jumped after the vet care and pet services group showed a halving of statutory profit but an improved comparable sales performance.

Greencross’s net profit for the year to July 1 was down 50.9 per cent to $20.66 million due to a previously flagged $22.8 million in impairments.

Revenue was up 7.5 per cent to $878.7 million, with the company showing 4.9 per cent like-for-like sales growth for the year. Greencross managing director Simon Hickey said 2017-18 had been “a year of substantial change”.

Greencross said dog food sales rose 9 per cent, while cat food sales increased 8 per cent and its gross margin across the retail operations was 47.9 per cent.

The company announced a final dividend down 42 per cent to 5.5c, fully franked.