Coast vet group buys more clinics
LISTED Gold Coast company National Veterinary Care has continued its spending spree, splashing out $7 million to buy another four vet clinics.
In a statement to the ASX yesterday, the Ormeau-based company said the acquisitions were expected to settle by the end of January.
They are subject to due diligence, board approval and lease assignments.
“The new clinics are in existing NVL geographic clusters along the eastern seaboard,” the company said.
“The four clinics are expected to deliver annual revenue of approximately $6.5 million and an aggregate annual EBIT of approximately $1.36 million.”
NVL reported a 26 per cent boost to its revenue to $84.2 million, and a statutory net profit of $6.23 million for the past financial year – 41 per cent higher than FY17.
Managing director Tomas Steenackers said the four new clinics were strong performers that would complement the group’s existing portfolio.
The company took on the Pet Doctors Group last month, which saw them add 23 clinics and become New Zealand’s largest veterinary operation.
“The acquisitions are larger clinics and are within existing geographic clusters across Queensland, New South Wales and Victoria,” Mr Steenackers said.
“One of the clinics is already on the same practice management system as NVC clinics which enables for faster integration of other NVC systems and processes.
“We are also pleased to advise that our focus on integration of the Pet Doctors group since its acquisition in early October has resulted in the process currently tracking ahead of the initial expected 120-day integration timeframe.”
Completion of the acquisitions would bring NVL’s total number of integrated veterinary services businesses to 97.
NVL shares closed down 1¢, or less than 1 per cent, at $2.18.