VET CARE PROVIDER HAS MORE BOXES TO TICK
ORMEAU-BASED National Veterinary Care has ticked off two major accomplishments this past year by becoming the biggest pet health company in both Australia and New Zealand, and hopes to reach a third in the next 12 months.
The Tomas Steenackersled company held its AGM yesterday in Brisbane where it revealed like-for-like growth across its network of clinics reached 2.46 per cent for the 12 months to September.
The past financial year saw the year revenue grow 43.6 per cent to $118.4 million and net profit soar 28.9 per cent to $8 million.
NVL acquired the Pet Doctors Group in New Zealand, becoming the largest veterinary services provider across the Tasman (excluding large animals).
When private equity group TPG Capital bought out Greencross earlier this year, NVL became the largest listed veterinary services provider in Australia.
Mr Steenackers said he saw this year being one of consolidation for the company, which has 103 businesses across New Zealand and Australia.
“It has been a really good year last year but a pretty intense one,” he said.
“So I think it’s important to consolidate. We will go back to the old rhythm of 10 to 12 acquisitions a year.
“We have done four so far so you can see in the AGM the four we have done generate pretty high margins so it is going to help grow the business.”
He said a key focus during this financial year was on becoming the employer of choice for the veterinary industry.
Mr Steenackers said he wanted new graduates, which currently make up a small percentage of the company’s clinic workforce, to understand the benefits of working at NVL.
“Often in the vet industry the salary is not the thing that will convince you to work for a company – it is all the other benefits and training that will help your career,” he said. Shares closed up 1.7 per cent at $2.34.