Premier Veterinary Group PLC Trading update (7984D)
May 02 2017 - 2:01AM
UK Regulatory
TIDMPVG
RNS Number : 7984D
Premier Veterinary Group PLC
02 May 2017
PREMIER VETERINARY GROUP PLC
("PVG", the "Company" or the "Group")
Trading update following disposal of PVG's Buying Group
London, UK, 02 May 2017 - Premier Veterinary Group plc (LSE:
PVG) provides the following trading update following the disposal
of its Buying Group.
The Group's recurring revenue streams are driven by the number
of pets that are signed up to Premier Pet Care Plan ("PPCP"), a
preventative healthcare programme for pets. The number of revenue
generating pets on active plans for the second quarter of its 2017
financial year, and in the preceding four quarters was as
follows:
000's As at As at As at As at As at
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
United Kingdom 107 115 121 132 137
Europe 10 14 18 21 22
US - - - 1 2
Total no of fee generating pets on plan 117 129 139 154 161
Overall, the number of pets on plan has increased by 38% over
the corresponding quarter in the previous year and 5% on a quarter
by quarter basis.
On 3(rd) March 2017 the Company provided an update on its
activities in the US conducted through its wholly owned subsidiary,
Premier Vet Alliance (US) Limited and expressed its confidence in
the prospects for the US business and an intent to significantly
increase its investment in sales, launch and business
infrastructure to take the opportunity to build market share in
future periods. This investment was to be funded by the proposed
disposal of the Groups Buying Group.
On 30 April 2017, PVG announced the agreed disposal of its
Buying Group. The additional investment in the US is being made and
the number of hospital sign ups and pets on plan continues to
increase. During this period of increased activity the Company has
identified a number of differences between the UK and US markets
necessitating a different approach to certain elements of the
provision of preventative healthcare plans in the US. Changes to
the business model have been identified and are being actioned and
as a consequence it is estimated that a further period of six
months may be required until critical mass is achieved in the
US.
Given the strong pipeline of sales, the Board of PVG remains
confident that the opportunity to access a significant segment of
the available US market still exists. The total number of dogs and
cats across the US is estimated at 70 million and 74 million
respectively (U.S. Pet Ownership & Demographics Sourcebook
2012).
Trading in the UK and Europe remain in line with
expectations.
PVG expects to release its results for the six months ended 31
March 2017 on 23 May 2017.
For further information, please contact:
Premier Veterinary Group Tel: +44 (0)117 970 4130
plc
Dominic Tonner, Chief
Executive Officer
Will Evans, Chief Financial
Officer
Note to Editors:
PVG's services to third party veterinary practices, through its
wholly-owned subsidiary, Premier Vet Alliance Limited ("PVA"),
include the administration and support of a preventative healthcare
programme for pets branded "Premier Pet Care Plan" ("PPCP"). In the
US, where veterinary practices are known as veterinary hospitals,
PPCP is marketed through the Company's wholly-owned subsidiary,
Premier Vet Alliance (US) Limited.
PPCP is a structured, preventative healthcare programme for
cats, dogs and rabbits and is available only through veterinary
practices/hospitals. The programme is seen as a way of providing
gold standard care for pets at an affordable price for the client,
by way of fixed monthly payments.
PPCP uses a clinical approach to prevention, as this is the most
effective method of ensuring illnesses are diagnosed more quickly
and not given a chance to advance. What truly sets PPCP apart is
its unique approach of offering an end-to-end solution and support
to the practice/hospital, which has been proven to work extremely
well. PVA works alongside practices/hospitals to create a
tailor-made, cost-effective service for clients, one that delivers
excellent care to their patients and significantly improves
practice/hospital performance.
For further details:
http://www.premiervetgroup.co.uk/
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by,
followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims",
"intends", "will", "can", "may", "anticipates", "would", "should",
"could" or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward- looking statements contained in this
announcement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result
of these factors readers are cautioned not to rely on any
forward-looking statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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