TIDMPVG
RNS Number : 0517U
Premier Veterinary Group PLC
27 March 2019
PREMIER VETERINARY GROUP PLC
("PVG", the "Company" or the "Group")
AGM Update
London, UK, 27 March 2019 - Premier Veterinary Group plc (LSE:
PVG) provides the following update in advance of its Annual General
Meeting being held at the offices of Stephenson Harwood LLP, 1
Finsbury Circus, London EC2M 7SH on 27 March 2019 at 11.00 am. All
references in this statement refer to the continuing operations of
the business.
Growth in Pets on plan
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 first half of its 2019
financial year, and in the preceding four quarters was as
follows:
000's As at As at As at As at As at
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19
United Kingdom 171 181 193 206 214
Europe 35 38 42 45 47
US 6 7 9 11 14
------- ------- ------- ------- -------
Total no. of fee generating
pets on plan 212 226 244 262 275
The number of revenue generating pets on plan at the end of
March 2019 has increased by 30% in the last 12 months to 275,000
(March 2018: 212,000).
Overview of PPCP developments in each region
US
The number of pets on plan increased to 14,000 as at 31 March
2019 (31 March 2018: 6,000). We have begun the 6-month launch of
PPCP across the PetVet Care Centers LLC (PVCC) hospital estate and
will then move into their newly acquired clinics. We are seeing
strong performance in the 32 clinics launched as of mid-March.
The US remains a significant growth opportunity and the business
is focussed on delivering success in that market. The PVCC
relationship and progress gives us encouragement that our plans for
FY19 and beyond are achievable.
United Kingdom
In the United Kingdom, the number of pets on PPCP has grown by
25% to 214,000 (31 March 2018: 171,000). The UK PPCP business is
well established, cash generative and continues to see
opportunities for growth from its existing customer base and new
customer opportunities.
Europe
In Europe, the number of pets on PPCP at 31 March 2019 has grown
by 34% to 47,000 (31 March 2018: 35,000).
The Group's most significant territory in Europe is the
Netherlands which remains on course to become profitable in the
financial year ending 30 September 2019. The number of pets on plan
has grown by 29% to 36,000 as at 31 March 2019 (31 March 2018:
28,000).
In France, at 31 March 2019, there were 10,000 pets on plan (31
March 2018: 4,000). The agreement with MSD Animal Health (a wholly
owned subsidiary of Merck & Co., Inc.), who are the second
largest global manufacturer serving this market, was extended in
February 2019 and will continue to support the planned growth in
the territory. This agreement involves their representatives
identifying and supporting practices who are interested in
launching the Group's plans.
Financing
The Group entered into a secured loan of GBP3.85m with Bybrook
Finance Solutions Limited (BFSL) a company of which Rajan Uppal, a
director of PVG, is the sole director and shareholder as announced
on 29 January 2019. The loan is repayable on 25 April 2019 with an
option for PVG to extend the repayment date to 25 January 2021 by
issuing warrants.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive
Officer
Andy Paull, Chief Financial
Officer
Note to Editors:
PVG's services to third party veterinary clinics, 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 clinics 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
clinics/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 clinic/hospital, which has been proven to work extremely
well. PVA works alongside clinics/hospitals to create a
tailor-made, cost-effective service for clients, one that delivers
excellent care to their patients and significantly improves
clinic/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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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