10/01/2008
Expansionist CVS Group will double veterinary diagnostic laboratory services income after paying £4 million for specialist concern Axiom Lab.
Steered by entrepreneurial chief executive Simon Innes, CVS is paying cash for Axiom Lab, which provides services for third-party veterinary practices and last year earned £700,000 before interest, tax, depreciation and amortisation on £4.5 million turnover. Axiom 's owner Peter Webb is to stay on as head of Axiom within the expanded CVS, which has already made several smaller acquisitions since its AIM float in October.
Innes argues Axiom's 'biochemistry specialisation provides the perfect complement to our existing diagnostic services'. Already one of the UK's leading veterinary service providers, CVS, which made £2.3 million pre-tax in the year to last June, hopes to advance both organically and by acquisition in a market seen to offer resilient growth prospects and encouraging consolidation opportunities.
CVS, one of Growth Company Investor's New Year recommendations, was floated by broker Panmure Gordon with a hefty £92.7 million placing at 205p. The shares have since hit 260p before slipping to 237.5p, where the company is valued at £122.5 million.
Hold on.
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