Gold Coast listed company National Veterinary Care buys another four clinics for $7 million

LISTED Gold Coast company National Veterinary Care has continued its spending spree, agreeing to buy another four vet clinics.

LISTED Gold Coast company National Veterinary Care has continued its spending spree, splashing $7 million to buy another four vet clinics.

In a statement to the ASX this morning, the company said the acquisitions were expected to settle by the end of January and were 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 last financial year — 41 per cent higher than FY17.

SUBSCRIBE TO THE BULLETIN AND GET A FITBIT

National Veterinary Care owns and operates veterinary clinics in Australia and New Zealand.. Managing Director Tomas Steenackers with Chevy at a Yatala clinic. Picture Glenn Hampson

Managing director Tomas Steenackers said the four new clinics were strong performers that would complement the group’s existing portfolio, including Pet Doctors Group, which saw them 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,” he said.

“One of the clinics is already on the same practice management system as NVC clinics which allows 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 these acquisitions will bring NVL’s total number of integrated veterinary services businesses to 97.

NVL shares were down 0.457 per cent to $2.18 at midday.