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Greencross acquires more Queensland vet clinics  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 19/11/2012

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Teddy the Maltese Poodle.
(MENAFN - ProactiveInvestors - Australia) Greencross (ASX: GXL) has acquired three veterinary businesses on the Gold Coast in Queensland in a move that shows the company's appetite for market share growth remains a priority.

Greencross now holds 86 practices around Australia.

Consideration combined will be just over 1.4 million, with the practices expected to deliver annualised revenue and EBIT of 2.70 million and 0.350 million respectively. Both vendors have entered into a Business Associate employment agreement of 5 years with Greencross.

The important factor is that the acquisitions are expected to be earnings per share accretive in the 2013 fiscal year.

Just last month Greencross said that it will continue to target a minimum of twelve new clinic acquisitions per year, which will be funded through the use of free cash and the remaining stand-by debt funding facility with the Commonwealth Bank (ASX: CBA).


Market share on the rise

Following the conclusion of these deals, Greencross will increase its market share in Queensland to 9%, with the total Australian market growing to 3.6%.


FY12 highlights

- Revenue for the group was 82.603 million, up 34.9% on the prior reported period;
- EBITDA was 11.236 million, up 35.7% on the prior reported period;
- Net Profit after Tax (NPAT) was 4.859 million, up 40.6%; and
- Earnings per Share was 0.1578 per share, up 30%.

Greencross made 24 acquisitions during the year and since the year-end. In addition, Greencross increased its stake in the Animal Emergency Centre Pty Ltd (the owner of the Animal Emergency Centres in Frankston, Hallam and Mt Waverley Victoria) from 59% to 75.3%.

Greencross has also set up its own veterinary pathology business. The business currently operates a veterinary pathology lab in Melbourne, with a second lab due to be opened in Brisbane in January 2013. The new labs will operate under the brand Vepa Labs.

 






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