National Veterinary Care (ASX:NVL) reported its first annual result since its August 2015 IPO and pleasingly managed to exceed prospectus forecasts. In the first 12 months of its listed life, NVL has acquired 44 vet clinics and expects to settle a further six by the end of October 2016. The NVL board and management team are keenly focused on quality acquisitions (in established regional clusters) and are highly disciplined on the price they pay for acquired clinics. As well as its clinics, NVL operates Australia’s only post graduate (professional) vet training academy facility, which is available for use by third parties and a management services and procurement business, which not only drives efficiencies in its wholly owned clinics, but also for the many independent practices with which NVL contracts. NVL has a solid pipeline of acquisition opportunities, a well-regarded management team and is poised for strong growth over the medium to long term. (VIEW LINK)
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