Greencross' Fiscal 2018 Was Soft Although Outlook Improving and Integrated Model Starting to Deliver
No-moat-rated Greencross' fiscal 2018 underlying EBITDA fell by 6% to AUD 98 million, albeit in line with our expectations, and the recent guidance. The main driver of the earnings decline was weakness in the Australian stand-alone veterinary and emergency clinics, although we are pleased the performance stabilised in the fourth quarter of fiscal 2018 and is now showing signs of improvement. Underlying net profit declined by 14% to AUD 37 million, slightly behind our estimates reflecting higher ...Greencross is a pet care company providing veterinary services. Co. provides a network of retail stores, veterinary clinics, grooming salons and dog-wash facilities across Australia and New Zealand. As of June 30 2016, Co. had over 220 stores operating under the brands Petbarn and City Farmers and over 150 clinics including general practices, specialty and emergency centres. Co. also provides a range of additional pet care services such as crematoria, pet adoption, puppy behavioral training, pet insurance and pet hotels. In addition to selling pet food and accessories via its store and clinic network, Co. also has an online business serving the Australian and New Zealand pet care market.
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