Premier Veterinary Group shares (LON:PVG) soared after the company said it had completed a major US contract signing.
The company said that on an initial basis, the contract is set to introduce PVG’s preventative healthcare programme for pet to 15 of the Customer’s animal hospitals.
According to the statement, the customer operates over 140 hospitals across 25 States, signalling significant potential for PVG to reach its target market.
Following the pilot period, which is expected to last between three and six months, the contract may be extended to a 3-year term with a full roll out to all of the customer’s animal hospitals.
Dominic Tonner, Chief Executive Officer of Premier Veterinary Group, commented on the news:
“I am delighted to announce this deal which will help propel the business forward with a large and well respected US corporate consolidator. It is clear vindication and reward for the unswerving focus the team have for the business and the changes we have implemented to satisfy the US market.”
Back in June, Premier Veterinary Group said that first-half losses for the year worsened as business in the US continued to disappoint.
According to the results, Premier Veterinary Group said losses for the period came to £1.9 million. Meanwhile, revenue increased 33 percent to £1.54 million.
Following the news, Premier Veterinary Group shares rose as much as 10 percent.
