Vet and pet shop chain Greencross has lifted first half profit sevenfold to $18.7 million and reiterated its opposition to a $770 million takeover offer.
The huge improvement on the 2015 first half's $2.6 million came on the back of an 18 per cent increase in revenue to $362.7 million, driven by a 5.1 per cent boost to like-for-like sales and the addition of 28 new stores and clinics.
Greencross, which has rejected a takeover bid from a consortium of private equity players and former chief executive Jeff David, paid a fully franked interim dividend of 9.0 cents per share.
"GXL's first half performance validates the board's view of the long-term future value of the company and endorses the board's response to recent opportunistic approaches which fundamentally undervalued Greencross," chief executive Martin Nicholas said.
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