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Interim results presentation- Half year ended 31 March 2017

DISCLAIMER

For the purposes of this notice, "presentation" means this document, its contents or any part of it, any oral presentation, any question or answer session and anywritten or oral material discussed or distributed during the presentation.This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securitiesin the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relatingthereto, nor does it constitute a recommendation regarding the securities of the Company.The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. In furnishingthis presentation, the Company does not undertake or agree to any obligation to provide you with access to any additional information or to update thispresentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. You should make your own independent evaluationof the Company and should make such other investigations as you deem necessary.No representation or warranty, express or implied, is given by or on behalf of the Company its directors, officers or employees or any other person as to the accuracyor completeness of the information or opinions contained in this presentation and no liability whatsoever is accepted by the Company or any of its members,directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwisearising in connection therewith.Certain statements, beliefs and opinions in this presentation are "forward-looking statements". These statements reflect the Company's, or as appropriate, theCompany's directors' current expectations and projections about future events. Such forward-looking statements involve risks, uncertainties and other importantfactors beyond the Group’s control that could cause the actual results, performance or achievements of the Group to be materially different from future results,performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptionsregarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. Forward-looking statementscontained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.These forward-looking statements speak only as of their date and the Group and its directors, officers, employees, agents, affiliates and advisers expressly disclaimsany obligation or undertaking to supplement, amend, update or revise any of the forward-looking statements contained in this presentation to reflect any change inthe Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except where it wouldbe required to do so under applicable law. As a result of these factors, you are cautioned not to place undue reliance on such forward-looking statements.

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• 38% increase in global pets on plan to 161,000 (2015: 117,000)

• 35% increase in Group continuing revenues to £1.2m (March 2016: £0.9m)

• 16% increase in UK PPCP revenues to £0.9m (March 2016: £0.8m)

• 144% increase in PPCP overseas revenues to £0.3m (March 2016: £0.1m)

• Significant investment in expansion of overseas operations

• Co-operation agreement signed with Midwest Veterinary Supply Inc, a major veterinary distributor, in February 2017

• Loss after tax from continuing operations £2.1m (2016: £1.5m)

Highlights

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• Sale of business, trade and assets of the Premier Buying Group (“PBG”)

• £4.8m net cash proceeds from PBG sale to repay existing debt and fund international growth strategy

• Actions being implemented to address identified differences between UK and US markets

Post period events

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• PVG are creating a global market

• Sticky and diverse customer base

• Recurring revenue stream with compounding growth

• Bespoke scalable IT platform underpinning international operations

• No bad debt exposure

• An aggressive growth opportunity underpinned by cooperation agreements (Mid- West, Zoetis, MVS, VPI)

Business fundamentals

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Premier Pet Care Plan

6

What are Preventative Health Plans?

• A structured monthly payment scheme for cats, dogs and rabbits covering many of the fixed cost, non-insurable items exclusive to veterinary practices

• Delivers gold standard care to the pet at an affordable price

• Delivers for the practice, significant improvements in contracted revenue, cash flow, clients, footfall and loyalty from clients

• Revenue streams come from:• direct debit fee per pet per month plus • set up fee per new pet plus • practice set up fee plus • manufacturer support fees

Typically included in the plan would be:

• Annual booster

• 2 consultations with the Vet

• 12 months Flea/tick control

• 12 months worm control

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Benefits of the plan

• Significantly improved sales due to increased compliance• Bringing new value added business services to the practices• Brand reinforcement to new and existing clients• Improved accuracy in sales forecasting

Guaranteed monthly revenue

Improved client

retentions

Attract new clients

Improved cash flow

Costs spread evenly over 12 months

Gold standard health plan

Manufacturer/Distributor/ Wholesaler

Practice The Client

Loyalty discounts on

additional purchases

Value for money on premium products

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Global IT platform

• Modular system architecture

• Common customer portal interfaces with multiple payment processing methodologies

• Portal interface to “best in class” off-the-shelf processing systems

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Global PCP Web Portal

GoToBillingCredit Card

Gateway

WorldPay

Payment Processing Systems

Customer interface & Data capture

BACS Active

FundTech

BACS Clearing

SEPA Clearing

Denmark Clearing

Citizen Bank

3rd party platforms

£0

£1,000,000

£2,000,000

£3,000,000

£4,000,000

£5,000,000

£6,000,000

£7,000,000

£8,000,000

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

11

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

12

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

13

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

14

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

15

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

16

Q1

20

17

-

100,000

200,000

300,000

400,000

500,000

600,000

Val

ue

of

pay

me

nts

pro

cess

ed

Nu

mb

er o

f pay

men

ts p

roce

ssed

Gross cash value £ Transactions processed

Quarterly collection statistics – UK and Europe

• 483,000 transactions in Q1 2017 (equivalent to 1.9m annual transactions) – 45% increase on same quarter last year

• Customer spend of £7.0m in Q1 2017 (equivalent to £28.0m annualised spend)

• Generates sticky revenues for PVG

• 38% increase in pets on plan in last twelve months

• 164,000 fee generating pets in April 2017 with growth in all regions

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Pets on plan # of fee generating pets on plan

000s Mar - 16 Jun – 16 Sep – 16 Dec – 16 Mar-17

UK 107 115 121 132 137

Europe 10 14 18 21 22

US - - - 1 2

Total 117 129 139 154 161

Calendar Quarters

Global Clinic relationships

11

885

353

410

901

751

-

100

200

300

400

500

600

700

800

900

1,000

PVG IVC (UK) CVS (UK) Banfield (US) VCA (US)

NO

. OF

CLI

NIC

S

Global Clinic Relationships (31 March 2017) • Despite disposal of Buying Group, PVG still maintains number of relationships with clinics in line with other significant industry players

• Important influence when negotiating with pharmaceutical manufacturers and wholesalers/distributors

Diverse customer base

• Total of 385 contracts with practices throughout UK, Europe and US*

• Group has limited exposure to large corporate veterinary practices – reducing risk of revenue fluctuation from corporate acquisition activity

• Only Medivet, the Group’s largest customer practice, has over 10,000 pets on plan

• Vast majority of practices have less than 1,000 pets on plan

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*Practices represent the contractual relationship. One practice may have multiple clinics

0

50

100

150

200

250

300

Less than 250 Between 250 and 500 Between 500 and 1000 Between 1000 and2000

Between 2000 and5000

Between 5000 and10000

Greater than 10000

Nu

mb

er

of P

ract

ice

s

Number of Active Plans

UK Europe US

Market opportunities

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Market data UK Neth Germany France Denmark USA

Population 64m 17m 81m 66m 5.5m 319m

Households 26m 7.4m 41m 26m 2.6m 123m

Dog population 8.5m 1.6m 5.3m 7.4m 0.6 70m

Dog ownership households 24% 19% 13% 21% 21% 36%

Cat population 8.5m 2.6m 8.2m 11.4m 0.5m 74m

Cat owner households 19% 26% 16% 27% 18% 30%

New clinic addressable market - UK

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7%

9% 1%

8%

1%

3%

7%64%

UK Market Share/Opportunity

IVC

CVS

Goddards

Vets4Pets

Best Friends

Medivet Pet Care Plan

PVA Pet Care Plan

Market Opportunity

• UK market for PPCP is better established than in US and Europe

• PPCP does not just serve independent sector - Medivet and Best Friends both use PPCP

• A substantial market opportunity remains

Total small animal clinics – c4,800

Addressable market analysis – Europe

• PPCP established 12% market share in Netherlands

• Exploring French, German and Danish market opportunities

• French market has closer attributes to UK with distributors and buying groups which may facilitate growth

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12%

88%

Netherlands Market Share/Opportunity

PVA Pet Care Plan

Market Opportunity

14%

86%

Germany Market Opportunity

Pet Care Plan primary targets

Remaining market opportunity

18%

82%

France Market Opportunity

Pet Care Plan primary targets

Remaining market opportunity

46%54%

Denmark Market Opportunity

Pet Care Plan primary targets

Remaining market opportunity

Addressable market analysis – the USA

• 3rd cooperation agreement signed in the region with Midwest Veterinary supplies.

• Midwest has over 12,000 client hospitals across 35 states

• Midwest deal expands PVG beyond South Eastern states to Mid West and California.

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3%

3%

94%

USA Market Opportunity

Banfield VCA Market opportunity

Total small animal clinics –c26,500 (UK c4,800)

• Contracts signed in highlighted states

• Contracts signed with 101 hospitals with 228 FTVE.

• Launched 60 hospitals with 129 FTVE

• Headcount of 17 now working in US operation

Financials

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Profit and Loss - revenues

• Strong revenue growth in all territories

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• Run rate revenues are measured by annualising the latest month’s revenue

• Run rate PPCP revenues of £2.6m based on annualising March 2017

- an increase of 36% of annualised revenues at March 2016

Period ended 31 March 2017 Revenues

£000s 2017 2016 % change

PPCP – UK 887 762 16%

PPCP – Europe 221 97 128%

PPCP – US 49 0 N/A

Total - continuing operation 1,157 859 35%

12 month extrapolated run rate March March

£000s 2017 2016

PPCP – UK 1,836 1620

PPCP – Europe 600 294

PPCP – US 168 -

Total - continuing operation 2,604 1,914

Profit and Loss – profits and EBITDA

• Significant people and operating cost investment in both Europe (£0.3m) and US (£0.8m) increasing operating loss

• Investment in IT development and finance team in UK to support expansion and development requirements

• Finance expense reduced following repayment of debt after veterinary practices business disposal

• Profit on discontinued operation in 2017 represents trading profit of Buying Group for first 6 months of financial year

• Anticipated net profit on disposal after tax of £4.7m which will be accounted for in 2nd half 2017

• 6 months to March 2016 includes £163k pre-disposal trading and £4,091k profit on disposal relating to veterinary practices business

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Period ended 31 March 2017 Profits

£000s 2017 2016%

change

PPCP – UK 246 160 54%

PPCP - Europe (502) (247) 103%

PPCP – US (889) (102) (772)%

Total - continuing operations operating profit (1,145) (189)

Central unallocated costs (857) (1,064)

Operating profit (2,002) (1,253)

Finance expense (67) (205)

Loss before and after tax from continuing operations (2,069) (1,458)

Profit on discontinued operations 321 4,644

Profit/(loss) attributable to equity holders (1,748) 3,186

EBITDA before central costs (1,084) (158)

EBITDA after central costs (1,941) (1,222)

Balance sheet

• Trade and other receivables reduced following receipt of escrow money from sales of veterinary practices business

• Net liabilities resulting from losses arising from overseas investment

• No bad debt

• Sale of Buying Group post period end will strengthen balance sheet position with £4.8m net proceeds

• Part of proceeds will be used to repay loan notes

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Period ended 31 March 2017

£000s 2017 2016

Non-current assets 401 146

Trade and other receivables 708 1,678

Trade and other payables (705) (597)

Net working capital 3 1,081

Cash 711 1,566

Debt (1,250) -

Net cash/(debt) (539) 1,566

Net assets held for resale 83 106

Deferred tax (10) (10)

Net assets (62) 2,889

Cash flow

• Significant investment in international expansion impacting EBITDA

• Ongoing capital investment in IT around £250k per annum

• Net disposal proceeds in H1 2017 and H1 2016 relate to veterinary practices business

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Period ended 31 March 2017

£000s 2017 2016

£'000 £'000

EBITDA after central costs (1,941) (1,222)

Net working capital movement (146) (388)

Investment in IT and equipment (137) (22)

Interest on loans and finance leases (67) (64)

Free cash flow (2,291) (1,696)

Net disposal proceeds 1,000 5,197

Discontinued activities 350 272

Issue of share capital 48 -

Movement in net cash/(debt) (893) 3,773

Opening net debt 354 (2,207)

Closing net debt (539) 1,566

Net debt made up of;

Cash 711 1,566

Debt (1,250) -

(539) 1,566

• PVG are creating a global market

• Sticky and diverse customer base

• Recurring revenue stream with compounding growth

• Bespoke scalable IT platform underpinning international operations

• No bad debt exposure

• An aggressive growth opportunity underpinned by cooperation agreements (Mid- West, Zoetis, MVS, VPI)

Business fundamentals

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Appendix

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PCP 100% compliance, higher sales

• Assuming 150,000 pets on plan

• Compliance for non PCP pets is approximately:

• 1.2 wormers per annum (full compliance 4)

• 3.9 flea/tick pipettes per annum (full compliance 12)

• 213% increase in product sales for every pet on plan

• PCP compliance rates are a clear benefit to wholesalers and manufacturers as well as ensuring best care for pets

180,000

585,000600,000

1,800,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Worming products Flea products

No. of products

Annual Product Sales (based on 150,000 pets on plan)

Normal PCP (full compliance)

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Loyal customer base – practices

• Over last 5 years 159 practices joined PPCP (each with multiple clinics), only 8 practices have left (excluding consolidation activity)

• Once the practice has joined this gives long term access to increase the number of Pets on plan for that practice

• Pet “churn” is low at long run rate of ~1.8% (detail in Appendix)

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Customer retention analysis

Leavers since PPCP start up *

2011 2012 2013 2014 2015 2016

Number of practices left in the year

- - - 3 2 3

% of total practices N/A N/A N/A 2.7% 1.4% 1.8%

* Excludes practices leaving following acquisition

Loyal customer base – practices and pet owners

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0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

No

v-1

2

Feb

-13

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

Ave

rage

mo

nth

ly a

trri

tio

n (

%)

Month pet first came on plan

Attrition - monthly contract cancellation percentage

• Graph shows average monthly attrition for pets that came on plan in that month

• Monthly churn of Pets on plan 1.8% -reflects a significant number of “Put to Sleep” animals

• Once established churn is very low. In first three months, churn is higher due to “cooling off” period. This is not shown as distorts long term analysis.

Thank you for your time

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