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Full year results presentationYear ended 30 September 2017

DisclaimerFor 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 any written 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 securities in 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 relating thereto, 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 furnishing this presentation, the Company does not undertake or agree to any obligation to provide you with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. You should make your own independent evaluation of 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 accuracy or 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 otherwise arising in connection therewith.Certain statements, beliefs and opinions in this presentation are "forward-looking statements". These statements reflect the Company's, or as appropriate, the Company's directors' current expectations and projections about future events. Such forward-looking statements involve risks, uncertainties and other important factors 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 assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. Forward-looking statements contained 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 disclaims any obligation or undertaking to supplement, amend, update or revise any of the forward-looking statements contained in this presentation to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except where it would be 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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Highlights

• 35% increase in global pets on plan to 188,000 (2016: 139,000)

• 36% increase in Group continuing revenues to £2.53m (2016: £1.87m)

• 50% increase in contracted clinics now totalling 1,084 in UK, Europe and US

• 29% increase in the number of pets on plan in the UK to 156,000 (2016: 121,000)

• £5.9m net cash proceeds after transaction costs from sale of the Premier Buying Group

• £3.2m of cash at 30 September 2017 (2016: net cash of £0.4m)

• US challenges being addressed

Post Balance sheet highlight

• £1.5m committed funding facility agreed - provides security of funding and flexibility to consider alternative sources of funding.

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• Sticky and diverse customer base

• Recurring revenue stream with compound growth

• Bespoke scalable IT platform underpinning international operations

• No bad debt exposure

• Growth opportunity underpinned by cooperation agreements (Mid- West, Zoetis, MVS, VPI, PSI, TVC, MSD France)

Business Fundamentals

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Premier Pet Care Plan

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What are Preventative Health Plans?

Revenue streams come from:• transaction fee per pet per month (Direct Debit,

SEPA, Credit card), plus • set up fee per new pet plus • practice set up fee plus • manufacturer support fees

• Our service includes:• Plan pricing• Plan design• Training and process integration• Marketing• Ongoing support and training• Global IT platform and transaction processing

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Benefits of the Plan

All parties stand to benefit:• Veterinary Clinics• Distribution• Pet Owners• Manufacturers

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Strategy

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Global IT Platform

• Continued investment in Global IT platform - £196k capex in FY 2017

• FY 2017 achievements:• Rollout of portal throughout UK

and Europe improving customer experience

• Additional functionality to support US

• Ongoing investment• Ongoing improvements in

resilience and security• Enhanced collection methods• Client reporting

Global PCP Web Portal

GoToBillingCredit Card

Gateway

WorldPay

Payment Processing Systems

Customer interface & Data capture

BACS Active

Finastra

BACS Clearing

SEPA Clearing

NETS Clearing

Citizen Bank

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UK

Total small animal clinics in UK – c4,800Source: independent market research, company investor presentations

• UK market continues to present opportunities for growth

• 29% annual increase in pets on plan to 156,000 at September 2017

• 18% growth in clinics operating PPCP

• PPCP serves both independent and corporate customers

IVC9%

CVS9%

Linnaeus1%

Vets4Pets9%

Vetpartners4%

Medivet 3%

Independent PVA Pet Care Plan Clinics

8%

PPCP - Market Opportunity

57%

UK Market Share/Opportunity

Current PVAPPCP

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Europe - Netherlands

• 190 contracted clinics at 30 September 2017• Represents approximately 19% market

share

• 46% annual growth in pets on plan to 24,000 at September 2017

• Acquired customer base of competitor in Netherlands

• Customer base being transitioned over coming months

• Expected to become profitable during FY2018

19%

81%

Netherlands Market Share/Opportunity

PVA Pet Care Plan

Market Opportunity

Rayonsaantal EGG's

North (46)

Middle (37)

South (46)

Estimated small animal clinics – c1,000Source: KNMvD: Koninklijke NederlandseMaatschappijvoor Diergeneeskunde (Royal Veterinary Association of the Netherlands)

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Europe - France

• 50 clinics signed up to PPCP during this year (see map)

• 33 clinics launched at 30 September 2017

• Over 1,000 pets on plan• Initial sign up rates are encouraging

• Cooperation agreement with MSD Animal Health producing leads

• Cooperation agreement with Clubvet, one of France’s largest buying groups

• Territory showing early promise

17%

82%

1%

France Market Opportunity

Pet Care Plan primary targets

Remaining market opportunity

Contracted clinics

Estimated small animal clinics – c6,000Source: l’Ordre national des veterinaires” ( National Register of Veterinarians)

Location of contracted clinics

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USA

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

• Registered in 22 states (highlighted)

• Business focussed in South-Eastern and Mid-West States

• Recent cooperation agreements signed with:• Purchases Services Holdings (“PSI”) – Group purchasing

organisation with over 4,000 members• The Veterinary Cooperative (“TVC”) – Group purchasing

organisation with over 3,000 members

• 198 clinics signed contracts to launch PPCP at 30 September 2017

• 92 clinics launched at 30 September 2017

• 4,000 pets on plan

• US challenges being addressed. Focussed on:• Improving sign up rates• Reducing cancellations• Increasing average clinic size• Leveraging partnership agreements

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Key Performance Indicators

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Global quarterly collection statistics• 553,000 transactions in Q3 2017

(equivalent to 2.2m annual transactions) – 38% increase on same quarter last year

• Customer spend of £8.25m in Q3 2017 (equivalent to £33.0m annualised spend)

• Generates sticky revenues for PVG

• 35% increase in pets on plan in last twelve months

• 188,000 fee generating pets in September 2017 with growth in all regions

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

UK 121 132 137 145 156

Europe 18 21 22 25 28

US - 1 2 3 4

Total 139 154 161 173 188

# fee generating pets on plan

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Global clinic relationships

• In total PVG now has 1,084 clinics contracted to PPCP

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

440 432 438

1000

750

575

198

311

0

200

400

600

800

1000

1200

P V G I V C ( U K ) C V S ( U K ) P E T S AT H O M E ( U K ) B AN F I E L D ( U S ) V C A ( U S )

NO

. OF

CLI

NIC

S

Global Clinic Relationships at 30 September 2017UK USA EU

1,084

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Diverse Customer Base

• Total of 455 contracts with practices throughout UK, EU & US.

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

• 95% of practices have less than 1,000 pets on plan.

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Financials

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Profit and Loss - revenues

Year ended 30 September 2017 Revenues

£000s 2017 2016 % change

PPCP – UK 1,873 1,606 17%

PPCP – Europe 493 263 87%

PPCP – US 168 - N/A

Total - continuing operations 2,534 1,869 36%

• 36% increase in global revenues

• 17% UK revenue growth in line with plans. • Ongoing opportunities for revenue growth from

existing customers and new opportunities

• 87% European revenue growth• Netherlands the key source of growth in FY 2017• France in early stage of development

• US revenue growth behind expectations due to reductions in the rate of pet sign ups and higher cancellation rates than expected

• US remains the largest single opportunity for additional growth

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Profit and Loss – profits and EBITDA

• Significant people and operating cost investment in both Europe and US resulting in an increased operating loss

• Operating expense investment in IT development and finance team in UK to support expansion and development requirements

• No executive bonus reducing central unallocated costs

• One-off items incurred mobilising US investment and on legal costs to acquire customer base in Netherlands

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

• Profit on discontinued operation in 2017 represents trading profit of Buying Group up to date of disposal and gain on disposal

Year ended 30 September2017 Profits

£000s 2017 2016%

change

PPCP – UK 622 442 41%

PPCP - Europe (983) (809) (21)%

PPCP – US (1,895) (635) (198)%

EBITDA from PPCP (2,256) (1,002)

Central unallocated costs (1,546) (1,908)

EBITDA from continuing operations (3,802) (2,910)

One-off items (172) -

Depreciation and amortisation (134) (77)

Operating profit (4,108) (2,987)

Finance expense (161) (208)

Loss before and after tax from continuing operations (4,269) (3,195)

Profit on discontinued operations 5,890 5,019

Profit attributable to equity holders 1,621 1,824

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Balance sheet

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

• Sale of Buying Group enhanced net asset position

• Part of Buying Group proceeds used to repay loan notes

• Deferred tax liability increase due to rollover relief being claimed on Buying Group disposal

As at 30 September

£000s 2017 2016

Non-current assets 495 446

Trade and other receivables 705 1,719

Trade and other payables (977) (871)

Net working capital (272) 848

Cash 3,218 1,254

Debt - (900)

Net cash/(debt) 3,218 354

Deferred tax (134) (10)

Net assets 3,307 1,638

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Cash flow• Significant investment in international expansion

impacting EBITDA

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

• Net disposal proceeds in 2016 relate to veterinary practices business

• Net disposal proceeds in 2017 include £1m escrow release from disposal of veterinary practices and balance relating to sale of Buying Group

• Post balance entered into a committed facility with Bybrook Finance Solutions Limited (“BFSL”) for up to £1.5m in unsecured loan notes for drawdown in three equal tranches from 1 June 2018 to 31 May 2019.

• Arrangement provides security of funding whilst being sufficiently flexible to continue to consider alternative sources of funding.

Year ended 30 September 2017

£000s 2017 2016

£'000 £'000

EBITDA after central costs and non-recurring items (3,802) (2,910)

Non-recurring items (172)

Net working capital movement (74) (136)

Investment in IT and equipment (276) (210)

Interest on loans and finance leases (161) (208)

Free cash flow (4,485) (3,464)

Net disposal proceeds 6,963 5,047

Discontinued activities 338 881

Issue of share capital 48 97

Movement in net cash/(debt) 2,864 2,561

Opening net debt 354 (2,207)

Closing net cash/(debt) 3,218 354

Net debt made up of;

Cash 3,218 1,254

Debt - (900)

3,218 354

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• Sticky and diverse customer base

• Recurring revenue stream with compound growth

• Bespoke scalable IT platform underpinning international operations

• No bad debt exposure

• Growth opportunity underpinned by cooperation agreements (Mid- West, Zoetis, MVS, VPI, PSI, TVC, MSD France)

Business Fundamentals

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Appendix

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Market opportunities

Market data UK Neth Germany France USA

Population 64m 17m 81m 66m 319m

Households 26m 7.4m 41m 26m 123m

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

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

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

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

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Thank you for your time

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