Vet care and pet services group Greencross has been removed from the benchmark ASX200 index after its share price fell 37 per cent in 2018.
The company, which has been expanding its integrated model of having veterinary clinics in its retail pet stores, has been dropped from the index of the top 200 companies on the Australian Securities Exchange along with Genworth Mortgage Insurance.
They will be replaced by agribusiness company Elders Limited and waste management and recycling operator Bingo Industries from September 24.
Greencross, the largest veterinary business in Australia and New Zealand, posted a net profit for the year to July 1 of $20.66 million, down was down 50.9 per cent, as a result of a previously flagged $22.8 million in impairments.
Last month, the company said it had 54 ‘integrated sites’, equal to almost a quarter of its store network, but those integrated stores had shown 8.5 per cent like-for-like sales growth compared with just 3.8 per cent for standalone sites.
At Thursday’s close, Greencross shares shares were $3.98, down $2.50, or 37 per cent, from January.
Meanwhile, financial services provider Perpetual Limited was dropped from the ASX100 index, replaced by plumbing manufacturer Reliance Worldwide Corporation.