CVS Group bosses have claimed they are “well positioned for further success” after publishing its full year results.
The company’s revenues rose by 5.4% in the year to 30 June to £673.2 million, while adjusted EBITDA figures increased by 9.4% to £134.6 million.
However, reported pre-tax profits were down by 7.4% to £32.6 million, which the group’s annual report said was linked to expenses linked to increased practice acquisitions.
But it also highlighted £3.9 million of “exceptional items” linked to the ongoing Competition and Markets Authority (CMA) investigation.
Provisional Proposals
The CMA is due to publish its provisional remedy proposals soon and chief executive Richard Fairman said the inquiry’s extension, together with the wider economic picture, had been “unhelpful”.
But he continued: “The strong fundamentals of the veterinary market remain attractive, and CVS continues to be well positioned to deliver attractive growth in shareholder value.”
The results further reported an average 4.5% increase in the number of vets employed, which climbed to 5.8% when acquisitions were taken into account, though the equivalent numbers for nurses and practice support staff were only up by 0.5% once acquisitions were accounted for.
Australian Market
The group also highlighted its continuing expansion in the Australian market, where seven acquisitions covering 15 practice sites were completed during the 2024-25 financial year, with two others already completed so far this year.
The report said the company now operates 51 practice sites across Australia and was “continuing to see good momentum and additional opportunities”.
Mr Fairman added: “I am delighted to report on another successful year of growth across our group with improved UK operations and the establishment of a meaningful platform in Australia.
“We have successfully navigated some significant challenges over the past 12 months, and we enter the new financial year with a strengthened group, which is well positioned for further success.”
The price of CVS shares rose by more than 9% in early trading after the results were released.
