CVS Group PLC
LSE:CVSG
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CVS Group PLC
LSE:CVSG
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UK |
CVS Group PLC
CVS Group Plc is a holding company, which engages in the provision of veterinary services. The company is headquartered in Diss, Norfolk and currently employs 7,241 full-time employees. The company went IPO on 2007-10-10. The firm operates in the four business segments, namely Veterinary Practices, Laboratories, Crematoria and Online Retail Business. The company offers an integrated model with approximately 500 veterinary practices across its three territories, including eight specialist referral hospitals and 34 out-of-hours sites. Veterinary Practices provide specialist treatment for companion, equine and farm animals. The firm laboratories provide diagnostic services to CVS veterinary practices and third parties. The company offers a range of tests with the ability to tailor specific profiles to its customers' needs. Its crematoria provide pet cremation and clinical waste services to CVS practices and third-party practices, and cremations to animal owners. CVS online retail business, Animed Direct, sells prescription and nonprescription medicines, pet foods and a range of pet care products.
CVS Group Plc is a holding company, which engages in the provision of veterinary services. The company is headquartered in Diss, Norfolk and currently employs 7,241 full-time employees. The company went IPO on 2007-10-10. The firm operates in the four business segments, namely Veterinary Practices, Laboratories, Crematoria and Online Retail Business. The company offers an integrated model with approximately 500 veterinary practices across its three territories, including eight specialist referral hospitals and 34 out-of-hours sites. Veterinary Practices provide specialist treatment for companion, equine and farm animals. The firm laboratories provide diagnostic services to CVS veterinary practices and third parties. The company offers a range of tests with the ability to tailor specific profiles to its customers' needs. Its crematoria provide pet cremation and clinical waste services to CVS practices and third-party practices, and cremations to animal owners. CVS online retail business, Animed Direct, sells prescription and nonprescription medicines, pet foods and a range of pet care products.
Revenue: Revenue grew to GBP 356.9 million, up 5.8% YoY, driven by acquisitions and like‑for‑like growth of 2.7%.
Profitability: Adjusted EBITDA rose to GBP 67.7 million (up 3.9%) with an adjusted EBITDA margin of 19%, remaining within the group's 19%–23% ambition despite wage and NIC cost headwinds.
Cash & Balance Sheet: Free cash flow improved to GBP 34.4 million (up 16.2%); net bank borrowings rose to GBP 160.2 million and leverage is 1.41x, comfortably below the 2x ceiling.
Growth & M&A: Australia is a key focus — now 33 practices across 55 sites, representing circa 10% of group revenue and circa 15% of group EBITDA; GBP 23.3 million spent on acquisitions in H1 and management expects further deals.
Regulatory/CMA: The CMA provisional decision in Oct 2025 brought certainty; management disagrees with some remedies (eg, prescription fee cap) but is comfortable and is cooperating ahead of the final decision.
Brand & People: Launched consumer-facing CVS Vets brand (circa 60 practices rebranded so far); client NPS improved to 81.2 and employee NPS to +10 (ahead of FY26 target of +5).
Operational initiatives: Continued investment in practice relocations/refurbishments and clinical equipment (GBP 17.5 million in H1) and ongoing research agenda including antimicrobial stewardship projects.
