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CVS Group
CVS Group (CVSG) investor relations material
CVS Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary26 Feb, 2026
Executive summary
Revenue grew 5.8% year-over-year to £356.9m, with like-for-like growth of 2.7% despite softer UK market conditions and continued expansion in Australia.
Adjusted EBITDA rose 3.9% to £67.7m, maintaining a 19.0% margin, while profit before tax fell 4.4% due to higher depreciation, business combination, and exceptional costs.
Strategic steps included new joint branding, Main Market listing, and ongoing investment in facilities, equipment, and technology.
Expansion in Australia continued with acquisitions, and further UK consolidation opportunities are anticipated post-CMA process.
Trading remains in line with market expectations, with FTSE250 inclusion expected in March 2026.
Financial highlights
Gross profit increased 9.7% to £157.6m, with gross margin up to 44.2%.
Adjusted operating cash conversion improved to 75.0%, and free cash flow increased 16.2% to £34.4m.
Leverage stood at 1.41x at period end, well below the 2.0x ceiling.
Adjusted EPS grew 5.8% to 40.2p; basic EPS for continuing operations dropped 23.2% to 10.9p.
Capital expenditure was £17.5m in H1 2026, focused on practice upgrades and technology.
Outlook and guidance
FY2026 expected to be in line with market consensus for adjusted EBITDA (£141.2m–£142.5m), supported by a strong acquisition pipeline in Australia and renewed UK opportunities post-CMA.
Confident in medium to long-term growth, maintaining EBITDA margin guidance of 19%-23%.
Ongoing investment in facilities, technology, and clinical equipment, with focus on operational efficiencies and client experience.
Profitability in online retail expected to recover in the second half as pricing normalizes.
Well-positioned for future growth entering 2026.
UK M&A: When will seller price expectations align
Animed Direct: Learnings from price elasticity tests
Australia M&A: Margin trajectory and ACCC impact
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Next CVS Group earnings date
Q4 2026 TU23 Jul, 2026
CVS Group
Next CVS Group earnings date
Q4 2026 TU23 Jul, 2026
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Frequently asked questions
CVS Group plc is an integrated veterinary services provider in the UK, known for its extensive operations across various segments. The company owns approximately 500 veterinary surgeries within the UK, Netherlands, and Republic of Ireland, catering to small animal, large animal, and equine specialisms. This includes small animal and equine referral practices. CVS Group's business model encompasses four main areas: veterinary practices, diagnostic laboratories, pet crematoria, and an e-commerce division. The company is headquartered in Diss, Norfolk, and its shares are listed on the London Stock Exchange.
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