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CVS Group (CVSG) investor relations material
CVS Group Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary15 Oct, 2025
Financial performance and growth
Revenue grew 5.4% to £673.2m, with like-for-like sales growth of 0.2% after a strong final quarter and continued momentum into FY26.
Adjusted EBITDA increased 9.4% to £134.6m, with margin up 70bps to 20%, driven by acquisitions and cost management.
Free cash flow rose 22.2% to £72.2m, and operating cash conversion reached 76.9%, exceeding the 70% target.
Net borrowings reduced to £131.4m and leverage to 1.18x, well below the 2x ceiling, providing capacity for further investment.
Adjusted EPS fell to £80.1, impacted by higher tax, depreciation, and finance costs.
Strategic expansion and acquisitions
Seven Australian practice acquisitions (15 sites) completed in FY25, plus two more (8 sites) post year-end, bringing the Australian footprint to 51 sites.
Focus remains on acquiring high-quality, larger practices in urban areas in both Australia and the UK.
UK acquisition activity expected to resume post-CMA investigation, with significant "white space" for growth.
No plans to divest clinics; capital from the crematory business sale to be reinvested in organic and inorganic growth.
Operational and market dynamics
UK operations rebounded after a soft start, with improved trading in the final quarter and into FY26.
Australian operations deliver strong like-for-like growth and EBITDA margins above 25%.
Sector remains resilient but not immune to consumer spending pressures; recent improvement in client visits and confidence.
COVID-19 pet cohort expected to drive increased demand as animals age.
Detail CMA provisional decision's strategic impact
Australia expansion: future growth drivers?
Mitigate future vet supply-demand imbalance
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Q1 2026 TU18 Nov, 2025
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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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