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Visual21 Nov 2025
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CVS Group (CVSG) investor relations material
CVS Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary18 Nov, 2025
Trading performance and financial highlights
Group sales rose 5.7% and adjusted EBITDA increased 6.2% in the four months to 31 October 2025 compared to the prior year.
Like-for-like sales grew approximately 2.5% year to date, showing positive momentum.
Healthy Pet Club membership reached 520,000, up 2.6% over twelve months, driven by new client transitions.
£11.5m invested year-to-date in practice upgrades, relocations, equipment, and technology.
Leverage stood at 1.27x, well below the target of less than 2.0x, supporting ongoing investments and buybacks.
Strategic initiatives and acquisitions
Two Australian acquisitions added nine practice sites for A$48.8m/£23.6m, expanding to 52 sites in Australia.
Sufficient scale in Australia now enables purchasing synergies and a strong pipeline for further acquisitions.
Ongoing £20m share buyback programme supported by strong operating cash conversion.
Regulatory and market developments
CMA's provisional decision on the UK veterinary market investigation brings more certainty; final decision expected Spring 2026.
Engagement with CMA continues, with commitment to implement remedies once finalized.
Elaborate on Australian synergy benefits
UK acquisition strategy post-CMA conclusion
Future capital deployment strategy with low leverage
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Q2 2026 TU29 Jan, 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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