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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.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.
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