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LONDON - CVS Group, a UK-listed veterinary services provider, reported a 5.4% increase in revenue to £673.2 million for the year ended June 30, 2025, according to a press release issued Tuesday.
The veterinary group saw adjusted EBITDA grow by 9.4% to £134.6 million, while profit before tax from continuing operations decreased by 7.4% to £32.6 million, primarily due to increased finance expenses and depreciation following recent acquisitions.
Group like-for-like sales increased by 0.2%, with the core Veterinary Practice division posting a 1.0% rise. The company noted improved momentum in the final quarter after experiencing softer market conditions earlier in the year.
CVS continued its expansion in Australia, investing £29.2 million to acquire seven practices comprising 15 sites during the fiscal year. Since year-end, the company has completed two additional acquisitions with eight practice sites for £23.6 million, bringing its Australian footprint to 31 practices across 51 sites.
The company strengthened its financial position by divesting its Crematoria operations for £42.3 million, representing a 10x adjusted EBITDA multiple. This transaction helped reduce leverage to 1.18x from 1.54x the previous year.
"I am delighted to report on another successful year of growth across our group with improved UK operations and the establishment of a meaningful platform in Australia," said Richard Fairman, Chief Executive Officer.
The Board recommended a final dividend of 8.5p per ordinary share, up from 8.0p the previous year, reflecting confidence in the company’s outlook.
CVS noted it continues to await the Competition Markets Authority’s provisional decision regarding its investigation into the UK veterinary services market, expected in mid-October 2025.
Based on the press release statement, the company expects to perform in line with market expectations for fiscal 2026.
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