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Investing.com -- CVS Group Plc (LON:CVSG) reported revenue growth of approximately 5.4% to £673.2 million for continuing operations in its fiscal year 2025 trading update released Thursday.
The veterinary services provider noted like-for-like growth of about 0.2%, with an improvement observed in the fourth quarter. The company expects adjusted EBITDA margin to improve to approximately 20% for continuing operations, with adjusted EBITDA of around £134 million.
CVS Group announced that its preliminary full-year results will now be published on October 7, rather than the previously scheduled September 25.
This delay is to allow stakeholders more visibility regarding the Competition and Markets Authority’s (CMA) provisional decision, which is expected in September 2025.
The company continued its expansion in Australia, completing seven practice acquisitions comprising 15 sites during the fiscal year for £29.2 million.
Two additional deals were finalized after the period closed, bringing CVS Group’s Australian portfolio to 30 practices with 45 sites. The company plans further Australian acquisitions in fiscal year 2026.
Meanwhile, merger and acquisition activity in the UK remains suspended pending the outcome of the CMA market investigation.
CVS Group previously announced the divestment of its Crematoria operations in April 2025 for an initial cash consideration of £42 million, representing 10 times adjusted EBITDA.
The company expects leverage to be approximately 1.2 times at June 30, down from 1.66 times in June 2024, with committed undrawn bank facilities exceeding £200 million.
The company has committed to investing £30-50 million annually (£33 million in FY25 compared to £42 million in FY24) and over £50 million in overseas acquisitions, targeting leverage below 2.0 times.