CVS Group reports resilient revenue growth amid UK consumer challenges and optimistic outlook for Australia acquisitions

Veterinary operator CVS Group achieves £710 million in revenue despite late-year trading slowdown, highlighting strong performance in Australia and plans for further consolidation.

CVS Group said full-year revenue topped £710 million for the year to 30 June, up 5.9%, as the veterinary operator pointed to broad-based growth across its three divisions and reaffirmed its capital allocation priorities.

Chief executive Richard Fairman said like-for-like revenue increased 2.1% over the year, but trading in the final quarter was held back by weak UK consumer confidence and unusually hot weather in late May and late June, which prompted some clients to delay routine appointments and cancel procedures. He said adjusted EBITDA for the year should land in line with market expectations, with the margin broadly unchanged at about 20%.

The company said net debt was about £200 million at year-end, leaving leverage at 1.63 times, below its self-imposed ceiling of two times. Chief financial officer Robin Alfonso said CVS had recently refinanced its bank facilities, extending committed funding through May 2030, and still intended to return cash through dividends and a £50 million share buyback.

Management placed particular emphasis on Australia, where CVS completed six acquisitions during the year and now operates 57 sites. The group said the market remains fragmented and offers scope for further consolidation, while clinical investment in equipment and technology continues to support returns. Full-year results are due on 24 September.