UK vet group CVS steps up buybacks as revenue tops £710m

CVS Group, the UK veterinary practice operator, grew revenue by 5.9% in the year to 30 June 2026 despite softer pet-owner footfall at its UK clinics. Stronger cash generation and a refinancing have allowed the group to launch a £50m share buyback while continuing to invest in its practices.

CVS Group, the UK-listed veterinary services group, has reported another year of growth, with revenue up 5.9% to more than £710m ($944m) in the year to 30 June 2026. Its adjusted EBITDA margin held at around 20%.
The group, which operates veterinary practices in the UK and Australia, is using stronger cash generation, lower leverage and a recent refinancing to step up returns to shareholders while continuing to invest in clinics, equipment and technology.

Chief executive Richard Fairman said softer footfall among UK companion-animal clients had persisted at times during the year. In response, the company has introduced measures across all three of its divisions to lift volumes and improve client engagement.

CVS also highlighted its Australian business as an important contributor, saying the expansion there was delivering accretive returns. In May, the group refinanced its bank facilities on improved terms, extending maturities to 30 May 2030, with the option of a further one-year extension at its discretion. Net leverage stood at 1.63 times, a level the company described as conservative.

The board has now launched a £50m ($67m) share buyback, expected to complete within months. This follows a separate £20m ($27m) repurchase linked to the company’s move from AIM to the London Stock Exchange’s main market.

Fairman said capital expenditure would be lower than in recent years, as management balances investment in the business against the “most optimum” use of capital while the share price remains subdued.
The results come as UK veterinary groups face continued scrutiny of pricing and client footfall, with CVS positioning volume growth and capital returns at the centre of its strategy for the year ahead.