**Summary of CVS Group plc Final Results for the Year Ended 30 June 2025**
CVS Group plc, a leading UK-listed veterinary services provider, reported strong financial results for the year ended 30 June 2025, despite challenges in the UK market. Key highlights include
### **Financial Performance**
**Revenue Growth**Revenue from continuing operations increased by 5.4% to £673.2 million (2024: £638.7 million).
**Like-for-Like Sales**Group like-for-like sales grew by 0.2%, with the core Veterinary Practice division seeing a 1.0% increase.
**Adjusted EBITDA**Grew by 9.4% to £134.6 million, with margins improving to 20.0% (2024: 19.3%).
**Profit Before Tax**Decreased by 7.4% to £32.6 million due to higher finance expenses and depreciation.
**Statutory Profit**Increased significantly to £53.0 million (2024: £6.4 million) after a £33.5 million gain from the disposal of Crematoria operations.
**Leverage**Reduced to 1.18x (2024: 1.54x) due to strong cash generation and proceeds from divestments.
**Dividend**Final dividend maintained at 8.5p per share, reflecting confidence in long-term growth.
### **Strategic Progress**
**Acquisitions**Invested £29.2 million in acquiring seven practices in Australia, expanding to 31 practices across 51 sites.
**Divestment**Sold Crematoria operations for £42.3 million, providing funds for further expansion.
**Workforce Growth**Increased the number of vets by 4.5% (5.8% including acquisitions).
**Healthy Pet Club**Membership grew by 3.2% to 519,000.
**Management Strengthening**Appointed Paul Higgs as Chief Veterinary Officer and Claire Slater as Chief Operating Officer.
### **Operational Initiatives**
**Sustainability**Launched the CVS Care Plan, focusing on sustainability across four pillars.
**Technology**Enhanced cloud-based practice management systems, online bookings, and AI trials to improve efficiency.
**Training**Introduced "Confidence in the Consulting Room" to enhance vet-client communication.
**Client Satisfaction**Net Promoter Score increased to 78.9 (2024: 68.0).
### **Outlook**
**Q1 FY2026**Positive momentum in like-for-like sales, with confidence in returning to 4-8% organic growth in the medium term.
**Australia Expansion**Completed two acquisitions post-year-end, with a strong pipeline of opportunities.
**CMA Investigation**Awaiting the CMAs provisional decision in mid-October 2025.
**Financial Position**Healthy balance sheet and cash flows support further organic and inorganic growth.
### **Leadership Perspective**
CEO Richard Fairman highlighted the Groups resilience, strategic investments, and commitment to clinical care and client service, despite UK market challenges. The Chair, David Wilton, emphasized the strong sector fundamentals and CVSs position for growth in both the UK and Australia.
Overall, CVS Group plc demonstrated robust financial performance, strategic progress, and a clear focus on sustainable growth and client satisfaction, positioning itself well for future opportunities.