**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.