CVS Group plc reported a 5.9% increase in total revenue to £712.8 million for the year ended 30 June 2026, up from £673.2 million the prior year. Adjusted EBITDA grew 5.1% to £141.5 million, keeping the adjusted EBITDA margin at 19.9%, a marginal 0.1‑point dip. Adjusted earnings per share rose 6.9% to 85.6 pence.
Like‑for‑like revenue growth slowed to 2.1% against a 4‑8% target range, while free cash flow fell 4.2% to £69.2 million. Net bank borrowings increased by £68.2 million to £199.6 million, leaving leverage at 1.63 times adjusted EBITDA, comfortably below the 2.0‑times guardrail. The company achieved an operating cash conversion of 70.6%, just above its >70% goal.
Segment results showed the Veterinary Practices division generating £648.2 million in revenue (up 5.2%) and £138.7 million adjusted EBITDA (up 4.3%). The Laboratory division posted £35.0 million revenue, an 11.5% rise, and £11.3 million adjusted EBITDA, up 25.6%. Online retail contributed £51.0 million revenue (up 11.1%) and £1.4 million adjusted EBITDA, a 7.7% increase.
Australian operations expanded to 57‑61 sites, delivering £79.1 million revenue, a 51% jump from the previous year, and a 3.0% like‑for‑like increase. Annualised Australian revenue now approaches £100 million, reflecting more than £170 million of cumulative investment.
The Healthy Pet Club membership base stood at 508,000, generating £95.5 million in revenue, while the newly launched Healthy Pet Club Advanced attracted roughly 14,500 clients after its July 2026 debut. Subscription fees start at £21.99 per month for dogs, £20.99 for cats and £15.99 for rabbits.
Shareholder returns totalled £38.0 million, including £31.7 million of share buybacks. Capital expenditure for the year was £36.4 million, with acquisition spend of £45.4 million and £12.8 million recorded as exceptional costs related to a Competition and Markets Authority investigation.
The results prompted a 5.07% decline in CVS Group shares, which traded around 1,236 GBX after the announcement. Chief Executive Richard Fairman said the figures “demonstrate another year of growth and strategic progress.”
