CVS Group plc reported full‑year results for the period ending 30 June 2026. Total revenue reached £712.8 million, a 5.9% increase from £673.2 million in FY2025. Like‑for‑like revenue grew 2.1%, missing the 4%–8% target range but improving from 0.2% a year earlier.
Adjusted earnings per share rose 6.9% to 85.6 pence. Adjusted EBITDA climbed 5.1% to £141.5 million, with the first half contributing £67.7 million and the second half £73.8 million. The EBITDA margin slipped marginally to 19.9% from 20.0%, keeping the business close to the 20% benchmark. Net leverage rose to 1.63 times, still below the 2.0 times covenant. Free cash flow fell by £3.0 million to £69.2 million, while adjusted operating cash conversion hit 70.6%, just above the 70% target.
Shareholder returns comprised £31.7 million of buybacks in FY2026, with a plan to return up to £38.0 million in FY2027, bringing total distributions to roughly £70 million over the next 12 months. The company also maintains a progressive dividend of about £6 million per year.
Divisional performance showed varied strength. The Veterinary Practices division generated £648.2 million in revenue (up 5.2%) and £138.7 million of adjusted EBITDA (up 4.3%), delivering a 1.0% like‑for‑like increase. The Laboratory division posted £35.0 million of revenue, up 11.5%, and a 25.6% surge in adjusted EBITDA to £11.3 million. The Online Retail division recorded £51.0 million of revenue, up 11.1%, and a 7.7% rise in adjusted EBITDA to £1.4 million.
Australia remains a focus of expansion. The footprint grew to 57–61 sites from 43, representing roughly 1–2% of a 3,600‑practice market valued at about £3.3 billion. Australian operations now generate around £100 million of revenue and £20 million of EBITDA annually. CVS has invested over £170 million in the region, applying a multiple of roughly 6 times adjusted EBITDA. The acquisition pipeline targets metro‑area, small‑animal practices with four or more vets; of 1,440 metro practices, 461 meet the criteria, representing an estimated £90 million of EBITDA at £0.4 million per site. Two practice acquisitions (four sites) closed in H1 2027, with contracts exchanged on two additional practices.
In the UK, CVS operates 423 sites out of an estimated 5,600, giving a 9% market share in a £6.7 billion market that is 60% consolidated. UK revenue stood at £634 million with approximately £120 million of EBITDA. Post‑CMA clearance, the company exchanged contracts on a nine‑person veterinary practice for an initial consideration of £15 million.
Customer and employee sentiment improved, with the Net Promoter Score rising to 80.6 from 78.9 and employee engagement NPS climbing to 5.8 from 3.1. The Healthy Pet Club generated £95.5 million in revenue in 2026, up from £67.3 million in 2022, though membership slipped slightly to 508,000 from 519,000 as the business shifted focus to higher‑value members. The “Healthy Pet Club Advanced” tier launched in July 2026. Digital appointments exceeded 150,000, accounting for 15% of bookings outside traditional hours.
Following the announcement, CVS shares fell 5.07% to $1,230, pressured by slower organic growth linked to extreme weather and weaker UK consumer confidence in Q4. Analyst consensus for FY2027 expects adjusted EBITDA of £149 million–£152 million (average £150.4 million) and adjusted EPS of 89.3 pence–99.6 pence (average 94.9 pence). The company reaffirmed its long‑term targets of 4%–8% like‑for‑like revenue growth and an EBITDA margin expansion to 23%.
CEO Richard Fairman said the business model and acquisition pipeline position CVS to deliver sustained growth and long‑term value for stakeholders.
