Updates

CVS Group

March 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

With Pets At Home, 375p, reporting spending on animal care in its stores holding up nicely (and beating forecasts into the bargain), this buoyancy was also seen by vet care group CVS, which reported a 7.5% rise in like-for-like sales in its first half, helped by a 4.3% increase in Healthy Pet Club subscribers to 481,000 while EBITDA margins were steady at 19% in spite of higher costs. CVS is in the foothills of a new target to increase EBITDA from £107m in FY’22 to over £200m by FY’27 and the core drivers are 1) £30-£50m annual spend on practice refurbishments, relocations, green field sites, equipment and people; 2) increase in average number of vets - it added 5% in the period; and 3) £50m annually on acquisitions, with anoth ...

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4Imprint

Lords

CVS Group (April 2024)

CVS Group (October 2023)

CVS Group (January 2023)

CVS Group - CMD unveils new target to double EBITDA (December 2022)

CVS Group - “Buy & build” vet practice group gearing up for new growth spurt (November 2022)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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