Updates

CVS Group

October 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.

The shares inched above £21 after CVS’ full year update revealed a 7.3% rise in like-for-like sales for the year ended 30 June. Adjusted EBITDA is expected to be “comfortably” in line with full year expectations. The group spent £46m capex improving its vet care estate and also c. £55m on 11 practice acquisitions (16 practice sites), including a first move into Australia (six sites), a market considered attractive given its low levels of corporate consolidation, favourable dynamics and strong similarities with the UK including highly trained vet surgeons, and shared language and culture. This spend mark a significant ramp up from FY’22 (£8.4m on three practice sites). With net debt / EBITDA comfortably less than 1, further ...

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CVS Group (April 2024)

CVS Group (March 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)

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