CVS Group reports strong yearly earnings while eyeing future growth

CVS Group, one of the UK’s largest vet services providers, has announced revenue of £608.3 million ($745.3M/€700.5M) in its financial year ended on 30 June. This is up 7.3% from £554.2 million ($679M/€638.2M) last year.

According to company Chair Richard Connell, their strong financials “positions CVS well to deliver investment in future growth.”

Company profit (before tax) shot up by 49.7%, reaching £53.9 million ($66M/€62M), up from £36 million last year ($44M/€41.5M). The Norfolk-based veterinary service provider attributes this to increased investment in “existing practices and acquisitions.”

In the last 12 months, the vet business completed a total of 11 acquisitions.

The group also recently announced it had expanded into Australia. In the report, CVS noted that “whilst acquisition multiples in Australia are lower than in the UK, practice margins are similar.”

Battling UK vet shortages

CVS’s CEO Richard Fairman commented on the ongoing issues of vet shortages in the UK, saying despite the situation, they have employed, on average, 6.5% more vets this year and 8.4% more nurses compared to 2022.

Therefore, CVS is increasing the number of clinical staff employed at a “significantly faster rate than the growth of the population of practicing vets in the UK,” Fairman claims.

Currently, CVS operates in England, Scotland, Ireland and the Netherlands. Across these locations—excluding Australia—they have 472 practices, 3 laboratories and 7 crematoria facilities.

New appointment

Ben Jacklin, the company’s former Chief Operating Officer, was recently promoted to the newly created role of Deputy Chief Executive.

Jacklin has worked as a vet in Australia and is well-accustomed to the business out there. “I see a fantastic opportunity for us to enter this growing market, with low levels of corporate consolidation, and execute our vision of being the veterinary company people most want to work for,” says the new deputy CEO.