CVS Group’s business jump boosted by increase in pet population
The British veterinary service provider increased its yearly revenue by 8.6% to £554.2 million (€620.2M) and forecasts a strong 2023.
In the fiscal year that ended 30 June 2022, the operating profit of the Norfolk-based company was £42.8 million (€47.9M).
The CVS Group said it benefited from “favorable market dynamics” and its “continued focus on delivering against its strategy.”
The veterinary group highlighted to investors that demand for its services increased as the pet population continues to grow. The average number of vets employed in the year increased by 6% to 5,000.
Resilient market
“The veterinary market remains resilient, with an increasing pet population providing favorable dynamics and a strong platform for sustainable growth across our integrated services,” said CEO Richard Fairman.
Fairman also said that the new financial year had “a positive start” with “strong sales” and “like-for-like” growth. The company remains confident in its ability to deliver value for the stakeholders.
The company plans to open a new state-of-the-art veterinary hospital in Bristol in FY 2023.