Business
Interim Results
CVS Group plc reported a 5.8% increase in revenue to £356.9m for the six months ended December 31, 2025, with like-for-like sales growth of 2.7% despite softer UK market conditions. Adjusted EBITDA rose by 3.9% to £67.7m, maintaining a 19.0% margin, while profit before tax from continuing operations decreased by 4.4% to £15.2m due to increased depreciation, business combination costs, and exceptional costs related to the CMA process and LSE listing. The company's leverage increased to 1.41x following investments in Australian acquisitions and capital expenditure, but remains within guidance. CVS remains confident in delivering full-year results in line with market expectations. Disclaimer*
About this update from Cvs Group Plc
[{"type":"text","content":"\n\nFor Immediate Release 26 February 2026\nCVS Group plc\n(\"CVS\", the \"Company\" or the \"Group\")\n \nInterim results for the six-month period ended 31 December 2025\nFY2026 Trading in line with market expectations3; continued strong performance and growth in Australia\n \nCVS, the UK listed veterinary group and a leading provider of veterinary services, issues its unaudited interim results for the six-month period ended 31 December 2025 (\"H1 2026\") and provides an update on year-to-date trading. Comparative data is provided for the six months ended 31 December 2024 (\"H1 2025\"), unless otherwise stated. H1 2025 has been re-presented following the classification of the Group's former Crematoria operations, which were sold in May 2025, as discontinued operations.\n \nFinancial Highlights1,2\n· Revenue from continuing operations increased by 5.8%, to £356.9m (H1 2025: £337.3m).\n· Group like-for-like sales growth for the period compared to H1 2025 was 2.7%. This growth has been achieved despite continued softer market conditions in the UK with mixed practice performance.\n· Adjusted EBITDA increased by 3.9%, to £67.7m (H1 2025: £65.1m) with EBITDA margins of 19.0% in line with the Company's medium-term ambitions of between 19% and 23%.\n· Profit before tax on continuing operations decreased by 4.4% to £15.2m (H1 2025: £15.9m) with the increase in adjusted EBITDA and favourable finance expense (-£2.1m), offset by a non-cash increase in depreciation and amortisation from investments made in recent years (+£2.1m), an increase in costs relating to business combinations (+£1.3m), and an increase in exceptional costs (+£2.0m) in relation to the Competition and Markets Authority (\"CMA\") process and costs associated with the move to the Main Market of the London Stock Exchange.\n· Ad...