CVS Group FY2026 Revenue Reaches £712.8 Million, Up 5.9%

UK veterinary services operator CVS Group plc reported revenue of £712.8 million for the financial year ended June 30, 2026, representing growth of 5.9% from £673.2 million in FY2025. Like-for-like sales increased by 2.1%, compared with 0.2% growth in the previous year.

The results point to continued expansion despite a softer UK economic backdrop. CVS also increased its scale in Australia, where revenue rose to £79.1 million from £52.1 million. Australia accounted for approximately 11% of group revenue, compared with around 7% a year earlier, while the group’s Australian practice network expanded to 57 sites.

Modest Gains in Profitability

Adjusted EBITDA increased 5.1% to £141.5 million, although the adjusted EBITDA margin edged down to 19.9% from 20.0%. Adjusted profit before tax rose 7.6% to £84.9 million. Reported profit before tax, however, declined to £32.0 million from £32.6 million, illustrating the distinction between adjusted operating performance and statutory results.

Capital allocation remains an important part of the group’s financial strategy. CVS completed a £20 million share buyback programme in January 2026. A further £50 million programme had already been announced in May, of which £11.7 million had been completed by June 30. The company indicated that the programme was expected to conclude over the following months.

Future Outlook

The group also invested £36.4 million in capital expenditure and spent £43.3 million on acquisitions during the year. Net bank borrowings increased to £199.6 million from £131.4 million, while leverage rose to 1.63 times, remaining below the company’s stated threshold of 2.0 times.

The financial picture is therefore mixed but broadly resilient: revenue, like-for-like sales and adjusted earnings advanced, while reported profit before tax declined and borrowings increased. Continued acquisition activity and international expansion will need to be balanced against integration, capital requirements and market conditions.

For the veterinary services sector, CVS’s results offer a useful indicator of the economics of multi-site practice operators. Growth increasingly depends on a combination of organic practice performance, geographic expansion, acquisitions, workforce capacity and disciplined capital allocation.