CVS Group (LSE:CVSG) reported higher revenue and continued international expansion during the first half of its financial year, alongside completing its transition to the London Stock Exchange Main Market.
Revenue from continuing operations increased 5.8% to £356.9 million for the six months to 31 December 2025, while adjusted EBITDA rose 3.9% to £67.7 million despite more challenging trading conditions in the UK veterinary market. Profit before tax declined 4.4% to £15.2 million, reflecting higher non-cash depreciation charges, acquisition-related expenses and exceptional costs associated with the Competition and Markets Authority (CMA) inquiry and the company’s Main Market listing.
The group maintained momentum in Australia, completing two veterinary practice acquisitions during the reporting period and securing additional deals after the period end. CVS also invested £17.5 million in practice relocations, refurbishments and new clinical equipment aimed at increasing operational capacity and improving standards of care across its network.
Management said the move to the Main Market, alongside anticipated inclusion in the FTSE 250 index, is expected to enhance liquidity and broaden access to capital. These developments are intended to support the company’s active acquisition pipeline and underpin medium- to long-term growth plans, even as UK consumer confidence remains subdued and regulatory scrutiny of the veterinary sector persists.
CVS Group plc’s outlook is supported by steady financial performance and positive operational progress, including revenue growth and continued acquisition activity. However, valuation metrics remain elevated, with a high price-to-earnings ratio and relatively low dividend yield suggesting potential overvaluation. Technical indicators also point to possible overbought conditions, while ongoing UK market pressures and previous cyber-related challenges continue to weigh on sentiment.
More about CVS Group plc
CVS Group plc is a UK-listed veterinary services provider operating companion animal practices and associated healthcare businesses, with an expanding presence in Australia. The company focuses on delivering clinical care while pursuing growth through acquisitions and ongoing investment in facilities, equipment and technology, targeting long-term expansion in veterinary healthcare markets.
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