CVS Group records leap in annual income

One of the UK’s biggest veterinary groups has today announced a near 50% increase in annual pre-tax profits.

CVS Group bosses have stressed that the jump is at least partly related to the write-off of investment related to acquisitions that were later the subject of a competition inquiry.

But, with annual revenues and staffing levels also on the rise, the firm said its teams have delivered a “strong” set of results.

Revenue increase

Deputy chief executive Ben Jacklin said: “It reflects that same old focus for us – our vision to be the place people want to work, attract more colleagues and give them better and better facilities to work in.”

The results published this morning revealed a 6.5% increase in staffing numbers during the year to the end of June 2023, while the company’s overall revenues were up by 9.8% to £608.3 million.

Sales were also up by 7.3% over the same period and the group indicated the start to the new financial year had also been encouraging.

Record profits

Meanwhile, profit before tax jumped from £36 million last year to £53.9 million this year, an increase of 49.7%.

But the company said its 2022 results had been affected by what it described as the “one-off impairment of investment” relating to its acquisition of Quality Pet Care Ltd.

The business was subsequently sold to The Pet Vet following an investigation by the Competition and Markets Authority (CMA).

UK acquistions

Despite that, the company said it had invested nearly £55 million in 11 UK acquisitions during the year, while two further deals have been announced in recent days.

The company has also confirmed the acquisition of its first five practices in Australia and said more were interested in joining the group, both there and in the UK.

Mr Jacklin added: “We do see an opportunity for high-quality vet practices who wish to do so to join the group.”