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Home HRAnimals CVS Group – pet boom continues to pay dividends

CVS Group – pet boom continues to pay dividends

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  • Trading in line with expectations – first half revenue up 11.4%, EBITDA margin holding steady at around 19%
  • 4% increase in Healthy Pet Club membership to 500,000
  • Four new acquisitions in Australia, taking the total to thirteen


Sophie Lund-Yates, lead equity analyst, Hargreaves Lansdown: 

“CVS continues to be buoyed by an explosion in pet ownership in the UK. The vet-care specialist has seen another round of double digit revenue growth in the first half, and robust like-for-like growth. The group’s mindful of the tough economic backdrop, but has reaffirmed it’s on track to hit full year expectations.

One of CVS Group’s main strengths is that spending on our pets is an area that we won’t cut back on unless absolutely necessary. That doesn’t make the group immune to a tightening of purse strings, but it does make it more resilient than the average business.

The cloud of the Competition and Markets Authority’s investigation into the veterinary sector is still lingering. Outcomes are due early this year, and this will be the main driver of sentiment in the short term. Issues surrounding branding when CVS acquires a local practice, as well as pricing transparency are two of the main issues at play. Despite the added pressure this brings, the shares have arguably been oversold in response to the investigation.”

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