The CVS Group Plc Board is recommending the payment of a final dividend of 8.5p per Ordinary share (2024: 8.0p), subject to shareholder approval at the Annual General Meeting to be held on 18 November 2025. The ex-dividend date is 6 November 2025, the record date is 7 November 2025 and the dividend payment date is 5 December 2025.
Other financial highlights include:
Revenue from continuing operations increased by 5.4%, to £673.2m (2024: £638.7m)
Group like-for-like sales increased by +0.2% (2024: 2.9%). Like-for-like sales performance across CVS's core Veterinary Practice division was an increase of +1.0% for the year
Whilst full year revenue growth and like-for-like sales were impacted by softer market conditions in the UK, CVS Group Plc saw improved revenue and like-for-like growth in the final quarter
Adjusted EBITDA growth of 9.4%, to £134.6m (2024: £123.0m), benefitted from revenue growth, disciplined cost management and a £2.3m increase in net Research and Development Expenditure Tax Credits. Adjusted EBITDA margins for continuing operations improved to 20.0% for the full year (2024: 19.3%), which is within their medium-term guidance of 19% to 23%
Profit before tax on continuing operations decreased by 7.4%, to £32.6m (2024: £35.2m) mainly due to an increase in finance expense and depreciation, following an increase in acquisitions and continued disciplined capital investment in recent years, in line with their growth strategy.
Statutory profit for the year increased to £53.0m (2024: £6.4m) after recognising a gain of £33.5m on disposal of the Crematoria operations which were treated as discontinued during the year
Leverage decreased to 1.18x (2024: 1.54x) due to strong cash generation coupled with proceeds received from the Crematoria divestment; partially offset by investment in acquisitions and existing practices
Adjusted operating cash conversion increased 6.8ppts to 76.9% (2024: 70.1%) in line with our 70%+ medium term guidance
