CVS on track as Australian expansion continues

(Sharecast News) - Veterinary services group CVS said it has traded in line with expectations so far this financial year, with positive momentum continuing in the UK as it continues to expand in Australia. The company, which is planning a move to the main market of the London Stock Exchange in early 2026, said sales over the four months to 31 October were up 5.7% over last year, with adjusted EBITDA up 6.2%.

CVS's Healthy Pet Club preventative healthcare scheme has a small increase membership, rising 1,000 over the four-month period to 520,000, up from 507,000 the year before. Growth was mainly a reflect of new clients transitioning from legacy schemes linked to historical UK practice acquisitions, it said.

Over in Australia, two acquisitions over the fiscal year to date have added nine practice sites to the portfolio, taking the total number of practice sites across the country to 52, with a "strong pipeline of future acquisition opportunities".

The company continues to work with the Competition and Markets Authority regarding their investigation into the UK veterinary market, but said it hopes it will see a final decision on the probe in the spring of 2026. "The group is engaging with the CMA on the proposed remedies and remains committed to implementing the remedies once finalised," it said.

Looking ahead, CVS also said it was remaining "mindful of continued headwinds in the UK particularly ahead of the UK government budget".

The stock was up 1.3% at 1,144.48p by 1156 GMT.