CVS Group reported first‑half 2025 results for the six months ending 31 December 2025, showing revenue of £356.9 million, up 5.8 % from £337.3 million a year earlier. Adjusted EBITDA fell to £67.7 million, 3.9 % lower than the £69.6 million consensus estimate, while profit before tax on continuing operations declined to £15.2 million, a 4.4 % drop from £15.9 million in the same period last year.
Revenue growth was driven by acquisitions in Australia and a return to positive like‑for‑like sales growth of 2.7 % in the UK. The Veterinary Practices division posted a 5.4 % revenue increase, and the Laboratories division grew 10.3 %.
The company attributed the revenue rise to the integration of Australian acquisitions and stronger demand for advanced referral care, offsetting softer consumer confidence and lower footfall in the UK. Like‑for‑like sales in the UK rebounded, supporting the overall revenue momentum.
Adjusted EBITDA missed expectations because of a non‑cash increase in depreciation and amortisation from recent investments, higher costs related to business combinations, and exceptional costs linked to the Competition and Markets Authority investigation and the move to the London Stock Exchange Main Market. Wage inflation, including increases in the national living wage, national minimum wage and employer National Insurance contributions, also compressed the EBITDA margin to 19.0 % from 19.3 % a year earlier.
Management maintained its FY2026 guidance, signalling confidence that revenue and profitability will remain in line with market consensus. The company highlighted its continued focus on Australian expansion and the launch of the CVS Vets brand as key growth drivers. Richard Fairman, CEO, said, 'further growth in both revenue and EBITDA in the period against a backdrop of weak consumer confidence in the UK.'
Investors reacted negatively to the EBITDA miss and profit decline, citing cost pressures and the impact of the CMA investigation and wage inflation. However, the strong performance in Australia and the return to positive like‑for‑like sales in the UK were viewed as positive tailwinds that could support future growth.
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