CVS Group has announced its high-single-digit revenue and sales growth for fiscal 2023, along with its entry into the Australian market.
Revenue and Sales Growth
For the year ended June 30, CVS Group witnessed a 7.3% increase in both revenue and like-for-like sales. The veterinary services provider credits its success to the resilience of the veterinary sector, with a 4% rise in membership for its preventative healthcare scheme, totaling 489,000.
Entry into Australia
CVS Group has made its mark in the Australian market through the acquisition of four separate independent veterinary practices. The combined initial consideration for this expansion amounted to 31.9 million Australian dollars ($21.6 million) in cash. The company sees great potential in Australia, pointing out favorable market dynamics, low levels of corporate consolidation, and striking similarities with the U.K.
Promising Outlook
While mindful of the uncertain economic outlook, CVS Group remains confident in the resilience of the veterinary market and the ongoing demand for their services. Adjusted earnings before interest, taxes, depreciation, and amortization are expected to align with market expectations; however, specific figures were not provided.
Stock Performance
CVS Group’s shares were up 5.5%, equivalent to 104.00 pence, reaching 1,987.00 pence at 0901 GMT.
