CVS Group plc. (CVSG.L), a veterinary services provider, Thursday reported a 35.1 percent decline in the first half pre-tax profit, while earnings per share for continuing operations fell 38.1 percent from the previous year period. The company said the results were impacted by a continuation of softer market conditions in the UK, especially online retail and laboratory businesses. Meanwhile, CVS said it has increased its footprint and delivered growth in Australia.
The group noted that in view of the ongoing CMA Market Investigation and the projected conclusion in November 2025, UK investment can only be undertaken on an exceptionally disciplined basis.
For the first six months, the pre-tax profit was 17.4 million pounds, compared to 26.8 million pounds last year. On a per share basis, continuing operations declined to 15.6 pence from 25.2 pence a year ago. On an adjusted basis, pre-tax earnings slid to 39.1 million pounds or 40.0 pence per share, from 45.3 million pounds or 48.3 pence per share last year.
Adjusted EBITDA increased by 4.5 percent to 67.4 million pounds from 64.5 million pounds last year.
Revenue for the first half of 2025 increased 6.6 percent to 341.8 million pounds, from 320.5 million pounds a year ago. Group like-for-like sales declined 1.1 percent, while it was up 6.5 percent in the first half of 2024. Performance across CVS's core Veterinary Practice division was flat.
Looking ahead, the company said, in light of the uncertainty in the UK due to the ongoing CMA Market Investigation, the Group has reprioritised investment activity into Australia.
The Board said it remains confident in the Group delivering full year 2025 results in line with market expectations.
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