Diss-based acquisitive veterinary group CVS highlights record revenues
10:14 23 March 2016
Ambitious veterinary practice firm CVS Group saw first-half revenues reach £100m for the first time thanks to scores of acquisitions.
The Diss-based firm, which runs vet practices, laboratories and pet crematoria, reported a 23pc growth in revenue for the six-month period ending December 31 2015, and like-for-like sales were up 3pc.
It followed a record number of acquisitions for the EDP Top100 firm, as it snapped up 42 surgeries and two crematoria, along with the Vetshare buying group and the VETisco instrumentation business - totalling £42.6m.
The group acquired eight additional practice surgeries after December 31.
Pre-tax profits were down 17.3pc to £4.3m for the same period.
Chairman Richard Connell said the UK veterinary sector would continue to provide opportunities for further acquisitions.“It is pleasing to note that, even following a period of exceptionally high activity, the group’s pipeline of potential acquisitions remains strong,” he added.