Profits and turnover grow for vets group CVS
Veterinary services group CVS saw growth in turnover and profits in its latest half year as people continued to seek the best care for their pets.
The number of pets has increased through the pandemic and CVS, which has practices across the Black Country and Shropshire, expects its business to continue to grow over coming years due to that.
It is investing in staff and equipment and refurbishing practices to meet expected increased demand.
For the six months to the end of December revenue was up 11.4 per cent to £273.7 million from a year earlier and earnings before tax rose 15.5 per cent to £52 million.
Membership of its affordable preventative healthcare scheme, Healthy Pet Club increased to 461,000, up 7.6 per cent on the year.
The number of vets employed was up nine per cent in 2021 against 2020 with 116 new permanent veterinary surgeon roles created during the six months.
Chief executive Richard Fairman said: "We continue to focus on providing high quality care to our clients and their animals, through our evidence-based clinical approach. Our integrated model ensures that we can provide end-to-end, joined-up and continuous care.
"Demand for our services continues to increase as consumers seek the best possible care for their animals. Our ongoing strategy of investment in our people, in our practice and other facilities, and in our clinical equipment is generating beneficial returns through organic growth. We will continue to augment this organic growth through acquisitions."
He added that the positive trading momentum had continued into the first two months of CVS's second half.
"With a strongly cash generative model we remain well placed to continue to invest and acquire to deliver future growth," he added.
