News Vet Group Doubles Profits During Pandemic



Vet group doubles profits during pandemic
25th March 2021

By Justine Thompson

A vet chain has seen its profits double over the last half of 2020 as it benefited from the rise in pandemic pets and the relaxing of lockdown restrictions.

In an interim report released today (March 25) for the six-month period to December 31 2020, the CVS Group revealed a profit before tax of £14.8m, an increase of 95%, on revenue of £245.6m, a rise of 9%.

The CVS Group is one of the largest integrated veterinary service providers in the UK, owning more than 480 veterinary surgeries in the UK, Netherlands and the Republic of Ireland. The group includes small and large animal practices as well as specialist and equine referral units.

The report revealed that average spend in its companion animal practices had risen by around 6%, new client registrations were up by 17% and membership of its Healthy Pet Club for preventative care rose by 3.6% to 430,000.

Richard Fairman, chief executive officer, said: “I am extremely proud of the dedication, commitment and professionalism of all CVS colleagues during this period, whose support has enabled us to continue providing the highest levels of veterinary care to our customers despite the difficult and uncertain backdrop of covid-19.

“Notwithstanding the on-going uncertainty, we delivered a strong performance in the first half of the year, with our fully integrated model allowing us to cater for the veterinary needs of an expanding pet population. Through our integrated model, we are well positioned to benefit from opportunities presented by favourable consumer trends.

“Trading in the first two months of our second half continues the positive trend and we remain well positioned to achieve both organic and acquisitive future growth.”