Profits and turnover grow for vets group CVS
Veterinary services group CVS has seen a huge jump in s in turnover and profits driven in no small part by people buying pets during lockdowm.
The number of pets throughout the UK has increased through the pandemic and CVS, which has practices across Northern Ireland, expects its business to continue to grow over coming years due to that and is investing in staff and equipment to meet expected increased demand.
For the six months to the end of December revenue was up 11.4% t to £273.7 million from a year earlier and earnings before tax rose 15.5% to £52 million.
Membership of its affordable preventative healthcare scheme, Healthy Pet Club increased to 461,000, up 7.6% on the year.
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 said.