Veterinary group CVS has released an upbeat trading statement for the financial year ending June 30, 2022.
The group reported like-for-like sales growth for the full year of 8% despite remaining Covid isolation issues in March, April and May. The revenue growth compares to 17.4% for the previous year, although the 2021 figure was distorted by comparison to a heavily lockdown-affected 2020, the company maintained.
Three acquisitions were made in the second half of the financial year, with the further acquisition of Werrington Vets, a single site companion animal practice in Peterborough, completed on July 27, 2022.
Membership of the group’s Healthy Pet Club preventative healthcare scheme increased by 20,000 to 470,000 members during the year.
CVS now employs 6% more veterinary surgeons than the year ended 30 June 2021, although its vet vacancy rate (calculated as the number of vet vacancies / total number of vet roles) averages 10.4% for the full year.
CVS Group operates around 500 veterinary practices across the UK, Republic of Ireland and the Netherlands in addition to laboratories, pet crematoria, buying groups and an online retail business Animed Direct. The group employs over 8,100 personnel, including 2,100 veterinary surgeons and 3,000 nurses.
The company predicts further growth in the sector, saying: “The veterinary market continues to grow with the humanisation of pets and clinical advancement underpinning attractive and resilient long-term organic growth for the Group.”
