REG - CVS Group plc - Completion of Crematorium Operations Disposal

CVSAnnouncement

19/05/2025 07:00

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RNS Number : 0933J  CVS Group plc  19 May 2025

 
 
                                     19 May 2025

 

CVS Group plc

("CVS" or the "Company" and, together with its subsidiaries, the "Group")

 

Completion of Crematorium Operations Disposal

 

 

CVS, the UK listed veterinary group and a leading provider of veterinary
services, announces the completion of the disposal of its Crematoria
operations ("Crematoria") to Anima Care UK Limited, part of the Funecap Group,
which was previously announced on 24 April 2025. Cash consideration is £42.4m
which represents a 10x multiple of adjusted EBITDA(1).

 

For accounting purposes, the Crematoria operations are to be treated as
discontinued in the FY2025 results, adjusting forecasted revenues from
continuing operations by approximately £12.3m, forecasted adjusted EBITDA(1)
by approximately £4.3m and forecasted profit before tax by approximately
£3.3m. It is expected that CVS will report a one-off profit on the disposal
in the region of £32.0m as an exceptional gain in its FY2025 accounts.

 

Australia update: Acquisitions

The Group has completed the previously announced acquisition of VPP Group PTY
Ltd t/a Veterinary Practice Partners on 24 April 2025, comprising six practice
sites in Victoria. The Group has made six acquisitions comprising 14 practice
sites in the financial year to date, for aggregate initial considerations of
A$55.8m/£28.2m.

 

The Group now has 28 practices in Australia comprising 42 practice sites. The
Group has a strong pipeline of future acquisition opportunities with contracts
exchanged for a further acquisition (comprising one practice site) and a
healthy deal pipeline.

 

 

Notes:

1.     Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortisation) is profit before tax adjusted for interest (net finance
expense), depreciation, amortisation, costs relating to business combinations,
and exceptional items.

 

CVS Group
plc
        via Camarco

Richard Fairman, CEO

Robin Alfonso, CFO

Paul Higgs, Chief Veterinary Officer

 

Peel Hunt LLP (Nominated Adviser & Joint Broker)
                    +44 (0)20 7418 8900

Christopher Golden / James Steel / Andrew Clark /

 

  Berenberg (Joint
Broker)
        +44 (0)20 3207 7800

Toby Flaux / Michael Burke / James Thompson / Milo Bonser

 

Camarco (Financial
PR)

Ginny Pulbrook
                                            +44 (0)7961
315 138

Letaba Rimmell

Tilly Butcher

 

About CVS Group plc (www.cvsukltd.co.uk)

CVS Group is an AIM-listed provider of veterinary services with operations in
the UK and Australia.  CVS is focused on providing high-quality clinical
services to its clients and their animals, with outstanding and dedicated
clinical teams and support colleagues at the core of its strategy.

 

The Group now operates c.460 veterinary practices across its two territories,
including specialist referral hospitals and dedicated out-of-hours sites.
Alongside the core Veterinary Practices division, CVS operates Laboratories
(providing diagnostic services to CVS and third-parties) and an online retail
business ("Animed Direct").

 

The Group employs c.9,000 personnel, including c.2,400 veterinary surgeons and
c.3,300 nurses.

 

 

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