REG - CVS Group plc - Response to CMA review into veterinary market

CVSAnnouncement

07/09/2023 11:00

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RNS Number : 7397L  CVS Group plc  07 September 2023

7 September 2023

 

CVS Group plc

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

 

 

Response to CMA review into the veterinary services market

 

CVS, the UK quoted veterinary group and a leading provider of integrated
veterinary services, notes that the Competition and Markets Authority ("CMA")
has launched a review into the UK veterinary services market for household
pets.  We always work closely with our regulators and we and our colleagues
will support the CMA review.

 

Our purpose at CVS is to give the best possible care to animals and we
continually invest in our colleagues, practices and clinical equipment to
enhance the care to our clients and their patients.  The Group has always
sought to ensure its prices are appropriate and reflect fair value to our
clients.  Our pricing structures are set by clinicians to ensure these align
with our purpose.

 

As the CMA have recognised, there continues to be a significant shortage of
vets in the UK and employment costs represent the most significant proportion
of our cost base.  Our pricing reflects this and other inflationary pressures
experienced in recent years.

 

We have a clear strategy to continue to expand our network and to improve
clinical care through investment in facilities, equipment, technology and our
people.

 

We will announce our full year results on 21 September 2023.

 

 

 

CVS Group
plc
via Camarco

Richard Fairman, CEO

Ben Jacklin, Deputy CEO

Robin Alfonso, CFO

 

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

Adrian Trimmings / Michael Burke / Andrew Clark / Lalit Bose

 

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

Toby Flaux / Ben Wright / James Thompson / Milo Bonser

 

Camarco (Financial
PR)
 cvsg@camarco.co.uk

Geoffrey Pelham-Lane
 
                  +44 (0)7733 124 226

Ginny Pulbrook
 
                         +44 (0)7961 315 138

Rosie Driscoll
 
                            +44 (0)7752 245 008

 

 

 

 

About CVS Group plc (www.cvsukltd.co.uk (http://www.cvsukltd.co.uk/) )

CVS Group is an AIM-quoted fully-integrated provider of veterinary services
in the UK, with practices in Australia, the Netherlands and the Republic of
Ireland.  CVS is focused on providing high quality clinical services to its
customers and their animals, with outstanding and dedicated clinical teams and
support colleagues at the core of its strategy.

The Group has c.500 veterinary practices across its four markets, including
nine specialist referral hospitals and 39 dedicated out-of-hours sites.
Alongside the core Veterinary Practices division, CVS operates Laboratories
(providing diagnostic services to CVS and third-parties), Crematoria
(providing pet cremation and clinical waste disposal for CVS and third-party
practices), Buying Groups and the Group's online retail business ("Animed
Direct").

The Group employs c.8,700 personnel, including c.2,250 veterinary surgeons
and c.3,200 nurses.

 

 

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