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CVS posts five-year plan to grow revenue and earnings

ALN

CVS Group PLC on Tuesday posted its five-year plan with an aim to double earnings before interest, tax, depreciation and amortisation over the next half-decade.

The Norfolk-based veterinary service provider said it aims for organic revenue growth of 4% to 8% per year and an adjusted Ebitda margin between 19% and 23%.

CVS aims to invest between £30 million and £50 million per year for further growth, with a focus on practice refurbishment and relocations.

It emphasises acquisition opportunities in the UK and scalable international consolidation opportunities, subject to the firm's acquisition criteria. CVS added that environmental, social, & corporate governance is "at the heart" of delivering its strategy.

"Today we set out key elements behind our ambition to double Ebitda over the next five years, by delivering our purpose of providing the best possible care to animals, and our vision to be the veterinary company people most want to work for. We will outline our plans for investment across a number of areas in support of organic and inorganic growth and margin enhancement," said Chief Executive Officer Richard Fairman.

CVS shares rose 2.3% to 1,979.00 pence each in London on Tuesday afternoon.

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