Response to CMA review into veterinary market

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)                                                       [phone]

Adrian Trimmings / Michael Burke / Andrew Clark / Lalit Bose

Berenberg (Joint Broker)                                                                                                      [phone]

Toby Flaux / Ben Wright / James Thompson / Milo Bonser

Camarco (Financial PR)                                                                                                     [e-mail]

Geoffrey Pelham-Lane                                                                                                             [phone]

Ginny Pulbrook                                                                                                                        [phone]

Rosie Driscoll                                                                                                                           [phone]

About CVS Group plc (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.

 

END