CVS Group

CVSG · Main Market · Health Care · mcap £790m · 1183.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 24 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £804.1m
Owner’s net cash: −£195.7m
Net cash / market cap: -24%
EV ex leases: £1,005m
Revenue: £712.8m
Operating profit: £47.6m
Free cash flow after leases: £17.6m
EV / EBIT: 21.1×
FCF yield: 2.2%
Price / tangible book: 2.72×
ROCE: 7%
Net income (owners): £17.3m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Jun 26 (twelve months to 30 Jun 26), published 24 Sep 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Revenue	712.8	673.2
Cost of sales	(397.2)	(387.5)
Gross profit	315.6	285.7
Administrative expenses	(268.0)	(235.9)
Operating profit	47.6	49.8
Finance expense	(15.6)	(17.2)
Profit before tax	32.0	32.6
Tax expense	(14.2)	(13.5)
Profit from continuing operations	17.8	19.1
Profit from discontinued operations	—	33.9
Profit for the year	17.8	53.0
Profit attributable to
Owners of CVS Group plc	17.3	52.8
Non-controlling interests	0.5	0.2
Total profit attributable to	17.8	53.0
Basic	24.4p	26.3p
Diluted	24.3p	26.2p
Basic	24.4p	73.7p
Diluted	24.3p	73.6p

Source ↗

	2026 £m	2025 £m
Non-current assets
Intangible assets	385.0	337.6
Property, plant and equipment	134.7	124.0
Right-of-use assets	99.6	98.4
Investments	—	—
Amounts owed by Group undertakings	—	—
Derivative financial instruments	0.2	0.8
Total non-current assets	619.5	560.8
Current assets
Inventories	29.7	28.5
Trade and other receivables	74.9	69.4
Current tax receivable	25.3	21.4
Cash and cash equivalents	18.4	16.1
Total current assets	148.3	135.4
Total assets	767.8	696.2
Current liabilities
Trade and other payables	(105.8)	(105.0)
Provisions	(1.0)	(0.5)
Current tax liabilities	(2.8)	(2.6)
Lease liabilities	(16.5)	(15.2)
Total current liabilities	(126.1)	(123.3)
Non-current liabilities
Trade and other payables	(0.8)	(0.4)
Borrowings	(214.1)	(145.2)
Lease liabilities	(89.7)	(88.4)
Deferred tax liabilities	(41.5)	(37.2)
Total non-current liabilities	(346.1)	(271.2)
Total liabilities	(472.2)	(394.5)
Net assets	295.6	301.7
Shareholders’ equity
Share capital	0.1	0.1
Share premium	109.1	109.1
Capital redemption reserve	0.6	0.6
Cash flow hedge reserve	(0.1)	0.4
Merger reserve	(61.4)	(61.4)
Foreign exchange translation reserve	1.9	(8.7)
Retained earnings	239.9	259.7
Total shareholders’ equity	290.1	299.8
Non-controlling interest	5.5	1.9
Total equity	295.6	301.7

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Cash generated from operations	102.0	114.1
Taxation paid	(16.1)	(15.5)
Interest received	1.2	—
Interest paid	(15.8)	(16.5)
Net cash generated from operating activities	71.3	82.1
Cash flows from investing activities
Business combinations (net of cash acquired)	(43.7)	(30.9)
Purchase of property, plant and equipment	(28.5)	(26.4)
Proceeds from sale of property, plant and equipment	0.3	—
Purchase of intangible assets	(7.9)	(7.8)
Receipts for financial assets at amortised cost	—	0.1
Proceeds from sale of discontinued operation	0.4	42.3
Net cash used in investing activities	(79.4)	(22.7)
Cash flows from financing activities
Dividends paid to Company’s shareholders	(6.1)	(5.7)
Dividends paid to non-controlling interests in subsidiaries	(0.2)	(0.2)
Proceeds from issue of Ordinary shares	—	0.1
Own shares purchased for cancellation	(31.7)	—
Purchase of additional interest in subsidiary from non-controlling interest	(2.1)	—
Repayment of obligations under right-of-use assets	(17.3)	(16.4)
Debt issuance costs	(2.5)	—
Repayment of borrowings	(39.0)	(117.0)
Increase in borrowings	109.5	80.0
Net cash generated from/(used in) financing activities	10.6	(59.2)
Effects of exchange rate changes loss	(0.2)	(0.6)
Net increase/(decrease) in cash and cash equivalents	2.3	(0.4)
Cash and cash equivalents at the beginning of the year	16.1	16.5
Cash and cash equivalents at the end of the year	18.4	16.1

Source ↗

	Six months ended 31 December 2025 (Unaudited) £m	Six months ended 31 December 2024 1 (Unaudited) £m	Year ended 30 June 2025 (Audited) £m
Revenue	356.9	337.3	673.2
Cost of sales	(199.3)	(193.6)	(387.5)
Gross profit	157.6	143.7	285.7
Administrative expenses	(135.5)	(118.8)	(235.9)
Operating profit	22.1	24.9	49.8
Finance expense	(6.9)	(9.0)	(17.2)
Profit before tax	15.2	15.9	32.6
Tax expense	(6.9)	(5.6)	(13.5)
Profit from continuing operations	8.3	10.3	19.1
Profit from discontinued operations	-	1.0	33.9
Profit for the period	8.3	11.3	53.0
Profit for the period attributable to
Owners of the parent	7.8	11.2	52.8
Non-controlling interests	0.5	0.1	0.2
Total profit for the period attributable to	8.3	11.3	53.0
Basic	10.9p	14.2p	26.3p
Diluted	10.9p	14.2p	26.2p
Basic	10.9p	15.6p	73.7p
Diluted	10.9p	15.6p	73.6p

Source ↗

	31 December 2025 (Unaudited) £m	31 December 2024 (Unaudited) £m	30 June 2025 (Audited) £m
Non-current assets
Intangible assets	366.7	344.9	337.6
Property, plant and equipment	125.9	126.5	124.0
Right-of-use assets	95.0	99.1	98.4
Derivative financial instruments	0.9	0.8	0.8
Total non-current assets	588.5	571.3	560.8
Current assets
Inventories	31.1	30.3	28.5
Trade and other receivables	68.9	60.5	69.4
Current tax receivable	16.1	22.5	21.4
Cash and cash equivalents	12.3	11.6	16.1
Total current assets	128.4	124.9	135.4
Total assets	716.9	696.2	696.2
Current liabilities
Trade and other payables	(103.9)	(97.5)	(105.0)
Provisions	(0.2)	(0.6)	(0.5)
Current tax liabilities	-	(3.7)	(2.6)
Lease liabilities	(15.8)	(14.0)	(15.2)
Total current liabilities	(119.9)	(115.8)	(123.3)
Non-current liabilities
Trade and other payables	(0.5)	-	(0.4)
Borrowings	(170.6)	(191.7)	(145.2)
Lease liabilities	(86.1)	(89.8)	(88.4)
Deferred tax liabilities	(39.9)	(37.5)	(37.2)
Total non-current liabilities	(297.1)	(319.0)	(271.2)
Total liabilities	(417.0)	(434.8)	(394.5)
Net assets	299.9	261.4	301.7
Shareholders' equity
Share capital	0.1	0.1	0.1
Share premium	109.1	109.1	109.1
Capital redemption reserve	0.6	0.6	0.6
Cash flow hedge reserve	0.5	0.4	0.4
Merger reserve	(61.4)	(61.4)	(61.4)
Foreign exchange translation reserve	(4.1)	(5.1)	(8.7)
Retained earnings	250.3	217.6	259.7
Total shareholders' equity	295.1	261.3	299.8
Non-controlling interest	4.8	0.1	1.9
Total equity	299.9	261.4	301.7

Source ↗

	Six months ended 31 December 2025 (Unaudited) £m	Six months ended 31 December 2024 (Unaudited) £m	Year ended 30 June 2025 (Audited) £m
Cash flows from operating activities
Cash generated from operations	54.9	55.4	114.1
Taxation paid	(10.1)	(8.3)	(15.5)
Interest paid	(6.3)	(8.8)	(16.5)
Net cash generated from operating activities	38.5	38.3	82.1
Cash flows from investing activities
Business combinations (net of cash acquired)	(23.3)	(23.3)	(30.9)
Purchase of property, plant and equipment	(12.3)	(13.6)	(26.4)
Proceeds from sale of property, plant and equipment	0.1	-	-
Purchase of intangible assets	(5.2)	(3.2)	(7.8)
Receipts for financial assets at amortised cost	-	-	0.1
Proceeds from sale of discontinued operation	0.4	-	42.3
Net cash used in investing activities	(40.3)	(40.1)	(22.7)
Cash flows from financing activities
Dividends paid to Company's shareholders	(6.1)	(5.7)	(5.7)
Dividends paid to non-controlling interests in subsidiaries	(0.1)	(0.1)	(0.2)
Proceeds from issue of Ordinary shares	-	0.1	0.1
Own shares purchased for cancellation	(12.6)	-	-
Repayment of obligation under right-of-use assets	(8.0)	(7.5)	(16.4)
Repayment of borrowings	(33.0)	(56.0)	(117.0)
Increase of borrowings	58.0	66.0	80.0
Net cash used in financing activities	(1.8)	(3.2)	(59.2)
Effects of exchange rate changes	(0.2)	0.1	(0.6)
Net decrease in cash and cash equivalents	(3.8)	(4.9)	(0.4)
Cash and cash equivalents at the beginning of period	16.1	16.5	16.5
Cash and cash equivalents at end of the period	12.3	11.6	16.1

Source ↗

	2025 £m	2024 1 £m
Revenue	673.2	638.7
Cost of sales	(387.5)	(370.0)
Gross profit	285.7	268.7
Administrative expenses	(235.9)	(220.9)
Operating profit	49.8	47.8
Finance expense	(17.2)	(12.6)
Profit before tax	32.6	35.2
Tax expense	(13.5)	(10.5)
Profit from continuing operations	19.1	24.7
Profit/(loss) from discontinued operations	33.9	(18.3)
Profit for the year	53.0	6.4
Profit attributable to
Owners of CVS Group plc	52.8	6.2
Non-controlling interests	0.2	0.2
Total profit attributable to	53.0	6.4
Basic	26.3p	34.2p
Diluted	26.2p	34.2p
Basic	73.7p	8.6p
Diluted	73.6p	8.6p

Source ↗

	2025 £m	2024 £m
Non-current assets
Intangible assets	337.6	334.9
Property, plant and equipment	124.0	123.0
Right-of-use assets	98.4	102.6
Investments	-	-
Amounts owed by Group undertakings	-	-
Derivative financial instruments	0.8	0.9
Total non-current assets	560.8	561.4
Current assets
Inventories	28.5	31.8
Trade and other receivables	69.4	67.7
Current tax receivable	21.4	12.6
Cash and cash equivalents	16.1	16.5
Total current assets	135.4	128.6
Total assets	696.2	690.0
Current liabilities
Trade and other payables	(105.0)	(102.6)
Provisions	(0.5)	(0.9)
Current tax liabilities	(2.6)	(0.7)
Lease liabilities	(15.2)	(13.9)
Total current liabilities	(123.3)	(118.1)
Non-current liabilities
Trade and other payables	(0.4)	-
Borrowings	(145.2)	(181.3)
Lease liabilities	(88.4)	(92.6)
Deferred tax liabilities	(37.2)	(37.5)
Total non-current liabilities	(271.2)	(311.4)
Total liabilities	(394.5)	(429.5)
Net assets	301.7	260.5
Shareholders' equity
Share capital	0.1	0.1
Share premium	109.1	109.0
Capital redemption reserve	0.6	0.6
Treasury reserve	-	-
Cash flow hedge reserve	0.4	0.5
Merger reserve	(61.4)	(61.4)
Foreign exchange translation reserve	(8.7)	0.4
Retained earnings	259.7	211.2
Total shareholders' equity	299.8	260.4
Non-controlling interest	1.9	0.1
Total equity	301.7	260.5

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	114.1	95.9
Taxation paid	(15.5)	(15.7)
Interest paid	(16.5)	(12.4)
Net cash generated from operating activities	82.1	67.8
Cash flows from investing activities
Business combinations (net of cash acquired)	(30.9)	(97.0)
Purchase of property, plant and equipment	(26.4)	(39.5)
Proceeds from sale of property, plant and equipment	-	0.2
Purchase of intangible assets	(7.8)	(3.6)
Receipts/(payments) for financial assets at amortised cost	0.1	(0.6)
Proceeds from sale of discontinued operation	42.3	-
Net cash used in investing activities	(22.7)	(140.5)
Cash flows from financing activities
Dividends paid to Company's shareholders	(5.7)	(5.4)
Dividends paid to non-controlling interests in subsidiaries	(0.2)	(0.1)
Proceeds from issue of Ordinary shares	0.1	2.0
Proceeds from sale of Treasury shares	-	0.4
Purchase of Treasury shares	-	(0.9)
Repayment of obligations under right-of-use assets	(16.4)	(15.6)
Debt issuance costs	-	(0.8)
Repayment of borrowings	(117.0)	(0.3)
Increase in borrowings	80.0	89.0
Net cash (used in)/generated from financing activities	(59.2)	68.3
Effects of exchange rate changes loss	(0.6)	(0.6)
Net decrease in cash and cash equivalents	(0.4)	(5.0)
Cash and cash equivalents at the beginning of the year	16.5	21.5
Cash and cash equivalents at the end of the year	16.1	16.5

	FY Jun 26	FY Jun 25	FY Jun 24
Revenue to operating profit
Revenue	712.8	673.2	638.7
Gross profit	315.6	285.7	268.7
Adjusted EBITDA	141.5	134.6	123.0
Exceptional / adjusting items	10.6	6.0^r	(5.8)
Operating profit	47.6	49.8	47.8
Depreciation (owned assets)	21.0	20.4	17.7
Depreciation (right-of-use)	17.7	18.1	16.0
Amortisation	26.0	26.0	24.8
Operating profit to net income
Finance costs	(15.6)	(17.2)	(12.6)
Profit before tax	32.0	32.6	35.2
Tax	(14.2)	(13.5)	(10.5)
Net income (owners)	17.3	52.8	6.2
Discontinued operations	0.0	33.9	(18.3)
Per share
EPS basic	24.4p	73.7p	8.6p
EPS diluted	24.3p	73.6p	8.6p

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Revenue to operating profit
Revenue	355.9	356.9	335.9	337.3
Gross profit	158.0	157.6	142.0	143.7
Adjusted EBITDA	73.8	67.7	69.5	65.1
Exceptional / adjusting items	7.1	3.5	4.5	1.5
Operating profit	25.5	22.1	24.9	24.9
Depreciation (owned assets)	10.1	10.9	9.3	11.1
Depreciation (right-of-use)	8.7	9.0	9.6	8.5
Amortisation	13.3	12.7	13.3	12.7
Operating profit to net income
Finance costs	(8.7)	(6.9)	(8.2)	(9.0)
Profit before tax	16.8	15.2	16.7	15.9
Tax	(7.3)	(6.9)	(7.9)	(5.6)
Net income (owners)	9.5	7.8	41.6	11.2
Discontinued operations	–	–	32.9	1.0
Per share
EPS basic	13.5p	10.9p	58.1p	15.6p
EPS diluted	13.4p	10.9p	58.0p	15.6p

	FY Jun 26	FY Jun 25	FY Jun 24
Operating activities
Cash from operations	71.3	82.1	67.8
Interest paid	(15.8)	(16.5)	(12.4)
Tax paid	(16.1)	(15.5)	(15.7)
Investing activities
Capex (PP&E)	(28.5)	(26.4)	(39.5)
Capex (intangibles)	(7.9)	(7.8)	(3.6)
Financing activities
Lease principal paid	(17.3)	(16.4)	(15.6)
Dividends paid	(6.1)	(5.7)	(5.4)
Share buybacks	(31.7)	0.0	(0.9)
Shares issued	0.0	0.1	2.0

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Operating activities
Cash from operations	32.8	38.5	43.8	38.3
Interest paid	(9.5)	(6.3)	(7.7)	(8.8)
Tax paid	(6.0)	(10.1)	(7.2)	(8.3)
Investing activities
Capex (PP&E)	(16.2)	(12.3)	(12.8)	(13.6)
Capex (intangibles)	(2.7)	(5.2)	(4.6)	(3.2)
Financing activities
Lease principal paid	(9.3)	(8.0)	(8.9)	(7.5)
Dividends paid	0.0	(6.1)	0.0	(5.7)
Share buybacks	(19.1)	(12.6)	–	–
Shares issued	–	–	0.0	0.1

	30 Jun 26	30 Jun 25	30 Jun 24
Non-current assets
Property, plant & equipment	134.7	124.0	123.0
Non-current assets	619.5	560.8	561.4
Current assets
Inventories	29.7	28.5	31.8
Trade receivables	74.9	69.4	67.7
Cash	18.4	16.1	16.5
Current assets	148.3	135.4	128.6
Total assets	767.8	696.2	690.0
Current liabilities
Trade payables	105.8	105.0	102.6
Lease liabilities, current	16.5	15.2	13.9
Current liabilities	126.1	123.3	118.1
Non-current liabilities
Borrowings, non-current	214.1	145.2	181.3
Lease liabilities, non-current	89.7	88.4	92.6
Non-current liabilities	346.1	271.2	311.4
Total liabilities	472.2	394.5	429.5
Equity
Non-controlling interests	5.5	1.9	0.1
Total equity	295.6	301.7	260.5
Net cash and other figures
Net cash / (debt) ex leases	(199.6)	(131.4)	(168.0)
Undrawn facilities	–	350.0	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24	30 Jun 24
Non-current assets
Property, plant & equipment	134.7	125.9	124.0	126.5	123.0
Non-current assets	619.5	–	560.8	–	561.4
Current assets
Inventories	29.7	31.1	28.5	30.3	31.8
Trade receivables	74.9	68.9	69.4	60.5	67.7
Cash	18.4	12.3	16.1	11.6	16.5
Current assets	148.3	–	135.4	–	128.6
Total assets	767.8	716.9	696.2	696.2	690.0
Current liabilities
Trade payables	105.8	103.9	105.0	97.5	102.6
Lease liabilities, current	16.5	15.8	15.2	14.0	13.9
Current liabilities	126.1	–	123.3	–	118.1
Non-current liabilities
Borrowings, non-current	214.1	170.6	145.2	191.7	181.3
Lease liabilities, non-current	89.7	86.1	88.4	89.8	92.6
Non-current liabilities	346.1	–	271.2	–	311.4
Total liabilities	472.2	417.0	394.5	434.8	429.5
Equity
Non-controlling interests	5.5	4.8	1.9	0.1	0.1
Total equity	295.6	299.9	301.7	261.4	260.5
Net cash and other figures
Net cash / (debt) ex leases	(199.6)	(160.2)	(131.4)	(182.9)	(168.0)
Undrawn facilities	–	–	350.0	–	–

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