Completion of Crematorium Operations Disposal
Completed sale of Crematoria operations for £42.4m; expects £32.0m exceptional gain in FY2025.
- Cash consideration for Crematoria disposal £42.4m
- Multiple of adjusted EBITDA 10x
- Expected exceptional gain on disposal £32.0m
- Forecasted Crematoria revenues (discontinued) £12.3m
- Forecasted Crematoria adjusted EBITDA (discontinued) £4.3m
- Australian acquisitions to date (aggregate consideration) A$55.8m/£28.2m
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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 EBITDA1.
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 EBITDA1 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:
- 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
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