Response to CMA announcement

Following the announcement by the Competition and Markets Authority ("CMA") this morning, CVS notes their decision to extend the statutory deadline of the market investigation reference in relation to the supply of veterinary services for household pets in the UK, so the CMA can fully consider the responses received from the veterinary industry on proposed remedies.

CVS continues to actively engage with the CMA, providing constructive feedback on transparency measures which we believe will comprehensively address the concerns the CMA has identified. CVS welcomes the CMA's recognition of the importance of proportionality of any interventions and the risk that well-meaning interventions could have unintended consequences for animal welfare, pet owners, vets and veterinary businesses. In that respect, we welcome the CMA's extension to consider their options further.

CVS was among those who gave detailed feedback to the CMA on its remedy package, in which it outlined support for the CMA's focus on transparency and improving communication, but also outlined many aspects of its initial package that CVS believed to be unduly cumbersome for vets and even more critically would not empower consumers to make better choices. CVS also gave the CMA feedback on remedies that it believed would unduly constrain clinical freedom of vets, which must remain sacrosanct.

We are optimistic that the extension will improve the ultimate remedy package and ensure it is proportionate but recognise the impact that the extension will have on our colleagues and other stakeholders, who will be understandably disappointed by the continued uncertainty. We will continue to support our teams through this process and would like to thank them for their ongoing dedication and hard work in the face of the significant challenges brought about by this process.

CVS will continue to collaborate closely with the CMA, as we have done consistently since the CMA first launched its market review on 7 September 2023, over the extended timetable.

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 Rimell

Tilly Butcher