Intention to move to Main Market & Buyback Scheme

CVS, the UK listed veterinary group and a leading provider of veterinary services, is pleased to announce its intention to seek admission of the Company's entire issued ordinary share capital to the equity shares (commercial company) category ("ESCC") of the Official List and to trading on the main market for listed securities (the "Main Market") of the London Stock Exchange plc ("Admission").

Since listing on AIM in October 2007, CVS has delivered strong revenue and profit growth, significant shareholder returns and built a broad and supportive shareholder base. The Board acknowledges that AIM has been a valuable platform for the Group over many years and has been an important stepping stone to establish CVS as a leading veterinary services company in the UK with a fast-growing presence in Australia.

Following thorough consideration of the merits of transitioning to the Main Market, as well as the clarity afforded by the CMA's provisional decision report published on 15 October 2025 and the positive momentum in like-for-like sales performance from Q4 FY2025 which has continued into Q1 FY2026, the Board has determined that such a move will provide access to deeper pools of capital across a broader range of investors, offer the potential for index inclusion, improve trading liquidity, and enhance the Group's corporate profile.

The Company expects Admission in early Q1 of calendar year 2026, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Official List and by the London Stock Exchange plc to trading on the Main Market. The Group does not intend to raise funds in connection with Admission or the publication of the prospectus, and Admission is not expected to be conditional on shareholder approval.

Shareholders should note that the Company's shares will no longer be traded on AIM with effect from Admission and should take their own financial and taxation advice regarding the consequences of Admission.

Berenberg is acting as Sponsor exclusively to the Company and no one else in connection with the proposed Admission.

CVS will issue further updates as appropriate.

Launch of Share Buyback Programme Today

CVS also announces that the Board has approved a share buyback programme to return up to £20 million to shareholders (the "Share Buyback Programme"), further details of which are set out in a separate announcement.

Taking into account the Group's attractive pipeline of acquisitions in Australia and capital investment commitments which the Group expects to continue into FY26, as well as the opportunity for further acquisitions in the UK in due course, the Group continues to have significant headroom under its committed facilities and leverage at 1.18x* as at 30 June 2025, well below its stated target of <2.0x.

The Board therefore believes the Share Buyback Programme is appropriate and is consistent with its stated capital allocation policy. All ordinary shares repurchased by the Group under the Share Buyback Programme will be cancelled.

The Share Buyback Programme is expected to be completed in Q1 of calendar year 2026.

David Wilton, Chair, commented:

"The Board has reached the decision to move up to the Main Market after carefully considering the merits and potential demerits of such move and evaluating the process involved. We believe it is, as a listed company, in CVS's best interest to do so as it will provide access to deeper pools of capital across a broader range of investors, offer the potential for index inclusion, improve trading liquidity, and enhance the Group's corporate profile.

We are grateful to our shareholders for their long-term support particularly through the period of uncertainty in the past two years since the CMA launched their market review in September 2023. We look forward to working with all our stakeholders in our next phase of growth."