Response to CMA Summary Final Decision Report

CVS notes this morning's publication by the Competition and Markets Authority ("CMA") of the summary of its Final Decision Report in the veterinary services market investigation. The CMA is expected to publish its full Final Decision Report later today.

CVS welcomes the certainty that this morning's announcement brings after more than two and half years of CMA scrutiny.

The CMA's final decision does not introduce any new remedies over and above those announced in its provisional decision. We are pleased to see that the CMA has considered our and the veterinary profession's feedback in amending the proposed fee cap on prescriptions with the cap now increased to £21 inclusive of VAT for the first drug prescribed, with the ability to charge an additional £12.50 for each additional drug prescribed at the same time. Whilst we continue to believe that some of these remedies are not fully justified, we are comfortable with them and believe they are workable. We already comply with many remedies and are well advanced in complying with others, with price lists published on our practice websites in late 2025 and 117 CVS UK companion animal practices already jointly branded.

As such, the Board expects the Group to continue to trade in line with market expectations.

Whilst the remedies are now certain and will not change, we look forward to discussing the practical implementation of all remedies with the CMA prior to the publication of its Final Order later in 2026 which will bring these remedies into legal effect.