CVS Group PLC on Thursday said it is trading in line with full-year expectations, and is well-placed to deliver on growth opportunities.

CVS Group is a Norfolk, England-based provider of integrated veterinary services.

For the six months ended December 31, the company expects revenue of £296.3 million, up 8.2% from £273.7 million on the previous year.

Like-for-like sales are expected to rise 7.5%, within CVS Group’s organic revenue growth plan of between 4% and 8%.

Adjusted earnings before interest, tax, depreciation and amortisation should fall within a margin of around 19%, in line with the year prior, it added.

The company said it has continued to increase its investment in practice refurbishment, relocations, clinical equipment and technology, with £19.9 million invested in the first half of 2023, compared to £10.6 million the previous year.

In December, it opened a new Greenfield site in Southport, and is on track to open a further two in the second half.

CVS Group also completed two acquisitions, bringing its total to six, comprising nine practice sites in the financial year to date, for an initial consideration of £26.5 million.

As a result, net borrowing increased to £57.6 million, from £36.0 million at June 30.

Looking ahead, CVS Group said that while it remained ‘mindful’ of the challenging economic backdrop, it was pleased with its first half performance and ‘considers that current trading remains in line with market expectations for the full year’.

‘The group remains well-placed to deliver on further growth opportunities over the longer term,’ it added.

CVS Group shares were trading 0.9% higher at 1,935.71 pence each in London on Thursday morning.

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