Our Strategy

Our 2023 Operational highlights

• We have continued to increase investment in our facilities and equipment, investing £45.7m in 2023, an increase of £21.2m vs 2022, including completing 21 refurbishment and relocation projects in the year.
• We have acquired 11 practices (16 practice sites).
• We have increased the average number of vets we employ by 6.5%.
• We introduced sustainability targets across our Sustainability working groups, read more on pages 32 to 46 of our 2023 Annual Report.
• In July 2023, we entered the Australian veterinary market with the acquisition of five practices (five practice sites), with more now completed.

Our 2023 Financial highlights¹

• Revenue increased by 9.8%, to £608.3m from £554.2m, with strong Group like-for-like growth of 7.3% (2022: 8.0%) driven by a continued focus on providing high-quality clinical care.
• The Group delivered adjusted EBITDA growth of 13.0%, to £121.4m from £107.4m, as a result of the above revenue growth, the continued investment in our colleagues and the recognition of research and development expenditure tax credit.
• Profit before tax increased by 49.7% to £53.9m from £36.0m.
• Leverage increased to 0.73x from 0.40x as a result of increased investment in existing practices and acquisitions, partly offset by increased EBITDA.
• Cash generated from operations increased by 15.9%, to £107.9m from £93.1m, primarily as a result of the increase in adjusted EBITDA.

Footnotes

^{1. Financial measures are defined in the 2023 Annual report.}