CVS Group plc, a UK listed veterinary group, has reported a positive start to the financial year, with performance in the first four months in line with expectations. Total sales grew by 11.9% in the four-month period to October 31, 2023, with like-for-like sales increasing by 5.8%. The company's Healthy Pet Club preventative care scheme has also seen an increase in membership. CVS has launched a new Clinical Governance Framework to drive standards of care across the veterinary profession. The Group's adjusted EBITDA margin remains in line with the prior period at approximately 19%. CVS has continued to invest in acquisitions and capital expenditure, with leverage on a bank test basis remaining below 1.0x. The company expects to spend between £30m and £50m in capital expenditure for the full year. CVS has completed nine acquisitions in Australia and four in the UK, all of which are performing in line with expectations. The company has met with the Competition and Markets Authority (CMA) and will continue to support their review. CVS intends to pay a dividend of 7.5 pence per ordinary share, subject to shareholder approval. The company is searching for a successor to the Group's Chair, Richard Connell, who resigned due to ill health. CVS remains focused on delivering its strategy and investing in practices and clinical equipment to drive quality services and organic growth. The company is trading in line with full year market expectations and is well placed to achieve further growth over the longer term.