Richard William Fairman
CEO & Director
All right. Good morning, everyone, and welcome to this live stream of CVS Group’s full year financial results following the publication of those earlier this morning. I’m Richard Fairman, CEO. And alongside me, I’ve got Robin Alfonso, our CFO; and Paul Higgs, our Chief Veterinary Officer.
We have delivered further growth across our group in the past year with improved U.K. operations and continuing expansion of our platform in Australia. Revenue increased by 5.4% to GBP 673.2 million. We faced some challenges particularly in the first half of the year with softer market conditions in the U.K., but it was pleasing to see significant improvement in the final quarter, leading to a positive full year performance with like-for-like growth of 0.2% across the group and 1% in our core practice division. And then improved trading continued into the first quarter of the new financial year.
Adjusted EBITDA increased by 9.4% to GBP 134.6 million from both acquisitions and continued disciplined cost management, and adjusted EBITDA margin increased by 70 basis points to 20%. Adjusted operating cash conversion was 76.9% for the year, ahead of our stated ambition of circa 70%. And in light of these strengthened operating cash flows and also the proceeds from the sale of our Crematoria business at a 10x EBITDA
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