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Interim Results

Pets at Home improves H1 pretax profit

24 November 2016 07:47

Pets at Home has improved its H1 pretax profit to £45.99m, from a year-earlier profit of £40.91m. Dividend per share was 2.5p, from 2p.

Revenue for the period was £441.3m, from £404.5m.

The company said that whilst recent trading has been softer than in the first half, its profit outlook for FY 2017 remained in line with market expectations as it maintained a focus on both margins and costs.

CEO Ian Kellett said:

"We have again demonstrated strong performance in Services, with 47.6% revenue growth. We have also seen robust trading in Merchandise where Health & Hygiene sales returned to a more normalised level after a poor season last year.

"We are pleased that our investment in seamless shopping is delivering results with increased volumes, basket spend and the launch of our first subscription service.

"In a more difficult trading environment, we continue to build Pets at Home for the future and are confident in the long term outlook for our unique offer in the resilient pet market, in particular, the developing potential of our Services business as we see it mature and grow."

Separately, the company said non-executive director Brian Carroll is to resign.

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