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Annual Results

Pets at Home improves FY pretax profit

25 May 2017 07:37

Pets at Home has improved its FY pretax profit to £95.4m, up 5.8% on the 52 weeks to March 24, 2016.

Group revenue was £834.2m, up 7.2%, with group like-for-like revenue growth coming in at 1.5%.

"We have delivered a solid performance over the year with profits in line with expectations, reflecting in part the strength of our Joint Venture vet practices where our total income grew 24.6%," said CEO Ian Kellett.

"We are uniquely positioned as the only UK pet business delivering an integrated omnichannel and services offer, supported by our fast growing Vet Group, market leading private labels and expert colleagues."

Kellett said that, in an evolving consumer environment, Pets at Home was taking steps to reposition prices on own-label Advanced Nutrition and pet essentials and had made some initial changes to branded food lines.

"Encouraged by the reaction of our customers and having seen an improvement in Merchandise LFL to 1.0% in the 16 weeks since launch, we will move swiftly to deliver even better value," he said.

"We are confident this is the right path for success and will give us a strong platform for sustainable future growth."

OUTLOOK

"We operate in a resilient market, which is forecast to grow at c.4.5% over the next five years," continued Kellett.

"Whilst in the near term we are repositioning the Merchandise business and investing in the customer, we are seeing results from our actions and believe this will deliver profitable growth benefits in future years."

Pets at Home would also continue the fast pace of top line and profit growth in its veterinary business.

"Our existing Joint Venture vet practices already deliver income to the Group of £47.1m, but have the potential to generate more than £80m when fully mature. We remain a cash generative business, with a priority to invest in our core capabilities."

Story provided by StockMarketWire.com

Related Company: PETS

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