Pets at Home hails record FY performance

(Sharecast News) - Pets at Home announced a further £50m share buyback on Thursday as it hailed a record full-year performance, posting a jump in underlying pre-tax profit and revenue. In the year to 30 March, underlying pre-tax profit rose 4.8% to £136.4m, ahead of previous guidance, with a strong trading performance partly offset by higher energy costs and increased investment in digital assets as it builds out its platform.

Meanwhile, revenue was up 6.6% to £1.4bn, with like-for-like revenue 7.9% higher.

On a statutory basis, pre-tax profit fell 17.7% on the previous year to £122.5m, reflecting the gain on the sale of its Specialist Group in FY22 and the costs of bringing the company's new distribution centre onstream in FY23.

Vet Group revenue increased 13.3% during the year to £122.8m, while retail revenue was up 5.9% at £1.3bn.

Pets said it had completed a £50m share buyback programme during the year, and announced a further £50m buyback for the year ahead.

It also announced a new medium-term strategy to build "the world's best pet care platform".

"This will generate sustainable value for all stakeholders, as we create a better world for pets and the people that love them," it said.

Chief executive Lyssa McGowan said: "Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers.

"Through our unique blend of products, services and expert advice we were able to serve pet owners better, grow our consumer base, and win more market share, building on our leading position in the UK pet care market."