Pets at Home boosted revenues by 15.3% in the last financial year.
The group’s preliminary results for the 53-week period to 31 March, 2022, show that turnover grew to reach £1.3 billion, with retail revenue increasing 18.5% to £1.2 billion. Within that figure, store sales were up by 17.7% along with 18.4% annual growth in omnichannel business.
Pre-tax profit leaped from £77.4 million in 2021 (52 weeks) to £130.1 million in 2022 (53 weeks), a jump of 63.3%.
The company reported growth across all key product categories both in-store and online, and was able to both recruit new customers and increase average spend. An additional 1.2 million new puppy and kitten customers shopped with the chain during the year, an increase of 36%, while the number of active members of the group’s VIP scheme increased by 18% to 7.3 million. The number of pet care plan subscriptions across the group grew by 23% to 1.5m year on year, generating over £120m in annualised recurring customer revenue.
Total revenue from the group’s veterinary activities fell by 12% to £108.4 million due to the disposal of its specialist business during the previous year, but like-for-like revenue was up by 17.1% and income from vets’ fees grew 22.6% to £69.9 million, the group stated.
Pets at Home operates 457 retail stores as well as 443 First Opinion veterinary practices located both in stores and in standalone locations.
Outgoing group chief executive office Peter Pritchard described the pet care market as remaining “robust and in growth”.
He said: “Despite another period characterised by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow. I would like to express my heartfelt thanks to our truly inspiring colleagues and partners across the Group for their continued adaptability and commitment to making Pets at Home bigger, stronger, and more efficient.
“We are well placed to accelerate our growth in market share. The robust backdrop of the UK pet care market, coupled with our clear strategic priorities, proven omnichannel model and strong executive team, mean that I hand over leadership of this great business to Lyssa McGowan with the utmost confidence that Pets at Home will continue to create value for all stakeholders in both the near and longer-term.”
Former Sky UK executive Lyssa McGowan takes over as group chief executive officer with effect from June 1, 2022.