Pets at Home has delivered strong first-quarter financial results, including a 25.7% increase in group revenue to £377m.
In its trading update, the UK’s biggest pet retail chain reported good growth across both food and accessories, instore and online.
The strong performance across the company’s veterinary operations continued through the quarter, with customer sales across First Opinion practices about 30% higher on a two-year basis. The number of profitable practices continued to increase, with the balance of operating loans reducing further post year end.
Based on trading year to date, the group now anticipates that full-year underlying pre-tax profit will be £130m, at the top end of the current range of analyst expectations, representing a £42.5m (+49%) increase on the previous year.
Peter Pritchard, group chief executive officer, said: “It is pleasing to note that many of the positive trends from our last financial year have accelerated in the current quarter.
GROWTH
“Key indicators point to continued growth in pet ownership, providing a supportive backdrop to long-term growth across the underlying market and our business, and we continue to see strong growth in new customers, subscription plans and veterinary clients.
“I remain incredibly grateful to all our colleagues and partners across the group for their continuous hard work and excellent customer service.”
Pets at Home also reported continued growth across its pet care ‘ecosystem’ with Puppy and Kitten club members growing 167% year-on-year.
The group started the rollout of in-store recycling units for pet food packaging during the quarter, utilising an industry-first pyrolysis process to recycle flexible, rigid and complex plastics, and it plans to extend these units into the majority of its stores over the next 18 months. Development of the company’s new storage and distribution facility in Stafford started at the end of the quarter.
Pets at Home says it also continued to meet its obligations as a responsible corporate citizen by continuing to expand its Our Better World Pledge initiative.
The financial report added that growing trends, including the humanisation of pets, have created a robust UK pet care market.
