Latest results show we are a nation of Pets at Home lovers
By James Young | 26th November 2019
We are a nation of pet lovers and if their latest set of financial results is to be believed we are also a nation of Pets at Home lovers.
The retailer announced a strong set of financial results for the 28 weeks to October 10 this morning with a 7.8 per cent increase in like-for-like sales.
Half year group revenues came in at £546.3 million, up from £499.3million in the same period in 2018.
Retail revenues increased from £443.7 million to £479.8million while the Vet Group revenues, which are also part of the Pets at Home Group PLC, increased 19.6 per cent to £66.5million.
Group profit before tax also increased by a healthy margin, up 18.9 per cent from £37.9million to £45million.
Peter Pritchard, Group Chief Executive Officer said: "I am very pleased with what we have achieved in the first half of the year.
"We have executed our plans well, and this has been reflected in the strong customer sales growth across the Group.
"Our commitment, and that of the Group's Joint Venture Partners, is to make sure pets and their owners get the very best advice, care and products; and this has led to record levels of VIPs, First Opinion practice clients and subscription customers. In short, our pet care strategy is working.
"We have seen sustained momentum in Retail, with a two-year like-for-like of 13 per cent.
"This has been complemented by a meticulous delivery of our Vet Group recalibration.
"The programme to buy out a number of Joint Venture practices is already complete, whilst changes we have made to the fee arrangements for ongoing practices are already showing signs of positive progress and will be followed by further planned adjustments in the second half of the year.
All this provides a strong foundation, meaning we have much to look forward to in FY20 and beyond, and we now expect to return to profit growth a year ahead of our original plan.
"In the meantime, we will remain focussed on serving our customers, their pets and our partners better than ever before."
Pets at Home have a large superstore in Gloucester, at Woodrow Way close to Gloucester Quays.
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