Pets at Home profits plunge
By Sarah Wood | 27th November 2018
Pets at Home has seen profits fall over the last six months, as it attempts to restructure its vet business.
Profit before tax plunged 80.5 per cent, from £40.8m last year to just £8m.
The retailer which has stores in Gloucester, Cirencester and two branches in Cheltenham, runs joint veterinary practices with a number of independent companies in its stores, as reported by City AM.
Pets at Home paid £29.9m in charges for the restructuring over the last six months, including £16.2m of additional provisions for loans to practices which are "no longer expected to be recoverable".
Out of the 471 joint venture practices, the company will offer to buy back around 55, of which 25 will be operated by the company itself. The remainder could face closure.
Shares in the pet care retailer have fallen by more than 63 per cent since their peak in 2015. They fell by a further 4.8 per cent this morning, to today's low of 109.3p.
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