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Gloucestershire Business News

Retailer riding high on pet ownership boom

Pets at Home - with a store in Gloucester, two in Cheltenham and another in Cirencester - is riding the Covid surge in pet ownership.

Its CEO Peter Pritchard says the business has 'never been more robust'.

As the UK's leading pet care retailer, it believes it is well placed to cope with nationwide problems surrounding supply, logistics and labour.

Profits for the half year are up 77% at £70 million. Total group income is up 18% to £677.6m. Revenue from its vet business alone is up 26%.

The number of pet care plan subscriptions across the group grew 45% to over 1.4m, generating over £110m in annualised recurring customer revenue.

The number of Puppy and Kitten Club members grew by 107% with members typically spending a third more per annum across the group compared to non-members.

The group is now predicting that the FY22 pre-tax profit will be at the top end of the current range of analyst expectations.

And it has its sights set on growth to £2.3bn of customer revenue over the medium term.

Peter Pritchard, group chief executive officer said: "Notwithstanding some near-term, industry-wide challenges, we continue to grow ahead of our plans and, based on trading year to date, we are on track to report a record year of sales and profit growth."

The chain recently won Retail Week awards as Best Retailer and Best Place to Work 2021.

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