Pets at Home reports flat year-on-year revenue
Pets at Home has posted flat year-on-year revenue at £1.48 billion following contrasting performances in its retail and vet businesses.
In the year to 27 March, retail consumer revenue dropped by 1.8% which the retailer attributed to a period of subdued growth in the pet sector due and “normalising” levels of new pet ownership.
Vet group consumer revenue climbed by 13% after growth in visits, average transaction values and Care Plan revenues.
Meanwhile, group underlying pre-tax profit increased by 0.7% to £133 million, which was in line with guidance, after an uplift of 23.3% in the vets business and a decline of 16.6% in retail.
Never Miss a Retail Update!Lyssa McGowan, Pets at Home chief executive, said: “The past two years have seen a profound transformation at Pets at Home. We have moved from a business with a strong presence in pet retail and vets, to a true pet care platform.
“During this period of transformation, we have completely replatformed our digital infrastructure, built new capabilities around our data, brand & marketing, and simplified our distribution network to a single distribution centre fulfilling stores, online and
subscriptions, and we have achieved this against the backdrop of a normalising pet care market and low consumer confidence.”
Looking ahead, Pets at Home said its objective for the current financial year is to outperform the market in both its vets and retail businesses while working towards the launch of its insurance offering.
