Stockport-based pet care retailer, Pets at Home Group, has seen its sales rise and reported 7.3% revenue growth in its latest interim half year results for the six months to the 13th October.
The continued strong sales performance for the group, which saw a Covid-19 boost thanks to increased pet ownership during the pandemic, come despite a squeeze on consumer finances hitting the retail sector. Revenue was up both with the group’s retail arm, and at its veterinary practices which saw revenue rise 10.5%.
Lyssa McGowan, Chief Executive Officer, who began in her post six months ago, commented:
“In my first six months as CEO, I have spent my time forming a deep understanding of the business and sector, learning from the ground up how the business operates. I am more convinced that Pets at Home is well positioned to capitalise on an attractive growth opportunity in our structurally growing pet care market, supported by our unique blend of products and services, deeply embedded culture and expert, passionate colleagues, and partners.
“Our first half performance shows progress and resilience across the business. In a challenging macro-environment, the pet care industry remains in growth across all channels, and we have continued to acquire new customers at an impressive rate, setting new records for customer numbers in recent months. “
Despite reporting strong sales growth, pre-tax profits at Pets at Home have dipped on the previous year, down to £53.4 million, from £65.3 million, in H1 of FY 2021/22. The pet care retailer has attributed the dip in profitability to increased freight and energy costs facing the business.
Pets At Homes board remains confident, however, that it expects its full-year pre-tax profit to be in line with its estimates, in the range of £121 million and £126 million.
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