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Pets at Home reveals ‘strong’ first half results

Pets at Home has reported a “strong” first half in the 28 weeks to 10 October, resulting in a pre-tax increase of 10.2% to £41.7m.

Retail sales rose by over 8% in the first half as omnichannel revenues increased by 31.7% to £46.5m

The pet retailer said group revenue also increased by 9.4% to £546m compared with £499.3m last year. Like-for-like revenues also increased by 7.6%.

Peter Pritchard, chief executive officer said the company has seen a “sustained momentum” in retail, with two year like-for-like revenues of 13%.

He added: “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 focused on serving our customers, their pets and our partners better than ever before.”

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