REG - Pets at Home Grp - FY24 pre-close statement

Pets at HomeAnnouncement

26/03/2024 07:00

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RNS Number : 2348I  Pets At Home Group Plc  26 March 2024

 

 

 

FOR IMMEDIATE RELEASE, 26 MARCH 2024

Pets at Home Group Plc: FY24 pre-close statement

Pets at Home Group plc, the UK's leading pet care business, is pleased to
provide a pre-close update in respect to the 52 week period from 31 March 2023
to 28 March 2024.

 •    Q4 trends have been broadly as expected across Retail and Vets, and Group
      underlying profit before tax (PBT) for FY24 is expected to be £132m, in line
      with previous guidance.
 •    We have now successfully launched our new digital platform to consumers, in
      line with our commitment for launch this year, offering much improved user
      experience and functionality across our app and website.
 •    Our new Stafford DC continues to function well, supporting all store
      deliveries, with availability remaining at historically high levels. We look
      forward to transitioning our online sales across through H1 FY25 as previously
      targeted.
 •    We expect to finish the year in a net cash position, after having returned
      over £100m to shareholders in FY24 via dividends and buybacks, and after
      having incurred £3m more non-underlying costs than previously expected due to
      higher restructuring costs, taking the total non-underlying costs for FY24
      c£27m.
 •    Looking ahead to FY25, we are comfortable with current analyst consensus
      expectations for Group underlying PBT(1).

 

Our next scheduled update will be our FY24 preliminary results announcement on
29 May 2024.

 

Investor Relations Enquiries
 Pets at Home Group Plc:
 Andrew Porteous, Director of Investor Relations           +44 (0) 7740 361 849
 Chris Ridgway, Head of Investor Relations                 +44 (0) 7788 783 925

 

Media Enquiries
 Pets at Home Group Plc:
 Natalie Cullington, Head of Communications  +44 (0) 7974 594 701
 Citigate Dewe Rogerson:
 Angharad Couch                              +44 (0) 7507 643 004

 

About Pets at Home

Pets at Home Group Plc is the UK's leading pet care business, providing pets
and their owners with the very best advice, products

and care. Pet products are available online or from over 450 pet care centres,
many of which also have vet practices and grooming

salons. The Group also operates a leading small animal veterinary business,
with over 440 veterinary general practices located both

in our pet care centres and in standalone locations. For more information
visit: https://www.petsathomeplc.com/

Disclaimer

This trading statement does not constitute an invitation to underwrite,
subscribe for, or otherwise acquire or dispose of any Pets at Home Group Plc
shares or other securities nor should it form the basis of or be relied on in
connection with any contract or commitment whatsoever. It does not constitute
a recommendation regarding any securities. Past performance, including the
price at which the Company's securities have been bought or sold in the past,
is no guide to future performance and persons needing advice should consult an
independent financial adviser. Certain statements in this trading statement
constitute forward-looking statements. Any statement in this document that is
not a statement of historical fact including, without limitation, those
regarding the Company's future plans and expectations, operations, financial
performance, financial condition and business is a forward-looking statement.
Such forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially. These risks and uncertainties
include, among other factors, changing economic, financial, business or other
market conditions. These and other factors could adversely affect the outcome
and financial effects of the plans and events described in this statement. As
a result you are cautioned not to place reliance on such forward-looking
statements. Nothing in this statement should be construed as a profit
forecast.

 

1.     Current analyst consensus for FY25 Group underlying PBT is £144m
with a range of £137m - £150m.

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