Picture of Pets at Home logo

PETS Pets at Home News Story

0.000.00%
gb flag iconLast trade - 00:00
Consumer CyclicalsAdventurousMid CapContrarian

REG - Pets at Home Grp - Q3 FY25 Trading Statement

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250128:nRSb8655Ua&default-theme=true

RNS Number : 8655U  Pets At Home Group Plc  28 January 2025

 

FOR IMMEDIATE RELEASE, 28 JANUARY 2025

Pets at Home Group Plc: Q3 FY25 Trading Statement

for the 12 week period to 2 January 2025

Full year profit guidance maintained

 

Financial Highlights

·    Consumer revenue(1) was up by 2.3% to £468.0m. With continued strong
growth within the Vet Group offsetting a softer performance within our Retail
business.

·      Total Q3 Group revenue (0.2%) to £361.6m, with Group
like-for-like(2) (LFL) revenue (1.0%).

·    Vet Group Q3 revenue growth remained strong at 21.3% with LFL of
19.9%. High quality growth continued with Practices seeing double digit
revenue growth supported by growth in subscriptions, visits, and average
transaction values.

·    Retail revenue (2.4%) in Q3 with a (2.8%) LFL. As widely reported
across the consumer sector, Q3 saw a more challenging UK consumer backdrop
with particularly weak footfall from October. At the same time, our digital
performance improved, building momentum through the quarter, with continued
strong growth in subscriptions.

 

Current trading and outlook

·     Full year underlying PBT guidance is unchanged. We are on track to
deliver modest growth in underlying PBT this year as set out at our H1
results. Against a still subdued consumer backdrop, we have maintained a
disciplined gross margin performance, supported by strong Christmas seasonal
sell through, and effectively managed our costs.

·     The transition of our online orders to Stafford DC is underway. We
now expect to exit our Northampton DC by the end of the financial year,
completing our network optimisation. As a result, we now expect non-underlying
costs of £11m (previously £7m) in FY25 due to the phasing of costs
associated with our exit from Northampton and will now incur all outstanding
costs associated with our exit in FY25 (previously expected to continue into
FY26).

·   We expect to finish FY25 with a robust balance sheet after investing
£55m in CAPEX and returning £85m to shareholders via ordinary dividends and
buybacks.

 

  Key Performance Indicators

 Strategic KPIs                                       FY25 YTD  FY24 YTD  YoY
 Number of active Pets Club members(3) (m)            8.2m      7.8m(7)   5%
 Average Consumer Value(4) (£)                        175       177       -1%
 % of Consumer Revenue from Subscriptions(5) (%)      12.7%     10.0%     27%
 Clinical FTE Headcount(6) (k)                        3.5k      3.3k      7%

 

 1.  Consumer revenue includes total revenue across the Group including consumer
     sales made by Joint Venture vet practices, and therefore differs to the fee
     income recognised within Vet Group statutory revenue.
 2.  Like-for-like revenue comprises total revenue in a financial period compared
     to revenue achieved in a prior period, for stores, omnichannel operations,
     grooming salons, and vet practices that have been trading more than 52 weeks
     prior to both the current and prior period reporting date
 3.  Number of active Pets Club members who transacted across the group in the last
     365 days prior to the end of the reporting period.
 4.  The average spend of active Pets Club members across the group over the last
     365 days based on consumer revenue as defined above, rather than statutory
     revenue.
 5.  Subscription revenue includes our Flea & Worm, Easy Repeat, Complete Care
     and Vac4Life plans and is divided by Group consumer revenue.
 6.  Full time equivalent number of all vets and nurses working across the group,
     based on standard working hours.
 7.  Restated from 7.7m reported in Q3 last year

 

Our next scheduled update will be a pre-close update at the end of March.

 

 Investor Relations Enquiries
 Pets at Home Group Plc:
 Andrew Porteous, Director of Investor Relations        +44 (0) 7740 361 849
 Aaron Wood, Head of Investor Relations                 +44 (0) 7702 083 154

 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:
http://petsathomeplc.com/ (http://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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUBUARVWUAUUR

Recent news on Pets at Home

See all news