REG - Pets at Home Grp - FY26 Preliminary Results
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RNS Number : 7786F Pets At Home Group Plc 27 May 2026
Pets at Home Group Plc: FY26 Preliminary Results
for the 52-week period to 26 March 2026
Building momentum through our Retail Turnaround Plan and unique Vets business
Key financial results
Statutory Metrics FY26 FY25 YoY
Group Statutory Revenue (£m) 1,469.6 1,481.7(1) (0.8)%
Group Statutory PBT (£m) 86.5 120.6 (28.3)%
Statutory Basic EPS (p) 13.8 19.0 (27.7)%
Dividend (p) 7.4 13.0 (43.1)%
Financial Performance Metrics FY26 FY25 YoY %
Group Consumer Revenue(#) (£m) 1,981.0 1,961.5 1.0%
- Retail 1,292.9 1,306.4 (1.0)%
- Vet Group 688.1 655.1 5.0%
Group Underlying PBT(#) (£m) 92.8 133.0 (30.2)%
- Retail 30.8 72.9 (57.8)%
- Vet Group 83.8 75.9 10.4%
Free Cash Flow(#) (£m) 61.9 83.8 (26.1)%
- Retail 2.7 30.6 (91.2)%
- Vet Group 74.2 67.5 9.9%
Adjusted Net (Debt)/Cash(#) (£m) (19.4) 6.2
Underlying Basic EPS(#) (p) 14.8 21.0 (29.7)%
1. In the 52 week period ended 27 March 2025, £0.4m has been
reclassified from cost of sales to revenue, this adjustment has been posted to
aid comparability with the current year.
James Bailey, Chief Executive Officer:
"Pets at Home is a business with many strengths, a strong shared purpose and
great potential and I am excited to lead it through its next chapter.
I have spent my early weeks immersing myself in the business, meeting
colleagues and practice owners, understanding our customers and learning about
the capabilities we have across the Group. I have found a business full of
talented and committed people who want to do the best for our customers and
their pets. This time in the business has increased my conviction on the
opportunity to create value for customers, colleagues and investors of Pets at
Home.
We are the clear leader in the growing UK pet care market with a unique set of
highly complementary businesses. We have considerable, sustainable competitive
advantages including our unrivalled reach through our 460 pet care centres,
our sector leading Vet business, our large and loyal customer base and well
invested infrastructure.
Material progress has been made over the past 6 months stabilising the Retail
business, delivering improved satisfaction and better availability. We have
the opportunity now to build momentum through profitable volume led growth in
Retail while continuing to execute the proven growth levers of our Vet
business and launch our Insurance offering.
We will not achieve this without the continued hard work, passion and
dedication of our colleagues and partners. We have clear priorities for FY27
and from what I have seen so far, I am confident we can build a great future
for Pets at Home, which I look forward to updating on later in the year."
Business Highlights
· Launch of our Retail Turnaround Plan in Q3 brought improved focus
and clear priorities to our Retail business and has driven improving
sequential sales and volume growth through H2.
· Customer satisfaction increased. Vets Satisfaction was up 1.5pts
and Retail Satisfaction increased 4pts, driven by particularly strong
improvement in value for money, product availability and promotional clarity.
· Active Pets Club members(3) of 7.4m with total Retail
transactions down 1% but returning to growth in H2 and improving customer
recruitment with Puppy & Kitten registrations averaging 15k a week, up 5%.
· Pets Club average consumer value(4) up 12% to £195 partly due to
growth in our Vet consumer revenues and in part due to the change in
methodology(7) on Pets Club customers that shifted some lower frequency
customers to non-Pets Club.
· Vet Group space expansion accelerated with 8 new practice
openings and 17 practice extensions in the period, clinical talent underpins
our growth ambitions and we saw clinical talent grow 3.5% in FY26.
· Subscription % of consumer revenues(5) grew to 15.2%, up from
13.0% in the prior year. Care Plans grew strongly, with now well over 50% of
Vet clients having a plan.
· 'Pets Insurance' progressing with FCA approval achieved and good
progress building the required technology infrastructure. We remain on track
for launch in 2026.
· CMA - We welcome the Final Decision Report of the CMA's
veterinary services market investigation which recognised that our practices
offer competitive prices and strong customer outcomes while operating a
differentiated Joint Venture(JV) model.
Financial Highlights
· Total Group consumer revenue(#) up 1.0% to £1.98bn
o Vet Group consumer revenue(#) up 5.0% to £688m, outperforming the market
again with growth driven by strong Care Plan sign-ups and higher average
transaction values.
o Retail consumer revenue(#) down 1.0% to £1.29bn, against a subdued market
backdrop. We saw the early impacts of our Retail Turnaround Plan drive better
momentum in H2, delivering positive sales growth and faster volume growth. We
remain focused on building further momentum and are encouraged by the early
volume response to recent price investments.
· Total Group statutory revenue down 0.8% to £1.47bn
· Group gross margin 45.7% was down c120bps
o Vet increased by c310bps due to the growing contribution of Joint Venture
fee income.
o Retail down c180bps, including c80bps from planned price investment.
· Group operating costs grew 1.9% YoY, 1.1% excluding the impact of
our Insurance start-up. Cost control remains strong with productivity measures
almost fully offsetting underlying cost inflation, ahead of our plans.
· Group underlying PBT(#) of £92.8m down 30.2% YoY, underlying PBT
margin(#) of 6.3% down c270bps. Year on year profit growth improved in H2
across both Retail and Vets.
o Vet Group underlying PBT(#) £83.8m, up 10.4% YoY, with underlying PBT
margin(#) 47.4% driven by operating leverage of growing JV practice sales on a
broadly flat cost base as well as strong profit conversion within our company
managed practices.
o Retail underlying PBT(#) £30.8m, down 57.8% YoY, underlying PBT margin(#)
2.4%. Profit came through in line with the revised plan announced in September
2025, with the decline for the full year reflecting operating leverage, with
good cost control more than offset by sales and gross margin declines.
· Group statutory PBT £86.5m down 28.3% YoY, statutory PBT margin
of 5.9% down c230bps reflecting the fall in underlying PBT(#) together with
non-underlying costs of £6.3m which relates to the completion of
restructuring the Group's Support Office functions, which are down from
£12.4m last year.
· Underlying EPS(#) 14.8p, down 29.7% YoY with an underlying profit
after tax decline of 31.1%, partially offset by share buyback accretion.
· Free cash flow(#) down 26.1% to £61.9m, including
o Vet Group £74.2m up 9.9% YoY, reflecting the capital light nature of our
JV model.
o Retail £2.7m down from £30.6m in FY25 impacted mainly by the decline in
PBT.
· Balance sheet remains robust, adjusted net debt(#) of £19.4m
represents a leverage ratio of 0.1x underlying EBITDA. Net debt(#) increased
£25.6m YoY due to lower Retail underlying PBT(#).
· At our pre-close update we announced a refreshed capital
allocation approach. In line with this policy we propose a total dividend per
share of 7.4p, representing 50% of EPS, and a further £50m share buyback.
Strategic overview
Building on our unique strengths
We are the leader in an attractive pet care market which is resilient and
benefits from unchanged structural trends towards premiumisation and
humanisation, which we are well placed to capitalise on. As the only UK pet
care specialist with highly complementary exposure across omnichannel Retail,
Vets and soon Insurance, we have considerable advantages which are difficult
for our competitors to replicate. Our compelling strengths across the
business, give us confidence that with better execution, Pets at Home has a
bright future ahead of it.
These unique strengths include:
· Expert colleagues - 17,000 highly trained, passionate colleagues and
clinicians. They play a pivotal role in advising and assisting consumers on
how to take the best care of their pets.
· Sector leading Vets - our Joint Venture model is a unique asset,
operating some of the most productive assets in the industry through
empowering our practice owning partners with our support and services. We have
significant headroom for further growth leveraging proven growth levers of
maturity, extensions and new practices.
· Unrivalled reach - 460 pet care centres sit at the core of our
business, bringing together products, grooming, and vets while enabling much
of our digital revenue. We have a well located, well rented, and flexible
estate with no long tail of unprofitable stores.
· A large, engaged customer base - with 7.4m active Pets Club
customers and many more Vet clients and non-Pets Club customers, we remain the
leading UK pet specialist and the critical route to market for any pet brand.
We have many opportunities to grow spend from our customers through better
meeting their needs.
· A trusted brand - with brand awareness of over 95% the Pets at Home
brand is instantly recognisable and trusted by the nations pet owners.
· Well-invested infrastructure - two major investments in our
distribution and digital capabilities have been completed in recent years. We
have a modern digital platform that will support profitable growth in our
omnichannel sales and a distribution centre (DC) that is delivering
structurally better levels of availability. They have required significant
effort and resource to deliver but put the business in good shape for the
future.
Progress against our Retail Turnaround Plan
At our FY26 interims, reflecting the disappointing trajectory in Retail sales
and profits, we outlined a 'Retail Turnaround Plan' to address those
shortcomings, centred around four priorities of Product, Price, Execution and
Cost. This plan has brought clear focus and seen growth improve sequentially
and we are confident these are the right priorities for the business in the
near term. We finished the year with better momentum, delivering in line with
our plan. While there is more we need to do, progress is being made in all
areas.
Product
· In food we have launched two new own brands, 'Ruff's Recipes' and
'Willows' and have brought one of the fastest growing US dog food brands,
'Nulo', to the UK with an exclusive agreement. We will continue to look for
opportunities to enhance ranges where we see a clear consumer need.
· In Accessories, we are on track with our turnaround having
strengthened our team and progressed with our plans to introduce greater
innovation and freshness to our ranges.
Price
· In November we reduced prices on over 1,000 food products by an
average of 12%, bringing us back to where we need to be. We have seen a good
response with food volumes growing 3.7% in Q4.
Execution
· Great execution determines how we show up for customers. We have high
customer satisfaction which increased 4pts in FY26 and we are focused on
improving further in the future as we improve execution. We have seen
particularly strong improvement in value for money, product availability and
promotional clarity.
· Availability remains an area of strength. It has improved
consistently since we brought our Stafford DC on line and in FY26 improved
further, reducing store gaps by c20%.
Cost
· At our interim results we announced an intention to deliver a £20m
reduction in our Group overheads and this programme has been successfully
completed.
· Our cost discipline has been strong in recent years in the face of
multiple external headwinds and FY26 was further demonstration of this with
Group operating costs increasing by just 1.9%. Productivity remains a key area
of focus as we look to release efficiency to invest for our customers.
The Retail Turnaround is not complete, we have much more to do, but we are
encouraged by the progress seen to date across our four key focus areas and by
the improvement in our sales growth and volume trends.
Another year of progress in our Vet Group
Our unique Vet Group goes from strength to strength and has delivered another
year of progress on customer KPIs, practice revenues, profits and cash.
· Our Vet Group is a clear #2 in the UK First Opinion sector and is
responsible for 35% of our consumer revenues and underpins our Group
underlying PBT(#) and Group Free Cash Flow(#).
· The strengths of our model are based around delivering differentiated
practice economics through consistently great consumer outcomes. In FY26:
· We increased our brand awareness by a further 5pts and delivered
a further 1.5pts increase in client satisfaction from already high levels.
· Average practice revenues grew 3.9% to £1.5m.
· Joint Ventures paid c£48.1m out to partners in dividends, up
£2.3m YoY, averaging over £165k per debt-free practice. 71% of JV practices
are now debt free (48% in FY22).
· While the industry backdrop remains subdued given the natural aging of
large pandemic pet cohorts, our Vet Group retains significant headroom to grow
consumer revenues, profits and free cash flow further, leveraging the proven
growth levers of:
· Practice sales growth - Whilst we have driven out significant
maturity-driven growth over the past 5 years, we still have plenty of
opportunity to grow within our existing footprint through optimising practice
operations and growing areas like Care Plans.
· Practice rollout - in FY26 we accelerated our practice roll out,
opening 8 new practices in the year. We continue to work to identify and
partner with the best vet talent to open further practices and expect to
accelerate openings further in FY27.
· Extensions - we have a clear track record of growing practice
revenues as they fill their original footprint through extensions. We
completed 17 in FY26 and plan for a similar number in FY27.
· Advanced capabilities - adding advanced capabilities enables our
skilled practice owners to grow into adjacent areas, growing their revenues,
leveraging their capability and delivering better customer outcomes.
· We welcome the Final Decision Report of the CMA's veterinary services
market investigation which found our practices offer competitive prices and
great customer outcomes while delivering differentiated economics for our
practice owners and shareholders.
Pets Insurance
· In 2026, our new insurance venture will bring a disruptive, Pets
branded proposition to the c£2bn pet insurance market. A market that is
expected, by Mintel, to grow at c4% per annum reaching c£2.5bn by 2029.
· Insurance is the largest adjacent growth opportunity available to us
and highly complementary to our existing Retail and Vets exposure. We will
leverage a number of core areas of competitive advantage including our trusted
brand, large customer base and leading data.
FY27 Guidance
As we look to FY27, year to date, Retail sales growth has accelerated further
against tougher comparatives with mid-single digit sales growth and faster
volume growth, and we are comfortable with consensus expectations for Group
underlying PBT(#) (currently £98m). This view reflects:
· In Vets we expect a further year of profit growth. We expect sales
growth of low single digit with momentum likely to build through the year
against a market backdrop which we expect to remain subdued. FY27 will also
see a step up in the cost of our new practice management system as it is fully
rolled out through our estate.
· We expect to increase the rate of Vet developments through a further
increase in practice rollout and in extending existing practices.
· In Retail we expect:
· Underlying market growth of 1-2%, against which we expect to
outperform as we roll out more initiatives through FY27 as our turnaround plan
progresses.
· Progress in underlying PBT(#). Retail will also benefit from a
one-off low single digit £m benefit from the exit of our PetPlan insurance
agreement in FY27.
· Insurance start-up investment costs are expected to be slightly higher
in FY27.
· Capex is expected to be c£50m with the biggest element being
investment in maintaining our store estate.
· Effective tax rate is expected to be 26%.
· We will complete a £50m buyback over the next 12 months.
This guidance reflects no specific impacts for the geopolitical uncertainty in
the Middle East, which we will continue to monitor closely. We are well hedged
for FY27 with c90% of our USD requirements secured at 1.34 (1.28 in FY26) and
c80% of our energy requirements secured.
# Alternative Performance Measures (APMs) are defined and reconciled to IFRS
information, on pages 72-73
Key Performance Indicators(2)
Strategic KPIs FY26 FY25 YoY
Number of active Pets Club members(3) (m) 7.4 8.2 (10.5)%
Average Consumer Value(4) (£) 195 175 11.7%
% of Consumer Revenue from Subscription(5) (%) 15.2% 13.0% 16.8%
Clinical FTE Headcount(6) (k) 3.6 3.5 3.5%
2. KPIs represent those used by the business to monitor
performance. Management recognise that as Alternative Performance Measures
they differ to statutory metrics, but believe they represent the most
appropriate KPIs.
3. Retained consumers are active Pets Club members who
transacted across the group in the last 365 days prior to the end of the
reporting period for both the current and prior year.
4. Average consumer value (ACV) is the average spend of active
Pets Club members across the group over the last 365 days based on consumer
revenue, 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. In April 2025 we implemented a change in how store
colleagues are able to look up Pet Club member records in our till system.
This resulted in a reduction in lower spending customers in our active Pets
Club members base. Correspondingly, the number of non-Pets Club transactions
have increased. It is not possible to restate prior quarters numbers to
reflect this change.
Results presentation
An audio webcast and presentation of these results will be available on our
website (https://stream.brrmedia.co.uk/broadcast/69ef43244057ae00129f8f80
(https://stream.brrmedia.co.uk/broadcast/69ef43244057ae00129f8f80) ) from
07.00am on 27 May. Management will host a Q&A conference call for analysts
and investors at 09.00am. To join the call in listen-only mode, please click
on the following link (https://brrmedia.news/PETSFY26
(https://brrmedia.news/PETSFY26) ).
Our next scheduled update will be our Q1 trading update on 30 July 2026.
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 460 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 450 veterinary general practices located both
in our pet care centres and in standalone locations. For more information
visit: http://investors.petsathome.com/ (http://investors.petsathome.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 announcement contains information that is inside information for the
purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as
amended (the Market Abuse Regulation ("MAR")). Upon the publication of this
announcement, such information will no longer constitute inside information.
Andrew Porteous, the Company's Director of Investor Relations, is the person
responsible for making the notification for the purposes of Article 17 of MAR.
Chief Financial Officer's Review
The FY26 period represents the 52 weeks from 28 March 2025 to 26 March 2026.
The comparative period represents the 52 weeks from 29 March 2024 to 27 March
2025.
The Group's results are shown as four segments that represent the size of the
respective businesses and our internal reporting structures; Retail (includes
products purchased online and in-store, pet sales, grooming services and
legacy insurance commissions via our 3(rd) party arrangement), Vet Group
(includes general practices and our veterinary telehealth business), Central
(includes Group costs and finance expenses) and our Insurance business
(includes start-up costs).
FY26 FY25 YoY
Group statutory revenue (£m) 1,469.6 1,481.7(1) (0.8)%
Retail 1,292.9 1,306.4 (1.0)%
Vet Group 176.7 175.3 0.8%
Group consumer revenue(#) (£m) 1,981.0 1,961.5 1.0%
Retail 1,292.9 1,306.4 (1.0)%
Vet Group 688.1 655.1 5.0%
Group gross profit margin 45.7% 46.9% c(120)bps
Retail 44.4% 46.1% c(180)bps
Vet Group 55.7% 52.6% c310bps
Group statutory PBT (£m) 86.5 120.6 (28.3)%
Group statutory PBT margin 5.9% 8.1% c(230)bps
Group underlying PBT(#) (£m) 92.8 133.0 (30.2)%
Retail 30.8 72.9 (57.8)%
Vet Group 83.8 75.9 10.4%
Insurance (5.2) (0.4)
Central (16.6) (15.4) 7.8%
Group underlying PBT margin(#) 6.3% 9.0% c(270)bps
Retail 2.4% 5.6% c(320)bps
Vet Group 47.4% 43.3% c410bps
Statutory basic EPS (p) 13.8 19.0 (27.7)%
Underlying basic EPS(#) (p) 14.8 21.0 (29.7)%
Operating Costs (£m) (569.1) (558.3) 1.9%
Non-underlying items(2) (£m) (6.3) (12.4) (49.4)%
Free cash flow(#) (£m) 61.9 83.8 (26.1)%
Cash and cash equivalents (£m) 39.6 39.5 0.3%
Adjusted net (debt)/cash(#) (£m) (19.4) 6.2
Dividend (p) 7.4 13.0 (43.1)%
Number of
Pet care centres 460 459 1
% of pet care centres with a vet practice 70% 68%
Joint Venture vet practices 407 396 11
Company managed vet practices 48 52 (4)
Grooming salons 339 343 (4)
1. In the 52 week period ended 27 March 2025, £0.4m has been
reclassified from cost of sales to revenue, this adjustment has been posted to
aid comparability with the current year.
2. FY26 non-underlying items of £6.3m relates to the
completion of restructuring the Group's Support Office functions. FY25
non-underlying items of £12.4m. £7.3m relating to our distribution network
optimisation program, £4.1m relating to restructuring of certain support
functions, £3.3m relating to the CMA investigation. Alongside this we had a
disposal on investment gain of £2.3m which relates to the disposal of Pure
Pet Food.
Revenue
Group consumer revenue(#) grew 1.0% to £1.98bn, with Group statutory revenue
declining 0.8% to £1.47bn
Consumer Revenue YoY Growth(#) Q1 25 Q2 25 H1 25 Q3 25 Q4 25 H2 25 FY 25
Retail (0.8)% 1.1% 0.1% (2.4)% (5.2)% (3.7)% (1.8)%
Vet Group 13.3% 12.6% 13.0% 14.2% 11.9% 13.0% 13.0%
Group 3.6% 4.7% 4.1% 2.3% 0.2% 1.2% 2.7%
Consumer Revenue YoY Growth(#) Q1 26 Q2 26 H1 26 Q3 26 Q4 26 H2 26 FY 26
Retail (2.8)% (1.7)% (2.3)% (1.1)% 2.2% 0.4% (1.0)%
Vet Group 7.1% 6.2% 6.7% 5.0% 1.3% 3.1% 5.0%
Group 0.5% 1.0% 0.7% 0.8% 1.9% 1.3% 1.0%
Vet Group consumer revenue(#) up 5.0% to £688.1m, with statutory revenue up
0.8% to £176.7m.
· Joint Venture consumer revenues(#) grew 6.3% to £619.8m with Joint
Venture statutory revenues (fee income) up 4.9% to £108.4m.
· Company managed practice revenues decreased 3.0% to £51.1m, as we had 4
fewer YoY due to conversions from being company managed to a Joint Venture
practice.
· The Vet Connection (our telehealth business), generated revenue
of £3.8m, down 3.5%.
Retail revenue (consumer(#) and statutory) down 1.0% to £1.29bn.
· Food sales of £805.0m were flat, volume momentum built through the year
in part supported by price investment. Our own brands continue to perform
well, delivering sales growth of c3%.
· Consumable accessories sales of £171.5m were down 1.6% as we saw a weak
flea & worm season alongside annualising a very strong season in the prior
year.
· Discretionary accessories sales of £265.1m, down 3.5%, looking ahead
we expect performance to improve as this plays a key area of the Retail
Turnaround Plan.
Gross margin
Group gross margin(3) decreased YoY by c120bps to 45.7%. Retail adversely
contributed c160bps towards the Group movement, with Vets Group improving the
Group position by c40bps.
· Vet Group gross margin(3) increased by c310bps to 55.7%. The main
contributor being the growing contribution of Joint Venture fee income against
a broadly fixed cost base, we also saw better profit conversion within our
company managed practices even though sales declined in the period.
· Retail gross margin(3) was 44.4%, a c180bps decline YoY,
including c80bps from targeted price investment.
Operating costs
Operating costs(4) grew 1.9% YoY, when excluding insurance start-up costs,
they only grew 1.1%. Well within our previously stated guidance for operating
costs to grow by no more than 5% in FY26.
(£m) FY26 FY25 YoY
Group statutory revenue 1,469.6 1,481.7(1) (0.8)%
Selling and distribution expenses 451.7 442.9 2.0%
Administrative expenses 127.9 117.6 8.7%
Other Income (16.8) (14.6) 15.2%
Underlying operating costs 562.8 545.9 3.1%
Non-underlying items(2) 6.3 12.4 (49.4)%
Operating costs 569.1 558.3 1.9%
Underlying operating costs to sales ratio 38.3% 36.8% c150bps
3. Gross margin is calculated as gross profit as a percentage
of revenue.
4. Operating costs are the sum of selling and distribution
expenses, administrative expenses, other income and non-underlying items.
These can be found on the consolidated income statement.
Cost remains a key pillar of our Retail Turnaround Plan, we successfully
completed the program to reduce our Group overheads by c£20m as we simplify
our business, FY27 will see a full year benefit from the program. Linked to
this program £6.3m of non-underlying costs were incurred in FY26.
Alongside this we have ongoing productivity initiatives to help offset against
external headwinds, productivity spans across procurement, lease
renegotiations and distribution automation. We also implemented a leaner store
operating model earlier in the year.
Finance expense
The net finance expense, including interest charged on lease liabilities, was
£16.4m (FY25: £15.8m). Of this, £13.2m (FY25: £13.2m) related to interest
expense on lease liabilities.
Profit before tax (PBT)
Group statutory PBT £86.5m decreased £34.1m with £6.3m of non-underlying
costs incurred in the period vs £12.4m in the prior year.
Group underlying PBT(#) £92.8m (FY25: £133.0m), with Group underlying PBT
margin(5) of 6.3%, down c270bps YoY due to a reduction in Retail profit
conversion. Vet Group positively contributed through stronger profit
conversion and a growing contribution to Group performance.
* Vet Group statutory PBT was £82.8m with underlying PBT(#) of £83.8m which
represents another year of strong profit growth (FY25: £75.9m) with
underlying(#) PBT margin(5) of 47.4% (FY25: 43.3%), driven by the continued
strong sales performance across Joint Venture practices, which are leveraging
a broadly flat cost base.
* Retail statutory PBT was £26.8m (FY25: £66.9m). Retail underlying PBT(#) was
£30.8m (FY25: £72.9m) with underlying profit margin(5) of 2.4% (FY25: 5.6%).
Sales declined in the year with gross margins(3) also reducing by c180bps YoY
(see relevant section) against a broadly stable cost base.
* Underlying Central costs of £16.6m (FY25: £15.4m) includes payroll costs for
Group functions, professional fees, and PLC related costs.
* Insurance start-up investment costs of £5.2m were incurred in period as we
began building the team and the required technology infrastructure, set up
costs are expected to be slightly higher in FY27.
(£m) FY26 FY25 YoY
Group statutory PBT 86.5 120.6 (28.3)%
Retail 26.8 66.9 (59.9)%
Vet Group 82.8 75.9 9.1%
Insurance (5.2) (0.4)
Central (17.9) (21.8) (17.9)%
Group statutory PBT margin 5.9% 8.1% c(230)bps
Non-underlying items(2) (6.3) (12.4) (49.4)%
Group underlying PBT(#) 92.8 133.0 (30.2)%
Retail 30.8 72.9 (57.8)%
Vet Group 83.8 75.9 10.4%
Insurance (5.2) (0.4)
Central (16.6) (15.4) 7.8%
Group underlying PBT margin(5) 6.3% 9.0% c(270)bps
5. Group underlying PBT margin is calculated as underlying
profit before tax as a percentage of revenue.
Taxation, profit after tax & EPS
· Total tax expense was £23.4m for the period. The effective tax
rate for the period is 26.9% (FY25 26.7%), which is higher than the UK
corporation tax rate due to expenditure not allowable for tax relief.
· Statutory profit after tax decreased by 28.4% to £63.1m.
· Statutory basic earnings per share (EPS) 13.8 pence (FY25: 19.0
pence) and underlying basic EPS(#) 14.8 pence (FY25: 21.0 pence).
Working capital
The cash flow movement in working capital(7) for FY26 was an outflow of £8.6m
(FY25: £3.3m outflow).
· Inventories increased by £0.6m YoY (outflow), stock levels
comparable to last year to support the Retail sales plan.
· Trade and other receivables decreased by £0.9m YoY (inflow) due
to lower Retail debtors YoY.
· Trade and other payables have decreased by £4.7m YoY (outflow)
due to Retail trade creditors.
· Provisions decreased by £4.2m YoY (outflow) due to the
settlement of various property provisions.
Investment
Capex was £42.1m (FY25: £45.9m) down £3.9m YoY as capex investment remains
at more normalised levels following peak investment in prior years. Investment
remains focused on key areas of the business.
· New pet care centres and refurbishments £30.6m (FY25: £27.9m)
· IT & Digital £8.5m (FY25: £12.1m)
· Vet Group investment £0.9m (FY25 £0.7m)
· Distribution Centre £1.6m (FY25: £5.0m)
· Pets Insurance £0.4m (FY25: £nil)
Free cash flow(#)
Free cash flow(#) (FCF) was £61.9m (FY25: £83.8m).
· Vet Group FCF(#) £74.2m up £6.7m YoY due to strong Joint
Venture consumer revenue(#) growth flowing into fee income.
· Retail FCF(#) £2.7m down £27.9m YoY due to lower underlying
PBT(#) (£42.1m) with a lower tax charge and lower capex partially offsetting
as we return to a normalised level of investment.
Free cash flow (£m) FY26 Group Retail Vet Group Insurance Central Group YoY
Underlying PBT(#) 92.8 30.8 83.8 (5.2) (16.6) (40.2)
Interest (underlying) 16.4 13.5 (0.7) 0.1 3.5 0.6
Depreciation (underlying) 102.7 98.3 3.9 - 0.5 3.9
Leases 63.3 62.1 1.2 - - 1.1
PPE & amortisation of assets 39.4 36.2 2.7 - 0.5 2.8
Underlying EBITDA 211.9 142.6 87.0 (5.1) (12.6) (35.7)
Impairment of investments 5.7 3.0 2.7 - - 5.7
Share-based payment charge 4.5 - - - 4.5 (1.4)
Non-underlying cash costs (6.3) (4.0) (1.0) - (1.3) 5.0
Lease payments(6) (81.8) (81.0) (0.8) - - (1.7)
WCAP(7) (8.6) (10.1) 1.9 0.3 (0.7) (5.3)
Operating cash flow 125.4 50.5 89.8 (4.8) (10.1) (33.4)
Capex(8) (40.8) (40.4) - (0.4) - 7.6
Bank interest (net) (1.3) 0.2 0.9 - (2.4) 0.5
Tax (16.2) (7.6) (16.5) - 7.9 4.7
Purchase of own shares (employee share schemes) (5.2) - - - (5.2) (1.3)
Free Cash Flow 61.9 2.7 74.2 (5.2) (9.8) (21.9)
6. Lease payments are cash payments for the principal portion
of the right-of-use lease liability, they also include interest paid on lease
obligations, costs to acquire right-of-use assets and the right-of-use asset.
7. Working capital is the sum of YoY movements in trade and
other receivables, inventories, trade and other payables, and provisions.
8. Capex is the net proceeds from the sale of property, plant
and equipment less acquisition of property, plant and equipment and other
intangible assets. It also includes investment capital contributions and
proceeds from repayment of partner loans.
The cash generation above enables us to invest to grow our business as well as
fund our equity dividend and share buyback programme. Our balance sheet
remains robust, our closing adjusted net debt position(#) at the end of the
period was £19.4m (cash £39.6m, debt £59.0m). This represents a leverage
ratio of 0.1x underlying EBITDA.
Adjusted Net (Debt)/Cash (£m) FY26 FY25
Opening adjusted net (debt)/cash(#) 6.2 8.8
Free cash flow(#) 61.9 83.8
Equity dividends paid (58.7) (59.7)
Equity dividends paid to non-controlling interests (0.5) -
Share buyback (25.2) (25.1)
Acquisitions (2.7) (2.3)
Disposals (0.4) 0.7
Closing adjusted net (debt)/cash(#) (19.4) 6.2
pre-IFRS 16 leverage 0.1x 0.0x
Capital allocation
Our capital allocation policy prioritises investing cash in areas that will
expand the Group and deliver attractive returns, our dividend policy
(targeting a payout of 50% of earnings per share over the medium term) and
value-accretive opportunities including M&A (which are strategically
aligned to expanding our platform in core and adjacent markets).
We will return to shareholders any surplus cash after these items, and it is
the Board's intention to review this on an annual basis. We have completed
£150m in share buybacks over the past four years, in total reducing the
shares in issue by c10%. We are pleased to announce a further £50m buyback in
FY27 which aligns to our refreshed capital allocation approach across buybacks
and dividends.
Dividend
The Board has recommended a final dividend of 2.7 pence per share, taking the
total dividend for the year to 7.4 pence per share (FY25 13.0 pence per
share), which is rebased to 50% of EPS. The final dividend will be payable on
15 July 2026 to shareholders on the register at the close of trading on 5 June
2026.
Sarah Pollard
Chief Financial Officer
27 May 2026
Financial statements
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Changes in Equity as at 26 March 2026
Consolidated Statement of Changes in Equity as at 27 March 2025
Consolidated Statement of Cash Flows
Notes to the consolidated financial statements
Parent Company Balance Sheet
Parent Company Statement of Changes in Equity as at 26 March 2026
Parent Company Statement of Changes in Equity as at 27 March 2025
Notes to the parent company financial statements
Glossary - Alternative Performance Measures
Section 435 statement
The financial information set out below does not constitute the company's
statutory accounts for the periods
ended 26 March 2026 or 27 March 2025 but is derived from those accounts.
Statutory accounts for 2025
have been delivered to the registrar of companies, and those for 2026 will be
delivered in due course. The
auditor has reported on those accounts; their reports were (i) unqualified,
(ii) did not include a reference to
any matters to which the auditor drew attention by way of emphasis without
qualifying their report and (iii) did
not contain a statement under section 498 (2) or (3) of the Companies Act
2006.
Consolidated Income Statement
Note 52 week period ended 52 week period ended
26 March 2026 27 March 2025 (restated)(1)
Underlying trading Non-underlying items (note 3) £m Total Underlying trading Non-underlying items (note 3) £m Total
£m £m £m £m
Revenue 2 1,469.6 - 1,469.6 1,481.7 - 1,481.7
Cost of sales (797.6) - (797.6) (787.0) - (787.0)
Gross profit 672.0 - 672.0 694.7 - 694.7
Selling and distribution expenses (451.7) - (451.7) (442.9) (8.3) (451.2)
Administrative expenses 3 (127.9) (6.3) (134.2) (117.6) (6.4) (124.0)
Other income 3 16.8 - 16.8 14.6 2.3 16.9
Operating profit 2 109.2 (6.3) 102.9 148.8 (12.4) 136.4
Financial income 6 2.6 - 2.6 2.9 - 2.9
Financial expense 7 (19.0) - (19.0) (18.7) - (18.7)
Net financing expense (16.4) - (16.4) (15.8) - (15.8)
Profit before tax 92.8 (6.3) 86.5 133.0 (12.4) 120.6
Taxation 8 (25.0) 1.6 (23.4) (35.5) 3.1 (32.4)
Profit for the period 67.8 (4.7) 63.1 97.5 (9.3) 88.2
Attributable to:
Equity shareholders of the parent 67.2 (4.7) 62.5 97.5 (9.3) 88.2
Non-controlling interests (NCI) 0.6 - 0.6 - - -
(1)In the 52 week period ended 27 March 2025, £0.4m has been reclassified
from cost of sales to revenue, this adjustment has been posted to aid
comparability with the current year.
Basic and diluted earnings per share attributable to equity shareholders of
the Company:
Note 52 week period ended 26 March 2026 52 week period ended 27 March 2025
Equity holders of the parent - basic 5 13.8p 19.0p
Equity holders of the parent - diluted 5 13.6p 18.8p
( )
Dividends paid and proposed are disclosed in note 9.
Consolidated Statement of Comprehensive Income
Note 52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Profit for the period 63.1 88.2
Other comprehensive income
Items that are or may be recycled subsequently into profit or loss:
Foreign exchange translation differences 0.1 -
Effective portion of changes in fair value of cash flow hedges 22 2.6 0.6
Net change in fair value of cash flow hedges reclassified to profit or loss 22 (0.8) 0.1
Other comprehensive income for the period, before income tax 1.9 0.7
Deferred tax on other comprehensive income 15,22 (0.6) -
Other comprehensive income for the period, net of income tax 1.3 0.7
Total comprehensive income for the period 64.4 88.9
The notes on pages 18 to 66 form an integral part of these consolidated
financial statements.
Consolidated Balance Sheet
Note At 26 March 2026 £m At 27 March 2025 £m
Non-current assets
Property, plant and equipment 11 168.3 161.7
Right-of-use assets 12 283.0 284.6
Intangible assets 13 981.7 985.1
Other financial assets 16 13.5 15.0
1,446.5 1,446.4
Current assets
Inventories 14 107.5 106.9
Income tax receivable - 0.2
Trade and other receivables 17 61.1 63.8
Cash and cash equivalents 18 39.6 39.5
208.2 210.4
Total assets 1,654.7 1,656.8
Current liabilities
Trade and other payables 20 (252.8) (255.6)
Income tax payable (3.1) -
Other interest-bearing loans and borrowings 19 (4.7) (4.7)
Lease liabilities 12 (76.1) (78.5)
Provisions 21 (2.5) (5.1)
Derivative financial liabilities 16 (0.5) (1.7)
(339.7) (345.6)
Non-current liabilities
Other interest-bearing loans and borrowings 19 (53.2) (26.7)
Lease liabilities 12 (262.7) (269.8)
Provisions 21 (5.5) (3.9)
Deferred tax liabilities 15 (20.5) (17.6)
(341.9) (318.0)
Total liabilities (681.6) (663.6)
Net assets 973.1 993.2
Equity attributable to equity holders of the parent
Ordinary share capital 22 4.5 4.6
Consolidation reserve (372.0) (372.0)
Merger reserve 113.3 113.3
Translation reserve 22 (0.1) (0.1)
Capital redemption reserve 0.5 0.4
Cash flow hedging reserve 22 0.8 (1.2)
Retained earnings 22 1,226.0 1,248.2
Non‑controlling interest reserve 0.1 -
Total equity 973.1 993.2
The consolidated financial statements were authorised for issue by the Board
of Directors on 27 May 2026.
On behalf of the Board:
Sarah Pollard
Chief Financial Officer
27 May 2026
Company number: 08885072
The notes on pages 18 to 66 form an integral part of these consolidated
financial statements.
Consolidated Statement of Changes in Equity
Share capital Consolidation reserve Merger reserve Cash flow hedging reserve Translation reserve Retained earnings Non-Controlling Interest reserve Total equity
£m £m £m £m £m Capital redemption reserve £m £m £m
£m
Balance at 27 March 2025 4.6 (372.0) 113.3 (1.2) (0.1) 0.4 1,248.2 - 993.2
Total comprehensive income for the period
Profit for the period - - - - - - 62.5 0.6 63.1
Other comprehensive income (note 22) - - - 1.3 - - - - 1.3
Total comprehensive income for the period - - - 1.3 - - 62.5 0.6 64.4
Hedging gains and losses reclassified to inventory - - - - - -
0.4 - 0.4
Deferred tax on hedging gains and losses - - - 0.3 - - - - 0.3
Total hedging gains and losses reclassified to inventory - - - - - - -
0.7 0.7
Transactions with owners, recorded directly in equity
Equity dividends paid - - - - - - (58.7) - (58.7)
Dividends paid to non-controlling interests - - - - - - - (0.5) (0.5)
Share based payment charge - - - - - - 4.5 - 4.5
Deferred tax movement on IFRS 2 reserve - - - - - - (0.1) - (0.1)
Share buyback (0.1) - - - - 0.1 (25.2) - (25.2)
Purchase of own shares - - - - - - (5.2) - (5.2)
Total contributions by and distributions to owners (0.1) - - - - 0.1 (0.5)
(84.7) (85.2)
Balance at 26 March 2026 4.5 (372.0) 113.3 0.8 (0.1) 0.5 1,226.0 0.1 973.1
Share capital Consolidation reserve Merger reserve Cash flow hedging reserve Translation reserve Capital redemption reserve Retained earnings Total equity
£m £m £m £m £m £m £m £m
Balance at 28 March 2024 4.7 (372.0) 113.3 (0.5) (0.1) 0.3 1,242.8 988.5
Total comprehensive income for the period
Profit for the period - - - - - - 88.2 88.2
Other comprehensive income (note 22) - - - 0.7 - - - 0.7
Total comprehensive income for the period - - - 0.7 - - 88.2 88.9
Hedging gains and losses reclassified to inventory - - - (1.6) - - - (1.6)
Deferred tax on hedging gains and losses - - - 0.2 - - - 0.2
Total hedging gains and losses reclassified to inventory
- - - (1.4) - - - (1.4)
Transactions with owners, recorded directly in equity
Equity dividends paid - - - - - - (59.7) (59.7)
Share based payment charge - - - - - - 5.9 5.9
Share buyback (0.1) - - - - 0.1 (25.1) (25.1)
Purchase of own shares - - - - - - (3.9) (3.9)
Total contributions by and distributions to owners (0.1) - - - - 0.1 (82.8) (82.8)
Balance at 27 March 2025 4.6 (372.0) 113.3 (1.2) (0.1) 0.4 1,248.2 993.2
Consolidated Statement of Cash Flows
52 week period ended 52 week period ended
26 March 2026 27 March 2025
Note £m £m
Cash flows from operating activities
Profit for the period 63.1 88.2
Adjustments for:
Depreciation and amortisation 11,12,13 102.7 102.2
Impairment of investments and capital contributions made to vet practices 3 5.7 -
Non underlying profit on disposal - (2.3)
Financial income 6 (2.6) (2.9)
Financial expense 7 19.0 18.7
Share-based payment charges 3 4.5 5.9
Taxation 8 23.4 32.4
215.8 242.2
Decrease/(increase) in trade and other receivables 0.9 (0.9)
Increase in inventories (0.6) (9.4)
(Decrease)/increase in trade and other payables (4.7) 10.7
Decrease in provisions (4.2) (3.7)
Movement in working capital (8.6) (3.3)
Tax paid (16.2) (20.9)
Net cash flow from operating activities 191.0 218.0
Cash flows from investing activities
Acquisitions of other investments - (1.0)
Proceeds from the sale of other investments - 2.3
Investment capital contributions - (0.9)
Proceeds from repayment of initial partner loans 0.9 1.5
Interest received 2.5 3.0
Costs to acquire right-of-use assets (1.1) (0.4)
Acquisition of subsidiaries, net of cash acquired 10 (2.7) (1.3)
Disposal of subsidiaries, net of cash disposed (0.4) (1.6)
Acquisition of property, plant and equipment and other intangible assets (41.7) (49.0)
Net cash used in investing activities (42.5) (47.4)
Cash flows from financing activities
Equity dividends paid 9 (58.7) (59.7)
Dividends paid to non-controlling interests (0.5) -
Repayment of borrowings 23 (59.3) (75.0)
Loan drawdown 23 85.0 60.0
Cash payments for the principal portion of the right-of-use lease liability (66.7) (66.5)
Purchase of own shares (5.2) (3.9)
Share buyback (25.2) (25.1)
Interest paid (3.8) (4.8)
Interest paid on lease obligations (14.0) (13.2)
Net cash used in financing activities (148.4) (188.2)
Net increase/(decrease) in cash and cash equivalents 0.1 (17.6)
Cash and cash equivalents at beginning of period 18 39.5 57.1
Cash and cash equivalents at end of period 18 39.6 39.5
( )
( )
The notes on pages 18 to 66 form an integral part of these financial
statements.
Notes to the consolidated financial statements
Pets at Home Group Plc (the Company) is a company incorporated in the United
Kingdom and registered in England and Wales and its registered office is Epsom
Avenue, Stanley Green, Handforth, Cheshire, SK9 3RN.
1 Accounting policies
The accounting policies set out below have, unless otherwise stated, been
applied consistently to all periods presented in these consolidated financial
statements.
1.1 Basis of preparation
The Group financial statements of Pets at Home Group Plc have been prepared in
accordance with UK-adopted international accounting standards (UK-adopted
IFRS) and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
The Parent Company financial statements have been prepared in accordance with
FRS 101 Reduced Disclosure Framework (FRS 101) for all periods presented,
under the historical cost convention, and in accordance with the Companies Act
and other applicable law.
As permitted by FRS 101, the Parent Company has taken advantage of the
disclosure exemptions available under that standard in relation to standards
not yet effective and presentation of a cash flow statement. The accounting
policies adopted for the Parent Company are otherwise consistent with those
used for the Group as set out within this note. The Company has also taken
advantage of the following disclosure exemptions under FRS 101:
· The requirement of paragraphs 91-99 of IFRS 13 'Fair Value
Measurement'
· The requirement of IFRS 7 'Financial Instruments: Disclosure'
· The requirements of 45 (b) and 46-52 of IFRS 2 'Share-based
payments'
· The requirements in IAS 24 'Related Party Disclosures' to
disclose related party transactions entered into between two or more members
of a group, provided that any subsidiary which is a party to the transaction
is wholly owned by such a member.
On publishing the Parent Company financial statements here together with the
Group financial statements, the Company has also taken advantage of the
exemption provided under section 408 of the Companies Act 2006 not to publish
its individual income statement and related notes that form a part of these
approved Financial Statements.
New standards and interpretations issued by the International Accounting
Standards Board (IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) becoming effective during the 52 week period
ended 26 March 2026 have not had a material impact on the Group's financial
statements, these include IAS 8 amendments and IAS 1 amendments on
current/non-current classification of liabilities.
The OECD Pillar Two GloBE model rules introduce a global minimum corporation
tax rate of 15% applicable to multinational enterprise groups with global
revenue over €750m. Pillar Two legislation was substantively enacted on 20
June 2023 in the UK, the jurisdiction in which the Group's ultimate Parent
Company is incorporated and came into effect from 1 January 2024. The Group
has performed an assessment of the Group's potential exposure to Pillar Two
income taxes and does not expect a material potential tax liability in respect
of Pillar Two top up taxes. The Group applies the mandatory temporary
exception to recognising and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes, as provided in the
amendments to IAS 12 issued in May 2023.
1.2 Measurement convention
The consolidated financial statements are prepared on the historical cost
basis except that the following assets and liabilities are stated at their
fair value: derivative financial instruments, financial instruments classified
as fair value through the profit or loss.
1.3 Going concern
The Group and Company's business activities, together with the factors likely
to affect its future development, performance and position, are set out in the
Strategic Report. The financial position of the Group and Company, its cash
flows, liquidity position and borrowing facilities are described in the Chief
Financial Officer's review. In addition, note 23 to the financial statements
includes the Group and Company's objectives, policies and processes for
managing its capital; its financial risk management objectives; details of its
financial instruments and hedging activities; and its exposures to credit risk
and liquidity risk.
The Directors of the Group have prepared cash flow forecasts for a period of
at least 12 months from the date of the approval of these financial statements
which indicate that, despite taking account of reasonably possible downsides,
the Group will have sufficient funds, through its revolving credit facility,
to meet its liabilities as they fall due for that period.
In preparing the forecasts for the Group, the Directors have carefully
considered the impact of market performance consumer confidence, climate
change, geopolitical tensions and the actual and potential impact on supply
chains, as well as energy cost inflation on liquidity and future performance.
The Group has access to a revolving credit facility of £300.0m which expires
on 30 September 2028 and a £19.0m reducing asset backed loan which expires on
27 March 2030. The Group has £40.0m drawn down against the revolving credit
facility at 26 March 2026 and cash balances of £39.6m. The lowest level of
headroom forecast over the next 12 months from the date of signing of the
financial statements is in excess of £282.3m in the base case scenario. On a
sensitised basis, the lowest level of headroom forecast over the next 12
months from the date of approving of the financial statements is £212.2m due
to the removal of the dividend payment and share buybacks in the second half
of the year in scenario 3.
The Group has been in compliance with all covenants applicable to this
facility within the financial year and is forecast to continue to be in
compliance for 12 months from the date of signing of the financial statements.
A number of plausible downside scenarios of increasing severity were
calculated compared to the base case forecast of profit and cash flow to
assess headroom against facilities for the next 12 months. These scenarios
included:
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.3 Going concern (continued)
- Scenario 1: Reduction on Group like-for-like sales growth
assumptions of 1% in each year throughout the forecast period, but ordinary
dividends continue to be paid.
- Scenario 2: Using scenario 1 outcomes and further impacted by a
conflated risk impact of £81.3m on sales and £29.3m on PBT per annum (using
specific financial risks taken from Group risk register with sales and PBT
financial impact quantified), with dividends held at 7.4p per share per annum.
- Scenario 3: Group like-for-like sales growth at 0% in each
year and a conflated risk impact of £196.7m on sales and £71.0m on PBT is
applied (using the top risks from Group risk register in addition to potential
unmitigated risks associated with the current conflict in the middle east in
addition to potential cyber incidents with sales and PBT impact quantified),
with dividends cut to nil to conserve cash.
Against these negative scenarios, adjusted projections showed no breach of
covenants however they do become significantly tighter under scenario 3 which
is considered to be a very extreme scenario. Further mitigating actions could
also be taken in such scenarios should it be required, including reducing
capital expenditure and certain operating costs.
Despite net current liabilities of £131.5m in the Group and £759.5m in the
Company, the Directors of Pets at Home Group Plc, having made appropriate
enquiries including the principal risks and uncertainties on pages 21 to 25 of
the Annual Report, consider that the Group and Company will have sufficient
funds to continue to meet their liabilities for a period of at least 12 months
from the date of approval of these financial statements and that, therefore,
it is appropriate to adopt the going concern basis in preparing the Group
consolidated financial statements and the Company only financial statements as
at and for the period ended 26 March 2026.
1.4 Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. In assessing control, the Group takes into
consideration potential voting rights that are currently exercisable. The
acquisition date is the date on which control is transferred to the acquirer.
The financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that
control ceases. Losses applicable to the non-controlling interests in a
subsidiary are allocated to the non-controlling interests even if doing
so causes the non-controlling interests to have a deficit balance.
The Group and Company operate an Employee Benefit Trust (EBT) for the purposes
of acquiring shares to fund share awards made to employees. The EBT is deemed
to be a subsidiary of the Group and Company as Pets at Home Group Plc is
considered to be the ultimate controlling party for accounting purposes. The
assets and liabilities of this trust have been included in the consolidated
financial information. The cost of purchasing own shares held by the EBT is
accounted for in retained earnings.
Investment in Joint Venture veterinary practices
The Group has a number of non-participatory shareholdings in veterinary
practice companies, which are considered Joint Venture partnerships. The
veterinary practices were established under terms that require mutual
agreement between the Group and the Joint Venture Partner, and do not give
the Group power over decision making, nor joint control, to affect its
exposure to, or the extent of, the returns from its involvement with the
practices and therefore are not consolidated in these financial statements.
Further, the Group is not entitled to profits, losses, or any surplus on
winding up or disposal of the Joint Venture veterinary practices, and as
such no participatory interest is recognised. The Group's category of
shareholding in the Joint Venture veterinary practices entitles the Group to
charge management fees for support services provided. For further details see
notes 1.22, 16, 17 and 27. The Group's shares are non-participatory, and
therefore the Group does not share in any profits, losses or other
distribution of value from the Joint Venture company; the investments are
held at cost less impairment, which is deemed to be their carrying value as
explained further in note 16.
1.5 Foreign currency
Transactions in foreign currencies are translated to the respective functional
currencies of Group entities at the foreign exchange rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are retranslated to the functional
currency at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement.
Non-monetary assets and liabilities that are measured in terms of historical
cost in a foreign currency are translated using the exchange rate at the date
of the transaction. Non-monetary assets and liabilities denominated in foreign
currencies that are stated at fair value are retranslated to the functional
currency at foreign exchange rates ruling at the dates the fair value was
determined.
The assets and liabilities of foreign operations, including goodwill and fair
value adjustments arising on consolidation, are translated to the Group's
presentational currency, sterling, at foreign exchange rates ruling at the
balance sheet date. The revenues and expenses of foreign operations are
translated at an average rate for the period where this rate approximates to
the foreign exchange rates ruling at the dates of the transactions. Exchange
differences arising from this translation of foreign operations are reported
as an item of other comprehensive income and accumulated in the translation
reserve or non-controlling interest, as the case may be.
Functional currency
The consolidated financial statements are presented in sterling which is the
functional currency of the Parent Company and the presentational currency of
the Group and Company, these have been rounded to the nearest £0.1m.
1.6 Classification of financial instruments issued by the Group
Debt and equity instruments are classified as either financial liabilities or
as equity in accordance with the substance of the contractual arrangements and
the definitions of a financial liability and an equity instrument. These are
recognised initially at fair value. Subsequent recognition is measured in
accordance with the substance of the contractual agreement.
1.7 Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt
securities, trade and other receivables, cash and cash equivalents, other
interest-bearing loans and borrowings, and trade and other payables.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.7 Non-derivative financial instruments (continued)
Trade and other receivables
Trade receivables are recognised initially at their transaction price and
other receivables are initially recognised at fair value. Subsequent to
initial recognition they are both measured at amortised cost using the
effective interest method, less any expected credit loss.
Trade and other payables
Trade payables and other payables are initially recognised at fair value.
Subsequent to initial recognition they are both measured at amortised cost
using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand and form an integral part of the
Group's cash management are included as a component of cash and cash
equivalents for the purposes of the cash flow statement and are only offset
for balance sheet purposes where the offsetting criteria are met.
Other interest-bearing loans and borrowings
Interest-bearing borrowings are recognised initially at fair value, net of
attributable transaction costs. Subsequent to initial recognition,
interest-bearing borrowings are stated at amortised cost using the effective
interest method.
Investments in equity
Investments in equity are initially and subsequently measured at fair value
through profit or loss ('FVTPL'), with changes recognised in the profit or
loss.
As disclosed in note 1.6: Classification of financial instruments issued by
the Group.
1.8 Derivative financial instruments and hedging
Derivative financial instruments
Derivative financial instruments are recognised at fair value. The gain or
loss on remeasurement to fair value is recognised immediately in profit
or loss. However, where derivatives qualify for hedge accounting, recognition
of any resultant gain or loss depends on the nature of the item being hedged
(see below).
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the
variability in cash flows of a recognised asset or liability, or a highly
probable forecast transaction, the effective part of any gain or loss on the
derivative financial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income
statement.
If a hedge of a forecast transaction subsequently results in the recognition
of a financial asset or a financial liability, the associated gains and losses
that were recognised directly in equity are reclassified into profit or loss
in the same period or periods during which the asset acquired or liability
assumed affects profit or loss, i.e. when interest income or expense is
recognised.
When the hedged forecast transaction subsequently results in the recognition
of a non-financial item such as inventory, the amount accumulated in the
hedging reserve and the cost of hedging is included directly in the initial
cost of the non-financial item when it is recognised. For all other hedging
forecast transactions, the amount accumulated in the hedging reserve and the
cost of hedging is reclassified to profit or loss in the same period or
periods during which the hedged expected future cash flows affect the profit
or loss.
For cash flow hedges, other than those covered by the preceding two policy
statements, the associated cumulative gain or loss is removed from equity and
recognised in the income statement in the same period or periods during which
the hedged forecast transaction affects profit or loss.
When a hedging instrument expires or is sold, terminated or exercised, or the
entity revokes designation of the hedge relationship but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that
point remains in equity and is recognised in accordance with the above policy
when the transaction occurs. If the hedged transaction is no longer expected
to take place, the cumulative unrealised gain or loss recognised in equity is
recognised in the income statement immediately.
1.9 Intra-group financial instruments
Financial guarantee contracts issued to guarantee the indebtedness of
companies within the Group are accounted for in accordance with 'IFRS 9 -
Financial Instruments'. These guarantees are initially recognised at fair
value and subsequently measured at the higher of:
· The amount of the expected credit loss ('ECL') determined in
accordance with the ECL model under IFRS 9, and
· The amount initially recognised, less any cumulative income
recognised in accordance with IFRS 15.
1.10 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation
and accumulated impairment losses. Where parts of an item of property, plant
and equipment have different useful lives, they are accounted for as separate
items of property, plant and equipment.
Depreciation is charged to the income statement on a straight-line basis over
the estimated useful lives of each part of an item of property,
plant and equipment. Land and assets under construction are not depreciated.
The estimated useful lives are as follows:
Freehold property - 50
years
Fixtures, fittings, tools and equipment - 3 to 20 years
Leasehold improvements - the term of the
lease
Depreciation methods, useful lives and residual values are reviewed at each
balance sheet date.
The impact of climate change, particularly in the context of risks identified
in the TCFD scenario analysis have been considered and no material impact on
the carrying value, useful lives or residual values have been identified.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.11 Intangible assets
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination and recognised separately
from goodwill are initially recognised at their fair value
at the acquisition date (which is regarded as their cost). Subsequent to
initial recognition, intangible assets acquired in a business combination are
reported at cost less accumulated amortisation and accumulated impairment
losses, on the same basis as intangible assets that are acquired separately.
Customer lists are valued based on the forecast net present value of the
future economic relationship with those customers, adjusted for forecast
retention rates. Technology based 'know how' assets are valued based on the
expected cost to reproduce or replace the asset, adjusted for the functional
or economic obsolescence, if present and measurable. Software is stated at
cost less accumulated amortisation.
Amortisation is charged to the income statement on a straight-line basis over
the estimated useful life of an asset. The estimated useful lives are as
follows:
Software
- 2 to 7 years
Customer lists
-
10 years
Technology based know-how - 10 years
Amortisation methods, useful lives and residual values are reviewed at each
balance sheet date.
Expenditure on Software as a Service ('SaaS') customisation and configuration
that is distinct from access to the cloud software can only be capitalised to
the extent it gives rise to an asset, i.e. where the Group has the power to
obtain the future economic benefits and can restrict others' access to those
benefits, otherwise such expenditure in relation to developing SaaS for use is
expensed.
The impact of climate change, particularly in the context of risks identified
in the TCFD scenario analysis have been considered and no material impact on
the carrying value, useful lives or residual values have been identified.
1.12 Leases
On completion of a lease, the Group recognises a right-of-use asset,
representing its right to use the underlying asset and a lease liability,
representing its obligation to make lease payments. The lease liability is
measured at the present value of the lease payments over the term of the
lease, discounted using the interest rate implicit in the lease, or if that
rate cannot be readily determined, the Group's incremental borrowing
rate. This rate is adjusted to take into account the risk associated with the
length of the lease. Lease payments will include any fixed payments, including
as a result of stepped rent increases.
The right-of-use asset is measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at or before the
lease commencement date and any lease incentives received or premiums paid.
The Group has lease contracts in relation to property and equipment. There are
recognition exemptions for low-value assets and short-term leases with a lease
term of 12 months or less. Any leases under a short-term licence agreement are
excluded as they fall into the lease term of 12 months or less. The Group
recognises the lease payments associated with these leases as an expense on a
straight-line basis over the term of the lease. The total value of leases
where the Group has taken a recognition exemption is disclosed in note 12.
The Group has a small number of leases where it is an intermediate lessor. For
these leases, it accounts for the interest in the head lease and sub-lease
separately. It assesses the lease classification of the sub-lease with
reference to the right-of-use asset arising from the head lease, not with
reference to the underlying asset.
The Group currently receives rental income from related Joint Venture
veterinary practices which are located within the Group's retail
stores. These rental incomes are disclosed in note 3. Under IFRS16, the lease
classification of sub-leases is assessed by reference to the right-of-use
asset under the head lease rather than the underlying asset. This rental
income is presented in other income in the Consolidated Income Statement.
Right-of-use assets may be impaired if the lease becomes onerous. Impairment
costs would be charged to administrative expenses if this occurred.
1.13 Business combinations
Business combinations are accounted for by applying the acquisition method as
at the acquisition date, which is the date on which control is transferred to
the Group.
Acquisitions on or after 26 March 2010
For acquisitions on or after 26 March 2010, the Group measures goodwill at the
acquisition date as:
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identifiable assets
acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately
in profit or loss. Costs related to the acquisition, other than those
associated with the issue of debt or equity securities, are expensed as
incurred.
Any contingent consideration payable is recognised at fair value at the
acquisition date. If the contingent consideration is classified as equity,
it is not remeasured, and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent
consideration are recognised in profit or loss. If contingent consideration is
payable and is dependent on future employment, it is recognised as an expense
over the relevant period as a cost of continuing employment. There can be
significant timing difference between the charges that are recorded in the
Consolidated Income Statement to reflect movements in the fair value of the
liability and the actual cash payments made to settle the liability.
On settlement of the liability, the part of each payment relating to the
original estimate of the fair value of the contingent consideration on
acquisition is reported within investing activities in the cash flow statement
and the part relating to the increase in the liability since the acquisition
is reported within operating cash flows. Any contingent deferred consideration
receivable is recognised at fair value.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.13 Business combinations (continued)
On acquisition, the identifiable assets acquired and liabilities assumed are
recognised at their acquisition-date fair values. On consolidation, all
intra-group balances, transactions, income and expenses are eliminated in
full. Non-controlling interests represent the equity in subsidiaries not
attributable to the owners of the parent. Profit or loss and each component
of other comprehensive income are attributed to the owners of the parent and
to the non-controlling interests.
When the Group loses control of a subsidiary, it derecognises the assets and
liabilities of the subsidiary, any non-controlling interests, and recognises
any retained interest at fair value. Any resulting gain or loss is recognised
in profit or loss.
Acquisitions prior to 26 March 2010 (date of adoption of IFRS)
IFRS1 grants certain exemptions from the full requirements of Adopted IFRS for
first time adopters. In respect of acquisitions prior to 26 March 2010,
goodwill is included on the basis of its deemed cost.
1.14 Investments
Investments in associates and joint ventures are carried in the Consolidated
Balance Sheet at cost and of their post-acquisition retained profits or losses
and other comprehensive income together with any goodwill arising on the
acquisition. The Group recognises the assets, liabilities, revenue and
expenses of joint operations in accordance with its rights and obligations.
Assessment of control with regard to Joint Ventures is disclosed in 1.22:
Accounting estimates and judgements
1.15 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is
based on the weighted average cost principle and includes expenditure incurred
in acquiring the inventories, production or conversion costs and other costs
in bringing them to their existing location and condition, less rebates and
discounts.
Provision is made against specific inventory lines where market conditions
identify an issue in recovering the full cost of that Stock Keeping Unit
('SKU'). The provision focuses on the age of inventory and the length of time
it is expected to take to sell and applies a progressive provision against the
gross inventory based on the numbers of days' stock on hand. Where necessary,
further specific provision is made against inventory lines, where the
calculated provision is not deemed sufficient to carry the inventory at net
realisable value.
To the extent that the ageing profile of gross inventory as calculated by this
provision methodology results in a material provision, it will be disclosed as
an estimate that may have an impact on subsequent periods. To the extent this
is material, it will be disclosed in note 1.22.
1.16 Impairment excluding inventories
Financial assets (including receivables)
Measurement of Expected Credit Losses ('ECLs') and definition of default
ECLs are a probability-weighted estimate of credit losses. Credit losses are
measured as the present value of all cash shortfalls (i.e. the difference
between the cash flows due to the Group in accordance with the contract and
the cash flows that the Group expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
The definition of default is applicable to intercompany and related party
receivables but not relevant to trade receivables where the lifetime expected
credit loss is considered. The Group considers Joint Venture receivables
(operating loans) to be in default when the individual underlying veterinary
practice is significantly under-performing against its business plan, assessed
based on future cashflow forecasts for the individual practices which utilise
consistent assumptions across all practices. These assumptions consider
historical repayment performance, current financial position of the related
parties, and forward‑looking macroeconomic information relevant to JV's
ability to meet its obligations. Any shortfall in repayment of the Joint
Venture loans and receivables following the 10-year forecast period are
considered to be in default as repayment is expected during this time. Loss
given default is also determined based on the forecast shortfall amount. Those
within the performing credit risk category are deemed to have low credit risk.
Practices categorised within the in default credit risk categories are those
considered to be in default based on their cashflow forecast. Significant
increase in credit risk is not applicable to Joint Venture operating loans due
to the on-demand payment terms.
Initial set up loans are considered in default if they cannot be settled
within one day of year end. These loans have no set repayment date but are
expected to be recovered within 15 years. There is no significant increase in
credit risk of any practice which has an operating loan as these are
considered to be on demand, as defined above. All other loans are considered
to be performing and have low credit risk.
The Group considers other intercompany and related party assets to be in
default when the entity does not have the forecast future funds available to
repay the balance, if recalled.
Write-offs
The gross carrying amount of a financial asset is written off (either
partially or in full) to the extent that there is no realistic prospect of
recovery indicated by JV practice performance or in advance of an acquisition
of a veterinary practice. Details of these provisions are explained in note
16.
Non-financial assets
The carrying amounts of the Group's non-financial assets, other than
inventories and deferred tax assets, are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such
indication exists, then the asset's recoverable amount is estimated. For
goodwill, and intangible assets that have indefinite useful lives or that are
not yet available for use, the recoverable amount is estimated each period at
the same time.
The recoverable amount of an asset or cash-generating unit as defined by IAS
36 is the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated post-tax future cash flows are
discounted to their present value using a post-tax discount rate that reflects
current market assessments of the time value of money and the risks specific
to the asset. For the purpose of impairment testing, assets that cannot be
tested individually are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely independent
of the cash inflows of other assets or groups of assets (the 'cash-generating
unit').
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.16 Impairment excluding inventories (continued)
The goodwill acquired in a business combination, for the purpose of impairment
testing, is allocated to cash-generating units ('CGUs'). Subject to an
operating segment ceiling test, for the purposes of goodwill impairment
testing, CGUs to which goodwill has been allocated are aggregated so that the
level at which impairment is tested reflects the lowest level at which
goodwill is monitored for internal reporting purposes. Goodwill acquired in a
business combination is allocated to groups of CGUs that are expected to
benefit from the synergies of the combination. An impairment loss is
recognised if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying
amount of any goodwill allocated to the units, and then to reduce the carrying
amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other
assets, impairment losses recognised in prior periods are assessed at each
reporting date for any indications that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is
reversed only to the extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised.
1.17 Employee benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the
Group pays fixed contributions into a separate entity and will have no legal
or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognised as an
expense in the income statement in the periods during which services are
rendered by employees.
Short term benefits
Short term employee benefit obligations are measured on an undiscounted basis
and are expensed as the related service is provided. A liability is recognised
for the amount expected to be paid under short-term cash bonus or
profit-sharing plans if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
Share-based payments
A number of employees of the Company's subsidiaries (including Directors)
receive an element of remuneration in the form of share-based payments,
whereby employees render services in exchange for shares in Pets at Home Group
Plc or rights over shares.
Share-based payments are measured at fair value at the date of grant. The fair
value of transactions involving the granting of shares is determined by the
share price at the date of grant. The fair value of transactions involving the
granting of share options is calculated based on a binomial model. In valuing
share-based payments, no account is taken of any performance conditions, other
than conditions linked to the price of the shares of Pets at Home Group Plc
('market conditions').
The cost of share-based payments is recognised, together with a corresponding
increase in equity, on a straight-line basis over the vesting period based on
the Company's estimate of how many of the awards will eventually vest. No
expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market condition is satisfied,
provided that all other performance conditions are satisfied. Where the terms
of a share-based payment award are modified, as a minimum, an expense is
recognised as if the terms had not been modified. In addition, an expense is
recognised for any increase in the value of the transaction as a result of the
modification, as measured at the date of the modification.
Where a share-based payment award is cancelled, it is treated as if it had
vested on the date of cancellation and any expense not yet recognised for the
award is recognised immediately. However, if a new award is substituted for
the cancelled award and designated as a replacement award on the date that it
is granted, the cancelled and new awards are treated as if they were a
modification to the original award, as described in the previous paragraph.
The dilutive effect of outstanding options is reflected as additional share
dilution in the computation of diluted earnings per share.
Employee Benefit Trust
The assets and liabilities of the Employee Benefit Trust ('EBT') have been
included in the Group and Company accounts. The assets of the EBT are held
separately from those of the Company. Neither the purchase nor sale of own
shares leads to a gain or loss being recognised in the Group consolidated
statement of comprehensive income.
Investments in the Company's own shares held by the EBT are presented as a
deduction from reserves and the number of such shares is deducted from the
number of shares in issue when calculating the diluted earnings per share. The
trustees of the holdings of Pets at Home Group Plc shares under the Pets at
Home Group Employee Benefit Trust have waived or otherwise foregone any and
all dividends paid.
1.18 Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, which can
be reliably measured and it is probable that an outflow of economic benefits
will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects
risks specific to the liability.
1.19 Revenue and cost of sales
Revenue represents the total amount receivable for goods and services, net of
discounts, coupons, returns and excluding value added tax, sold in the
ordinary course of business, and arises substantially from activities in the
United Kingdom.
Revenue is recognised when the Group transfers control of goods or services to
a customer at the amount to which the Group expects to be entitled, and
substantially all of the Group's performance obligations have been fulfilled.
Depending on whether certain criteria are met, revenue is recognised either
over time, in a manner that best reflects the Group's performance, or at a
point in time, when control of the goods or services is transferred to the
customer.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.19 Revenue and cost of sales (continued)
Sale of goods in-store and online
Retail revenue from the sale of goods is recorded net of value added tax,
colleague discounts, coupons, vouchers, returns and the free element of
multi-save transactions. Sale of goods represents food and accessories sold
in-store and online, with revenue recognised at the point in time the customer
obtains control of the goods and substantially all of the Group's performance
obligations have been fulfilled, which is when the transaction is completed
in-store and at point of delivery to the customer for online orders. Revenue
is adjusted to account for estimates for anticipated returns and a provision
is recognised within trade and other payables. Estimates for anticipated
returns are calculated using past data for both in-store and online
transactions. No separate asset has been recognised (with no corresponding
adjustment to cost of sales) in relation to the value of products to be
recovered from the customer as the products are not always in a resaleable
condition.
Gift vouchers and cards
Revenue from the sale of gift vouchers and cards is deferred until the voucher
is redeemed, at which point performance obligations have been fulfilled. In
line with IFRS 15 the value of revenue deferred is based on expected
redemption rates. The Group continues to assess the appropriateness of the
expected redemption rates against actual redemptions.
Pets Club loyalty scheme
Under the Pets Club loyalty scheme, points are earned by customers upon the
purchase of goods and services. These points can be converted by nominated
charities into gift cards for redemption against goods and services in-store
and online. The sales value of the points earned under the Pets Club scheme
are treated as deferred income; the sales are only recognised once the points
have been redeemed by the charities, at which point performance obligations
have been fulfilled. The points do not expire and have no value to the
customer.
Subscription orders
Revenue for subscription orders is recognised at the point of delivery of each
incremental order to the customer at which point performance obligations have
been fulfilled. Subscription services primarily relate to the repeat order of
products sold online and in-store.
Provision of services
Revenue from the provision of services is recorded net of value added tax,
colleague discounts, coupons and discount vouchers. Provision of services
represents veterinary group income, grooming revenue and insurance
commissions, with revenue recognised upon provision of the service to the
customer at the point at which the Group has substantially fulfilled its
performance obligations.
i) Veterinary Group income
Veterinary Group income represents revenue recognised at a point in time from
the provision of veterinary services from Company Managed veterinary practices
and income from the provision of administrative support services to Joint
Venture veterinary practices. Revenue received for the provision of veterinary
services is recognised at the point of provision of the service and is
recognised net of value added tax, colleague discounts, coupons and vouchers.
Fee income received from the Joint Venture veterinary practice companies
for administrative support services is recognised in the period the services
relate to and recorded net of value added tax. Fee income received from Joint
Venture companies in relation to network purchasing arrangements is recognised
as the contractual commitments are fulfilled to create an entitlement to the
revenue. The Group also receives revenue in relation to business development
for the Joint Venture companies and recognises this within operating income.
The Group launched the new 'Complete Care Health' plans in June 2023, which
offered a more comprehensive package of services available to customers adding
discretionary elements such as clinic visits and telehealth services. Now that
sufficient data is available to assess the membership usage of the component
parts of the health plans, we have reviewed the point at which we consider the
treatment/services have been provided. Revenue is recognised in line with
specific performance obligations of the plan as they are completed in line
with the contract. The majority of these are met at a point in time, with
the remainder over time and have been assessed based on the nature of the
individual components.
Under the previous application of the policy, revenue from care plans was
deferred and recognised at the point at which treatment and/or services were
provided against the plan at an amount that reflected the consideration to
which the entity expected to be entitled in exchange for those goods or
services. Once the plan had expired, any unutilised deferred revenue was
recognised as revenue.
Revenue from 'Vac4Life' plans is deferred when payment is received and then
recognised in reducing proportions over the first three years of the plan when
vaccinations/boosters are provided.
Revenue derived from the veterinary telehealth business ('TVC') is recognised
over time on a pro-rated basis over the period the customers have access to
the telehealth service through subscriptions.
Rental income received from in-store Joint Venture veterinary practices is
disclosed within note 3 and is categorised as other income.
ii) Grooming revenue
Grooming revenue is recognised net of value added tax, colleague discounts,
coupons and vouchers, at the point of provision of the service to the
customer. Deposits received are deferred until the grooming service has been
performed.
iii) Insurance commissions
Insurance commissions are recognised over time on a pro-rated basis over the
period the insurance policy relates to.
Accrued income
Accrued income relates to income in relation to fees from Joint Venture
veterinary practices, and supplier and promotional income from suppliers which
has not yet been invoiced. Accrued income has been classified as current as it
is expected to be invoiced and received within 12 months of the period end.
Supplier income is recognised on an accruals basis, based on the expected
entitlement that has been earned up to the balance sheet date for each
relevant supplier contract.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.19 Revenue and cost of sales (continued)
Cost of sales
Cost of sales includes costs of goods sold and other directly attributable
costs, promotional income and rebate income received from suppliers, including
costs to deliver administrative support services to Joint Venture veterinary
practices and costs to deliver grooming services. Supplier early payment
discounts are also included within cost of sales; these are offered from
certain inventory suppliers based on payment of invoices within a certain time
frame resulting in a percentage discount to reduce cost of sales.
Supplier and promotional income
A number of different types of supplier income are negotiated with suppliers
via the joint business planning process in connection with the purchase of
goods for resale, the largest of which being supplier income and promotional
income, which are explained below. The supplier income arrangements are
typically not coterminous with the Group's financial period, instead running
alongside the calendar year. Such income is only recognised when there is
reasonable certainty that the conditions for recognition have been met by the
Group, and the income can be measured reliably based on the terms of the
contract. Where the income is directly related to inventory, it is recognised
as a credit within gross margin to cost of sales. To the extent that the
rebate relates to unsold stock purchases it is recognised as a reduction in
the cost of inventory. Where the income is in relation to a distinct service,
it is recognised as other income.
Supplier and promotional income is recognised on an accruals basis, based on
the expected entitlement that has been earned up to the balance sheet date for
each relevant supplier contract. The accrued incentives, rebates and discounts
receivable at period end are included within trade and other receivables.
Given the presence of the joint business plans, on the basis of the historic
recoverability of accrued balances, and as amounts are typically agreed with
suppliers prior to recognition, supplier income is not considered to be an
area of significant estimation that could impact on the following financial
year.
Supplier income
Supplier income comprises three main elements:
1. Fixed percentage-based income: These relate largely to volumetric
rebates based on the joint business plan agreements with suppliers.
The income accrued is based on the Group's latest forecast volumes and the
latest contract agreed with the supplier. Income is not recognised until the
Group has reasonable certainty that the joint business agreement will be
fulfilled, with the amount of income accrued regularly reassessed and
remeasured throughout the contractual period, based on actual performance
against the joint business plan.
2. Fixed lump sum income: These are typically guaranteed lump sum
payments made by the supplier and are not based on volume. Fixed lump sum
income is usually predicated on confirmation of a supplier contract and
typically includes performance conditions upon the Group, such as marketing
and promotional campaigns. These amounts are recognised periodically when
contractual milestones have been met such as the promotion being run or
marketing in-store.
3. Growth income: These are tiered volumetric rebates relating to
growth targets agreed with the supplier in the joint business planning
process. These are retrospective rebates based on sales volumes or purchased
volumes. Income is recognised to the extent that it is reasonably certain that
the conditions will be achieved, with such certainty increasing in the latter
part of the calendar year.
Promotional income
Promotional income relates to supplier funded rebates specific to promotional
activity run in agreement between the Group and its suppliers. Rebates are
agreed at an individual inventory article level for agreed periods of time and
are systemically calculated based on article sales information. No estimation
is applied in calculating the promotional income receivable.
1.20 Finance income and expenses
Financing expenses
Financing expenses comprise interest payable under the effective interest rate
method, incorporating amortisation of loan arrangement fees, interest on lease
liabilities and non-underlying interest on lease liabilities.
Financing income
Financing income comprises interest receivable on funds invested and other
interest receivable. Interest receivable is recognised in profit or loss as it
accrues, using the effective interest method.
1.21 Taxation
Tax on the profit or loss for the period comprises current and deferred tax.
Tax is recognised in the income statement except to the extent that
it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or
loss for the period, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous
periods.
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial recognition of
assets or liabilities that affect neither accounting nor taxable profit other
than in a business combination; and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted
at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the temporary
difference can be utilised.
Notes to the consolidated financial statements (continued)
1 Accounting policies (continued)
1.22 Accounting estimates and judgements
The preparation of consolidated financial statements in conformity with UK
adopted IFRS requires management to make judgements, estimates and assumptions
concerning the future that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. These
judgements are based on historical experience and management's best knowledge
at the time and the actual results may ultimately differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis and revisions to accounting estimates are recognised in the period in
which the estimates are revised and in any future periods affected.
Critical accounting judgements
Assessment of control with regard to Joint Ventures
The assessment of control with regard to Joint Ventures is considered to be a
critical accounting judgement. The Group has assessed, and continually
assesses, whether the level of an individual Joint Venture veterinary
practice's indebtedness to the Group, particularly those with high levels of
indebtedness, implies that the Group has the practical ability to control the
Joint Venture, which would result in the requirement to consolidate. In making
this judgement, the Group reviewed the terms of the Joint Venture agreement
and the question of practical ability, as a provider of working capital to
control the activities of the practice. This included consideration of
barriers to the Group's ability to exercise such practical or other control
which include difficulty in replacing Joint Venture Partners due to the
shortage of veterinarians in the UK and reputational damage within the
veterinary network should the Group attempt to exercise control, as well as
potential barriers to the Joint Venture Partner exercising their own power
over the activities of the practice. We note that under the terms of the Joint
Venture agreement, the partners run their practices with complete operational
and clinical freedom. The Group is satisfied that on the balance of evidence
from the Group's experience as shareholder and provider of working capital
support to the practices, it does not have the current ability to exercise
control over those practices to which operating loans are advanced, and
therefore non-consolidation is appropriate.
Key sources of estimation uncertainty
Impairment of retail goodwill and other indefinite life intangibles
The carrying amount of goodwill allocated to the retail group of CGUs is
assessed for impairment annually. The carrying amount is determined based on
the value in use. Certain key assumptions and inputs within forecasted cash
flows used to calculate the value in use of the retail group of CGUs are
considered to be a key source of estimation uncertainty. The value in use of
the retail group of CGUs is determined using cash flow projections from the
approved business and strategic plans over a period of five years which are
then extrapolated based on estimated long-term growth rates applicable to the
markets in which the CGUs operate. The cash flow projections are discounted
based on a post-tax weighted average cost of capital.
Estimation uncertainty arises due to changing economic and market factors as
well as the business performance challenges being addressed in the ongoing
Retail Turnaround Plan (as explained on page 4 of the Annual Report) which
have resulted in increased forecasting uncertainty and sensitivity to
reasonably possible changes in certain key assumptions. Refer to note 13 for
further details on the key assumptions and sensitivities which are considered
to be a key source of estimation uncertainty.
There are no other significant estimates or assumptions which would cause a
material change to the carrying value of asset and liabilities within the next
12 months.
1.23 Dividends
Final dividends are recognised in the Group's financial statements as a
liability in the period in which the dividends are approved by shareholders
such that the Company is obliged to pay the dividend. Interim equity dividends
are recognised in the period in which they are paid.
1.24 Non-underlying items
Income or costs considered by the Directors to be non-underlying are disclosed
separately to facilitate year-on-year comparison of the underlying trade of
the business. Non‑underlying costs are considered by the Directors to be
those not arising from normal business operations, which are infrequent, not
expected to recur in the foreseeable future, and significant in amount.
1.25 Alternative Performance Measures
The Directors measure the performance of the Group based on a range of
financial measures, including measures not recognised by UK-adopted IFRS.
These Alternative Performance Measures may not be directly comparable with
other companies' Alternative Performance Measures and the Directors do not
intend these to be a substitute for, or superior to, IFRS measures. Further
information can be found in the Glossary on page 72.
1.26 New standards and amendments issued but not yet effective
New standards and interpretations that are in issue but not yet effective are
listed below:
IFRS 18: Presentation and Disclosure in Financial Statements.
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial
Instruments.
With the exception of the adoption of IFRS 18, the adoption of the above
standards and interpretations is not expected to lead to any changes to the
Group's accounting policies nor have any other material impact on the
financial position or performance of the Group.
IFRS 18 'Presentation and Disclosure in Financial Statements' is effective
from 1 January 2027. The standard will replace IAS 1 Presentation of Financial
Statements and introduces changes to the presentation of financial
performance. IFRS 18 introduces defined categories of income and expenses
(operating, investing and financing), new mandatory subtotals and requirements
for the disclosure of management‑defined performance measures (MPMs). While
IFRS 18 is expected to affect future periods, the Group is still assessing its
impact. There is no effect on current year presentation due to its future
effective date. Adoption is planned for the 52 weeks ending 25 March 2027.
2 Segmental reporting
The Group has four strategic business units, Retail, Vet Group, Insurance and
Central. These business units, with the exception the of new Insurance
segment, are consistent with those reported in the 52 week period ended 27
March 2025. The Group's operating segments are based on the internal
management structure and internal management reports, which are reviewed by
the Executive Directors on a periodic basis. The Executive Directors are
considered to be the Chief Operating Decision Makers. The Group is a pet care
business with the strategic advantage of being able to provide products,
services and advice, addressing all pet owners' needs. The strategic business
units offer different products and services, are managed separately and
require different operational and marketing strategies.
Notes to the consolidated financial statements (continued)
2 Segmental reporting (continued)
The operations of the Retail reporting segment comprise the retailing of pet
products purchased online and in-store, pet sales, grooming services and
insurance commissions via our 3(rd) party arrangement (these are separate from
operations in the insurance segment). The operations of the Vet Group
reporting segment comprise General Practice and the veterinary telehealth
business. Insurance includes costs incurred as part of the Group's new
insurance venture for pet insurance. Central includes group costs and finance
expenses.
The following summary describes the operations in each of the Group's
reportable segments. Performance is measured based on segment underlying
operating profit, as included in the management reports that are reviewed by
the Executive Directors. These internal reports are prepared in accordance
with IFRS accounting policies consistent with these financial statements. All
material operations of the reportable segments are carried out in the UK and
all revenue is from external customers. A large proportion of revenue
recognised within the Vet Group relates to fee income from Joint Venture
veterinary practices which are considered to be related parties. Further
information regarding these related party transactions is disclosed in note
27.
52 week period ended 26 March 2026
Income statement Retail Vet Group Insurance(1) £m Central Total
£m £m £m £m
Revenue 1,292.9 176.7 - - 1,469.6
Gross profit 573.5 98.5 - - 672.0
Depreciation and amortisation (98.3) (3.9) - (0.5) (102.7)
Underlying operating profit/(loss) 44.3 83.1 (5.1) (13.1) 109.2
Non-underlying items (4.0) (1.0) - (1.3) (6.3)
Operating profit/(loss) 40.3 82.1 (5.1) (14.4) 102.9
Net financing expense (13.5) 0.7 (0.1) (3.5) (16.4)
Profit/(loss) before tax 26.8 82.8 (5.2) (17.9) 86.5
Non-underlying items 4.0 1.0 - 1.3 6.3
Underlying profit/(loss) before tax 30.8 83.8 (5.2) (16.6) 92.8
Attributable to:
Equity shareholders of the parent 30.8 83.0 (5.2) (16.6) 92.0
Non-controlling interests - 0.8 - - 0.8
Non-underlying operating expenses in the periods ended 26 March 2026 and 27
March 2025 are explained in note 3.
52 week period ended 27 March 2025
Income statement Retail Vet Group Insurance(1) £m Central Total
£m £m £m £m
Revenue 1,306.4 175.3 - - 1,481.7
Gross profit 602.4 92.3 - - 694.7
Depreciation and amortisation (97.4) (4.3) - (0.5) (102.2)
-
Underlying operating profit/(loss) 85.8 75.1 (0.4) (11.7) 148.8
Non-underlying items (6.0) - - (6.4) (12.4)
Operating profit/(loss) 79.8 75.1 (0.4) (18.1) 136.4
Net financing expense (12.9) 0.8 - (3.7) (15.8)
Profit/(loss) before tax 66.9 75.9 (0.4) (21.8) 120.6
Non-underlying items 6.0 - - 6.4 12.4
Underlying profit/(loss) before tax 72.9 75.9 (0.4) (15.4) 133.0
(1)The insurance business segment presented in the tables above relates to the
Group's insurance venture and includes costs incurred in the periods ended 26
March 2026 and 27 March 2025. Expenses for the 52 week period ended 27 March
2025 have been reclassified from central costs.
52 week period ended 26 March 2026
Segmental revenue analysis by revenue stream Retail Vet Group Total
£m £m £m
Retail - Food 805.0 - 805.0
Retail - Accessories 436.6 - 436.6
Retail - Services 51.3 - 51.3
Vet Group - Joint Venture fee income - 108.4 108.4
Vet Group - Company Managed veterinary practices - 51.1 51.1
Vet Group - Other income - 13.4 13.4
Vet Group - Veterinary telehealth services - 3.8 3.8
Total 1,292.9 176.7 1,469.6
Notes to the consolidated financial statements (continued)
2 Segmental reporting (continued)
52 week period ended 27 March 2025
Segmental revenue analysis by revenue stream Retail Vet Group Total
£m £m £m
Retail - Food 804.2 - 804.2
Retail - Accessories 449.2 - 449.2
Retail - Services 53.0 - 53.0
Vet Group - Joint Venture fee income - 103.4 103.4
Vet Group - Company Managed veterinary practices - 52.5 52.5
Vet Group - Other income - 15.4 15.4
Vet Group - Veterinary telehealth services - 4.0 4.0
Total 1,306.4 175.3 1,481.7
3 Expenses
Included in operating profit are the following:
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Non-underlying items
Costs relating to the implementation of the new Distribution Centre
Provisions for retention and relocation bonuses for colleagues at existing - 0.4
Distribution Centres
Dual running costs of operating new and existing Distribution Centres - 1.9
Depreciation of right-of-use assets - 3.4
Onerous lease provision - 1.6
- 7.3
Store redundancy costs - 1.0
Total included within selling and distribution expenses - 8.3
Group restructure and legal settlement costs 5.9 3.1
Property costs associated with group restructure 0.4 -
Legal costs associated with the CMA review - 3.3
Total included within administrative expenses 6.3 6.4
Included within other income - disposal of investment - (2.3)
Total non-underlying cost within operating profit 6.3 12.4
Underlying items
Depreciation of property, plant and equipment 31.8 28.5
Amortisation of intangible assets 7.6 8.1
Depreciation of right-of-use assets 63.3 62.2
Share-based payment charges 4.5 5.9
Impairment of investments (note 16) 3.0 -
Impairment of capital contributions made to vet practices 2.7 -
Other income
Rental income from sub-leasing right-of-use assets to third parties (0.1) (0.2)
Rental and other occupancy income from related parties (13.7) (13.0)
Supplier funding and backhaul-related income (3.0) (1.6)
Non-underlying items in operating profit
Group restructure and legal settlement costs
On 25 November 2025, the Group announced a restructuring of its Support Office
functions, the impact of which primarily relates to redundancy payments,
notice period obligations, outplacement support and settlement agreements.
· Non-underlying Group restructure costs in the 52 week period
ended 26 March 2026 were £6.3m, primarily relating to redundancy payments and
legal settlement costs of £5.9m, together with property costs from an office
closure of £0.4m arising from a central one-off group-wide redundancy
programme. The process was a significant operational change for the Group,
outside of the ordinary course of business and has now concluded with no
further costs expected.
Notes to the consolidated financial statements (continued)
3 Expenses (continued)
Non-underlying items in operating profit (continued)
Stafford Distribution Centre
During the 52 week period ended 27 March 2025, the Group incurred a number of
costs in the process of bringing into operation a new Distribution Centre to
replace the existing legacy Distribution Centres. The process was a
significant operational change for the Group, outside of the ordinary course
of business and has now concluded. As part of the transition, the Group
incurred £7.3m operational costs which it has classified as non-underlying.
· £0.4m relates to costs for retention bonuses for colleagues at
the existing Distribution Centres to remain employed by the Group until the
point at which the sites closed.
· £1.9m relates to costs incurred whilst the legacy Distribution
Centres and the new Distribution Centres were both in operation.
· £3.4m in relation to depreciation of the right-of-use assets for
the legacy which includes £1.7m in relation to accelerated depreciation of
the legacy site.
· All operations ceased at the legacy site before the 27 March
2025. At this date the remaining right of use asset of the legacy site was
fully impaired (£1.7m included in the number above) and an onerous lease
provision of £1.6m was created in relation to the remaining lease associated
costs.
Additional non-underlying charges made during the 52 weeks ending 27 March
2025 related to:
o Store redundancy costs of £1.0m related to the expected store redundancy
costs following the announcement of the store colleague operating model
simplification process.
o Legal costs associated with the CMA review totalled £3.3m.
o Disposal of investment in Pure Pet Food Limited resulted in a profit on
disposal of £2.3m within retail which was recognised in other income.
Auditor's remuneration
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Audit of the Parent Company financial statements - -
Amounts receivable by the Company's auditor and its associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation(1) 1.8 1.5
Review of interim financial statements 0.1 0.1
Other assurance services (sustainability assurance) - 0.1
1.9 1.7
(1)£0.1m in relation to audit of the financial statements from the 52 week
period ended 26 March relates to additional costs for the audit of the
financial statements for the 52 week period ended 27 March 2025..
4 Colleague numbers and costs
The average number of persons employed by the Group (including Directors)
during the period, analysed by category, was as follows:
52 week period ended 26 March 2026 52 week period ended 27 March 2025
Number Number
Sales and distribution - FTE 6,237 6,830
Administration - FTE 1,121 1,075
7,358 7,905
Sales and distribution - total 9,889 10,493
Administration - total 1,151 1,104
11,040 11,597
The aggregate payroll costs of these persons were as follows:
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Wages and salaries 282.6 288.1
Social security costs 31.0 24.5
Contributions to defined contribution pension plans 9.8 10.9
323.4 323.5
Notes to the consolidated financial statements (continued)
4 Colleague numbers and costs (continued)
Remuneration of Directors and Executive Management Team
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Executive Directors' short-term employee benefits 1.4 1.2
Non-Executive Directors' short-term employee benefits 0.5 0.5
Executive Directors' share-based payments 0.9 0.6
Executive Directors' post-employment benefits - 0.1
Total Directors' remuneration 2.8 2.4
Executive Management Team short-term employee benefits 3.2 3.1
Executive Management Team share-based payments 1.1 0.9
Executive Management Team post-employment benefits 0.2 0.2
Total Executive Management Team remuneration 4.5 4.2
In the opinion of the Board, the key management as defined under revised IAS
24 Related Party Disclosures are the Executive Directors, Non-Executive
Directors and the Executive Management Team. Executive Directors' emoluments
are also included within the Executive Management Team emoluments disclosed
above. There are no further amounts, other than those noted above, receivable
under long term incentive schemes by the Directors or Executive Management
team.
The number of directors who received pensions contributions in the 52 week
period ended 26 March 2026 is four for executive directors (two in the 52 week
period ended 27 March 2025) and nine in the executive management team (eight
in the 52 week period ended 27 March 2025).
5 Earnings per share
Basic earnings per share is calculated by dividing the net profit for the
period attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period.
Diluted earnings per share is calculated by dividing the net profit for the
period attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on the conversion of all dilutive
potential ordinary shares into ordinary shares.
52 week period ended 26 March 2026 52 week period ended 27 March 2025
Underlying After non-underlying Underlying After non-underlying
trading items trading items
Profit attributable to equity shareholders of the parent (£m) 67.2 62.5 97.5 88.2
Basic weighted average number of shares 454.4 454.4 463.5 463.5
Dilutive potential ordinary shares 4.7 4.7 5.0 5.0
Diluted weighted average number of shares 459.1 459.1 468.5 468.5
Basic earnings per share 14.8p 13.8p 21.0p 19.0p
Diluted earnings per share 14.6p 13.6p 20.8p 18.8p
6 Finance income
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Interest receivable on loans to Joint Venture veterinary practices 0.3 0.5
Other interest receivable 2.3 2.4
Total finance income 2.6 2.9
7 Finance expense
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Bank loans at effective interest rate 4.2 4.7
Amortisation of debt issue costs 0.8 0.8
Underlying interest expense on lease liability 14.0 13.2
Total finance expense 19.0 18.7
Notes to the consolidated financial statements (continued)
8 Taxation
Recognised in the income statement
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Current tax expense
Current period 20.2 23.2
Adjustments in respect of prior periods 0.9 (3.9)
Current tax expense 21.1 19.3
Deferred tax expense
Origination and reversal of temporary differences 4.3 7.8
Adjustments in respect of prior periods (2.0) 5.3
Deferred tax expense 2.3 13.1
Total tax expense 23.4 32.4
The UK corporation tax standard rate for the period was 25% (2025: 25%).
Deferred tax at 26 March 2026 has been calculated based on the rate of 25%
which is the rate at which the majority of items are expected to reverse.
Deferred tax recognised in comprehensive income
52 week period ended 26 March 2026 52 week period ended 27 March 2025
£m £m
Deferred tax on changes in fair value of cash flow hedges (note 22) (0.6) -
Reconciliation of effective tax rate
52 week period ended 26 March 2026 52 week period ended 27 March 2025
Underlying trading Non-underlying items Total Underlying trading Non-underlying items Total
£m £m £m £m £m £m
Profit for the period 67.8 (4.7) 63.1 97.5 (9.3) 88.2
Total tax expense/(credit) 25.0 (1.6) 23.4 35.5 (3.1) 32.4
Profit excluding taxation 92.8 (6.3) 86.5 133.0 (12.4) 120.6
Tax using the UK corporation tax rate for the period of 25% 23.2 (1.6) 21.6 33.3 (3.1) 30.2
Depreciation on expenditure not eligible for tax relief 0.5 - 0.5 0.8 - 0.8
Expenditure not eligible for tax relief 2.4 - 2.4 - - -
Adjustments in respect of prior periods (1.1) - (1.1) 1.4 - 1.4
Total tax expense 25.0 (1.6) 23.4 35.5 (3.1) 32.4
The UK corporation tax standard rate for the 52 week period ended 26 March
2026 was 25% (52 week period ended 27 March 2025: 25%). The effective tax
rate before non-underlying items for the 52 week period ended 26 March 2026
was 26.9% (52 week period ended 27 March 2025: 26.7%). The effective tax rate
after non-underlying items for the 52 week period ended 26 March 2026 was
27.1% (52 week period ended 27 March 2025: 26.8%).
9 Dividends paid and proposed
Group and Company
52 week period ended 52 week period ended
26 March 2026 27 March 2025
£m £m
Declared and paid during the period
Final dividend of 8.3p per share (2024: 8.3p per share) 37.7 38.4
Interim dividend of 4.7p per share (2025: 4.7p per share) 21.0 21.3
Proposed for approval by shareholders at the AGM
Final dividend of 2.7p per share (2025: 8.3p per share) 12.1 38.1
The trustees of the following holdings of Pets at Home Group Plc shares under
the Pets at Home Group Employee Benefit Trust have waived or otherwise
foregone any and all dividends paid in relation to the periods ended 26 March
2026 and 27 March 2025 and to be paid at any time in the future (subject to
the exceptions in the relevant trust deed) on its respective shares for the
time being comprised in the trust funds:
Computershare Nominees (Channel Islands) Limited (holding at 26 March 2026:
6,003,064 shares; holding at 27 March 2025: 5,670,000 shares).
Notes to the consolidated financial statements (continued)
10 Business combinations
In the 52 week period ended 26 March 2026, the Group has acquired 100% of the
'A' shares of ten veterinary practices which were previously accounted for as
Joint Venture veterinary practices. These practices were previously accounted
for as Joint Venture veterinary practices as the Group only held 100% of the
non-participatory 'B' ordinary shares, equating to 50% of the total shares.
Acquisition of all or the majority of the 'A' shares has led to the control
and consolidation of these practices. The primary reason for the business
combination is to hold these practices as company-owned until a suitable Joint
Venture Partner is found at which point the intention is to convert them into
Joint Venture partnerships. A detailed explanation for the basis of
consolidation can be found in note 1.4.
Up to the date of acquisition and in the comparative period being the 52 week
period ending 27 March 2025, these entities listed below were all accounted
for as a Joint Venture veterinary practice where the Group held 100% of the
non-participatory 'B' ordinary shares. Acquisition of the 'A' shares has led
to the control and consolidation of these practices on the dates below,
leading to control from the date of acquisition and consolidation from that
date forward.
Subsidiaries acquired in the 52 week period ended 26 March 2026
Principal activity Date of acquisition Proportion of voting equity instruments acquired Total proportion of voting equity instruments owned following the acquisition Cash consideration transferred
£m
Companion Care (Stockport) Limited Veterinary practice 03/04/2025 15% 65% 0.4
Walkden Vets4Pets Limited Veterinary practice 29/05/2025 50% 100% -
Rayleigh Vets4Pets Limited Veterinary practice 09/06/2025 50% 100% 0.1
Companion Care (Cardiff) Limited Veterinary practice 07/07/2025 50% 100% -
Longton Vets4Pets Limited Veterinary practice 08/08/2025 32% 82% 1.1
Watford Vets4Pets Limited Veterinary practice 16/09/2025 50% 100% 0.1
Sheffield Wadsley Bridge Vets4Pets Limited Veterinary practice 24/11/2025 50% 100% 0.1
Portishead Vets4Pets Limited Veterinary practice 09/12/2025 50% 100% 0.1
Bristol Longwell Green Vets4Pets Limited Veterinary practice 17/12/2025 25% 75% -
Swinton Vets4Pets Limited Veterinary practice 24/12/2025 50% 100% 0.8
In the 52 week period ended 27 March 2025, the Group acquired 100% of the 'A'
shares of eight veterinary practices which were previously accounted for as
Joint Venture veterinary practices. These practices were previously accounted
for as Joint Venture veterinary practices as the Group only held 100% of the
non-participatory 'B' ordinary shares, equating to 50% of the total shares.
Acquisition of all or the majority of the 'A' shares has led to the control
and consolidation of these practices. The primary reason for the business
combination is to hold these practices as company-owned until a suitable Joint
Venture Partner is found at which point the intention is to convert them into
Joint Venture partnerships. A detailed explanation for the basis of
consolidation can be found in note 1.4.
Assets acquired and liabilities recognised at the date of acquisition
On acquisition, assets and liabilities are revalued to fair value.
Pre-existing arrangements between the Group and acquired Joint Venture
veterinary practice are not considered part of the business combination and
have been removed from the fair values of assets and liabilities recognised on
acquisition. During the 52 week period ended 26 March 2026, £1.9m of
operating loans which were deemed to be in default were written off as an
expense in advance of the acquisition of the 'A' shares (52 week period ended
27 March 2025: £1.7m) which led to the control and consolidation of these
practices. The group acquired £0.4m of cash and cash equivalents from the
practices (52 week period ended 27 March 2025 debt of £0.5m).
The fair value of net assets of acquisitions during the year is shown below.
26 March 2026 27 March 2025
£m £m
Current assets
Cash and cash equivalents 0.4 0.2
Trade and other receivables 0.4 0.1
Inventories 0.1 0.2
Non-current assets
Tangible fixed assets 1.6 0.3
Current liabilities
Overdrafts - (0.7)
Bank loans (0.3) -
Trade and other payables (0.8) -
Net assets 1.4 0.1
Notes to the consolidated financial statements (continued)
10 Business combinations (continued)
Subsidiaries acquired in the 52 week period ended 27 March 2025
Principal activity Date of acquisition Proportion of voting equity instruments acquired Total proportion of voting equity instruments owned following the acquisition Cash consideration transferred
£m
Lichfield Vets4Pets Limited Veterinary practice 04/04/2024 50% 100% 0.1
Bishop's Stortford Vets4Pets Limited Veterinary practice 02/04/2024 50% 100% -
Trafford Park Vets4pets Limited Veterinary practice 04/04/2024 50% 100% 0.1
Merthyr Tydfil Vets4Pets Limited Veterinary practice 17/10/2024 50% 100% -
Llanrumney Vets4Pets Limited Veterinary practice 25/10/2024 50% 100% 0.5
Companion Care (Scarborough) Limited Veterinary practice 25/10/2024 50% 100% 0.2
Warminster Vets4Pets Limited Veterinary practice 24/01/2025 50% 100% 0.2
Bath Vets4Pets Limited Veterinary practice 24/01/2025 50% 100% 0.2
Goodwill arising on acquisition
26 March 2026 27 March 2025
£m £m
Consideration 3.1 0.8
Less: Fair value of assets acquired (1.4) (0.1)
Goodwill arising on acquisition 1.7 0.7
Carrying value of goodwill 1.7 0.7
The cash outflow on acquisition £3.1m (2025: £0.8m), net of cash acquired
£0.4m (2025: net overdraft of £0.5m) amounted to £2.7m (2025: £1.3m) and
is presented within investing activities in the consolidated cash flow
statement.
The consideration shown within the table above relates to both consideration
for the purchase of 'A' shares and cash settlement of 'A' shareholder Joint
Venture Partner loans, which were repaid to the 'A' shareholder at the point
of acquisition.
The goodwill acquired on the purchase of the ten (2025: eight) Joint Venture
veterinary practices has been allocated to the Vet Group of CGUs and relates
to expected future cashflows from combining operations.
Disposal of subsidiaries
In the 52 week period ended 26 March 2026, the Group has disposed of all held
'A' shares of thirteen veterinary practices which are now accounted for as
Joint Venture veterinary practices. These practices are accounted for as Joint
Venture veterinary practices as the Group holds 100% of the non-participatory
'B' ordinary shares, equating to 50% of the total shares. The group recognised
a gain on disposal of these practices of £0.4m (2025: £0.7m loss) in cost of
sales and disposed of cash and cash equivalents of £2.5m (2025: £2.2m).
11 Property, plant and equipment
Freehold property Leasehold improvements Fixtures, fittings, tools and equipment Assets under construction Total
£m £m £m £m £m
Cost
Balance at 27 March 2025 2.4 85.1 357.9 3.9 449.3
Additions - 6.4 30.6 1.2 38.2
On acquisition (note 10) 0.1 1.1 0.4 - 1.6
Brought into use - - 3.9 (3.9) -
Disposals (0.2) (2.8) (2.7) - (5.7)
Balance at 26 March 2026 2.3 89.8 390.1 1.2 483.4
Depreciation
Balance at 27 March 2025 0.4 39.6 247.6 - 287.6
Depreciation charge for the period - 5.6 26.2 - 31.8
Disposals (0.1) (2.0) (2.2) - (4.3)
Balance at 26 March 2026 0.3 43.2 271.6 - 315.1
Net book value
At 27 March 2025 2.0 45.5 110.3 3.9 161.7
At 26 March 2026 2.0 46.6 118.5 1.2 168.3
( )
Notes to the consolidated financial statements (continued)
11 Property, plant and equipment (continued)
( )
Freehold property Leasehold improvements Fixtures, fittings, tools and equipment Assets under construction Total
£m £m £m £m £m
Cost
Balance at 28 March 2024 2.4 82.5 345.4 14.4 444.7
Additions - 9.8 25.9 3.9 39.6
On acquisition (note 10) - 1.2 0.8 - 2.0
Transfers1 - - (5.7) - (5.7)
Brought into use - - 14.4 (14.4) -
Disposals - (8.4) (22.9) - (31.3)
Balance at 27 March 2025 2.4 85.1 357.9 3.9 449.3
Depreciation
Balance at 28 March 2024 0.4 41.5 244.7 - 286.6
Depreciation charge for the period - 5.3 23.2 - 28.5
Transfers(1) - - 1.7 - 1.7
On acquisition - 0.8 0.9 - 1.7
Disposals - (8.0) (22.9) - (30.9)
Balance at 27 March 2025 0.4 39.6 247.6 - 287.6
Net book value
At 28 March 2024 2.0 41.0 100.7 14.4 158.1
At 27 March 2025 2.0 45.5 110.3 3.9 161.7
( )
(1) The transfers balance of £5.7m cost and £1.7m accumulated depreciation
is in relation to assets previously categorised within fixtures, fittings,
tools and equipment being transferred to software within intangibles.
Refer to Note 13 for details of impairment testing carried out over property,
plant and equipment.
12 Leases
As lessee
The majority of the Group's trading stores, standalone veterinary practices,
distribution centres and support offices are leased under operating leases
with remaining lease terms of between 1 and 20 years. The Group also has a
number of non-property operating leases relating to vehicle, equipment and
material handling equipment with remaining lease terms of between 1 and 6
years.
Right-of-use assets
Property Equipment Total
£m £m £m
Cost
Balance at 27 March 2025 649.0 19.9 668.9
Additions 53.6 9.7 63.3
Disposals (20.0) (9.1) (29.1)
Balance at 26 March 2026 682.6 20.5 703.1
Depreciation
Balance at 27 March 2025 373.6 10.7 384.3
Depreciation charge for the period 58.8 4.5 63.3
Disposals (18.6) (8.9) (27.5)
Balance at 26 March 2026 413.8 6.3 420.1
Net book value
At 27 March 2025 275.4 9.2 284.6
At 26 March 2026 268.8 14.2 283.0
( )The costs relating to leases for which the Group applied the practical
expedient described in paragraph 5a of IFRS 16 (leases with a contract term of
less than 12 months) amounted to £0.5m in the 52 week period ended 26 March
2026 (27 March 2025: £0.0m).
Notes to the consolidated financial statements (continued)
12 Leases (continued)
Property Equipment Total
£m £m £m
Cost
Balance at 28 March 2024 640.5 22.2 662.7
Additions 24.6 6.3 30.9
Disposals (16.1) (8.6) (24.7)
Balance at 27 March 2025 649.0 19.9 668.9
Depreciation
Balance at 28 March 2024 327.8 15.6 343.4
Depreciation charge for the period(1) 61.9 3.7 65.6
Disposals (16.1) (8.6) (24.7)
Balance at 27 March 2025 373.6 10.7 384.3
Net book value
At 28 March 2024 312.7 6.6 319.3
At 27 March 2025 275.4 9.2 284.6
(1)The depreciation charge for the period includes £1.7m in relation to an
impairment charge recognised during the year. See note 3 for further
disclosure.
The following table sets out the maturity analysis of lease payments, showing
the undiscounted lease payments to be paid after the reporting date:
Maturity analysis - contractual undiscounted cash flows
At 26 March At 27 March
2026 2025
£m £m
Less than one year 76.1 78.5
Between one and three years 124.7 124.9
Between three and five years 79.3 77.8
Between five and ten years 92.5 83.1
More than ten years 30.5 35.7
Total undiscounted lease liabilities 403.1 400.0
Carrying value of lease liabilities included in the statement of financial 338.8 348.3
position
Current 76.1 78.5
Non-current 262.7 269.8
Sublet leases (included in the above)
Less than one year 1.2 1.2
Between one and three years 2.4 2.4
Between three and five years 2.4 2.4
Between five and ten years 5.1 6.3
More than ten years 2.0 3.0
Total undiscounted lease liabilities 13.1 15.3
For the lease liabilities at 26 March 2026 a 0.1% change in the discount rate
used would have increased the carrying value of lease liabilities by £1.1m
(27 March 2025: £0.3m).
In relation to new leases and lease extensions entered into by the Group
during the period, these are discounted at the rate implicit in the lease
which ranges from 5.2% to 6.1% depending on the length of the lease and
reflect the impact of increases to the Bank of England base rate during the
period.
Surplus and short term leases
The Group has a small number of surplus leases on properties from which it no
longer trades. A small number of these properties are currently vacant or the
sublet is not for the full term of the lease and there is deemed to be a risk
on the sublet. These leases are included within the lease balances disclosed
on the face of the balance sheet and a related provision has been made for
other property costs relating to these properties in note 21.
The Group has a small number of short term leases on properties from which it
no longer trades, or a subsection of a trading retail store. These properties
are sublet to third parties at contracted rates and are accounted for within
trade and other receivables.
In line with IAS 36, the carrying value of the right-of-use asset is assessed
for indicators of impairment and an impairment charge will be recognised where
management believes there is a risk of default or where the property remained
vacant for a period of time. As part of this review the Group has assessed the
ability to sub-lease the property and the right-of-use asset has been written
down to £nil where the Group considered a sublease unlikely.
Refer to Note 13 for details of impairment testing carried out over
right-of-use assets.
Notes to the consolidated financial statements (continued)
13 Intangible assets
Goodwill Customer lists and 'know-how' Software Software under construction Total
£m £m £m £m £m
Cost
Balance at 27 March 2025 959.4 6.4 84.0 0.2 1,050.0
Additions 1.7 - 3.5 0.4 5.6
Disposals (1.3) (1.1) - - (2.4)
Balance at 26 March 2026 959.8 5.3 87.5 0.6 1,053.2
Amortisation
Balance at 27 March 2025 0.1 1.8 63.0 - 64.9
Amortisation charge for the period - 0.1 7.5 - 7.6
Disposals - (0.6) (0.4) - (1.0)
Balance at 26 March 2026 0.1 1.3 70.1 - 71.5
Net book value
At 27 March 2025 959.3 4.6 21.0 0.2 985.1
At 26 March 2026 959.7 4.0 17.4 0.6 981.7
Goodwill Customer lists and 'know-how' Software Software under construction Total
£m £m £m £m £m
Cost
Balance at 28 March 2024 959.5 6.6 80.1 0.2 1,046.4
Additions 0.7 - 6.3 - 7.0
Transfers(1) - - 5.7 - 5.7
Impaired (0.2) - - - (0.2)
Disposals (0.6) (0.2) (8.1) - (8.9)
Balance at 27 March 2025 959.4 6.4 84.0 0.2 1,050.0
Amortisation
Balance at 28 March 2024 0.1 1.7 64.9 - 66.7
Amortisation charge for the period - 0.2 7.9 - 8.1
Transfers(1) - - (1.7) - (1.7)
Disposals - (0.1) (8.1) - (8.2)
Balance at 27 March 2025 0.1 1.8 63.0 - 64.9
Net book value
At 28 March 2024 959.4 4.9 15.2 0.2 979.7
At 27 March 2025 959.3 4.6 21.0 0.2 985.1
(1) The transfers balance of £5.7m and £1.7m accumulated depreciation is in
relation to assets previously categorised within fixtures, fittings, tools and
equipment being transferred to software within intangibles.
Amortisation of intangible assets is posted within selling and distribution
expenses and administrative expenses in the consolidated income statement.
Impairment testing
The Group reviews individual cash generating units ('CGUs') such as stores for
indicators of impairment by comparing the net cash flows generated at a store
level against the carrying value of assets including property, plant and
equipment, right of use assets and other intangible assets. Key operational
metrics are also considered as part of this review. As at the 26 March 2026,
no material triggers of impairment have been identified at an individual CGU
level, when considered either individually or combined.
Cash-generating units
For impairment testing of other intangible assets, property, plant and
equipment and right of use assets, the Group treats each store as a separate
cash-generating unit ('CGU') as the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from
other assets or groups of assets.
Distribution costs and online sales are apportioned to stores because there is
a clear link between the costs and online sale and the store such as 'click
and collect'. Within the Vet Group, each Company Managed veterinary
practice is considered to be a separate CGU in addition to the veterinary
telehealth business, hereafter disclosed as The Vet Connection ('TVC'). The
Joint Venture veterinary practices are collectively considered to be one CGU
due to the structure of the agreements with the Company.
Goodwill generated from an acquisition is allocated to groups of CGUs at an
operating segment level as shown in the table below as this represents the
lowest level at which goodwill is monitored by management.
Notes to the consolidated financial statements (continued)
13 Intangible assets (continued)
Within the Retail operating segment, the group of CGUs comprises the body of
stores, online operations and grooming operations. Within the Vet Group
operating segment, the group of CGUs comprises the Joint Venture veterinary
practices, Company Managed veterinary practices and TVC.
Within the Vet Group goodwill balance shown below is £4.2m relating to the
Company Managed veterinary practices. The goodwill is allocated to
individual practices and assessed annually for impairment.
As at 26 March 2026 and 27 March 2025, the Group is deemed to have two groups
of CGUs as follows:
Goodwill
At 26 March 2026 At 27 March 2025
£m £m
Retail 586.1 586.1
Vet Group 373.6 373.2
Total 959.7 959.3
The recoverable amount of the CGU has been calculated with reference to its
value in use. The key assumptions of this calculation are shown below:
52 week period ended 52 week period ended
26 March 2026 27 March 2025
Retail Vet Group Retail Vet Group
Period on which management approved forecasts are based (years) 5 5 5 5
Growth rate applied beyond approved forecast period 2% 2% 2% 2%
Discount rate (pre-tax) 10% 14% 12% 13%
Revenue compound annual growth rate ('CAGR') 3% 4% 5% 5%
Gross profit margin (average over next 5 years) 43% 59% 45% 58%
Operating cost annual growth rate ('CAGR') 3% 3% 5% 4%
The goodwill is considered to have an indefinite useful economic life and the
recoverable amount is determined based on 'value-in-use' calculations. The key
assumptions used in estimating the value in use calculations were:
Forecasted cash flows - These calculations use a post-tax cash flow projection
based on a five-year strategic plan approved by the Board, rebased to reflect
the actual trading in the 52 week period ending 26 March 2026 and the detailed
business plan for the 52 week period ending 25 March 2027. The model has been
adjusted to remove all cash flows associated with business units which the
Group has a strategic intention to invest capital in, but has not yet done so
(for example stores or practices yet to open, but within the planning
horizon), thus ensuring that the future cash flows used in modelling for the
impairment review exclude any cash flows where the investment is yet to take
place, in accordance with the requirements of IAS 36 to exclude capital
expenditure to improve asset performance. Contributions from and costs
associated with new stores and veterinary practices which are already
operational at the impairment test date are included in the cash flows.
Central costs relate to corporate costs associated with being a public listed
company, finance expenses and costs which cannot be directly attributed to any
division of the Group and have been allocated on an equal basis to the Vet
Group and Retail segment. This is a change in allocation methodology since the
prior reporting period, where costs were allocated proportionate to the asset
base. The previous allocation is no longer considered the most appropriate
methodology to reflect the allocation of resources to which the central
cashflows relate. Both divisions are deemed to carry equal weighting within
the Group's strategic delivery and now share one combined support office.
Other than the change in allocation of central cash flows, this approach is
consistent with impairment reviews carried out in the 2025 financial
statements.
The Retail forecast assumptions reflect continual innovation and our deep
understanding of our customers, incorporating assumptions based on past
experience of the industry, products and markets in which the CGU or group of
CGUs operate, in order to generate the detailed assumptions used in the annual
budget setting process, and five year strategic planning process. The Vet
Group forecast assumptions are based on a deep understanding of the maturity
profile of the practices and their performance, incorporating assumptions
based on past experience of the industry, services and markets in which the
CGU operates in order to generate the detailed assumptions used in the annual
budget setting process, and five year strategic planning process. The
projections are based on all available information. The Group reviews
individual CGUs such as stores and groups of veterinary practices for
indicators of impairment.
A different set of assumptions may be more appropriate in future years
depending on changes in the macro-economic environment and the sector in which
each CGU operates. The Group has considered key risk factors such as the
continuing issues throughout our global supply chains, geopolitical
uncertainty, climate change, consumer confidence and disposable income. The
Group has continued to assess the possible long term impacts of the likely
levels of tariffs that may be applied by the USA and retaliatory measures from
countries where our supply chains are located, as well as the reasonably
possible impact on supply chains due to global conflict.
Long-term growth rates - The Directors have assumed a growth rate projection
beyond the projection period of 2% for both groups of CGUs, which is lower
than market growth rates based on past experience within the Group, taking
into account the economic growth forecasts within the relevant industries.
Discount rates - The discount rates for the two groups of CGUs have been
estimated based on past experience and the weighted average cost of capital is
adjusted to reflect a market participant view specific to the risk of the
sectors in which the groups of CGUs operate in. A post tax discount rate was
used within the value in use calculation and adjustments made to calculate the
pre-tax discount rate which is disclosed above in line with IAS 36
requirements.
Outcome and sensitivity analysis - The total recoverable amount in respect of
goodwill for the groups of CGUs as assessed by the Directors using the above
assumptions is greater than the carrying amount and therefore no impairment
charge has been recorded in each period.
As part of the assessment, the Directors consider the impact of reasonably
possible changes in key assumptions, including on a combined basis. These
sensitivities have been selected based on the inherent business and market
risks, and reflect recent retail trading performance challenges linked to the
subdued market backdrop.
Notes to the consolidated financial statements (continued)
13 Intangible assets (continued)
The results presented below show the decrease in the value in use and the
impact this could have on the carrying value.
Given the key source of estimation uncertainty specifically relating to
impairment of goodwill (see note 1.22), and specifically relating to the
Retail CGUs, a further sensitivity has been applied to the Retail assumptions
to identify a reasonably possible downside scenario in which an impairment
could be triggered.
Key assumption Decrease in value in use Impact on carrying value
£m £m
Retail Retail
1 Reduction of 1% in the growth rate applied beyond approved forecast period (93) -
2 Increase of 1% to the discount rate (pre-tax) (129) -
3 Reduction of 3% to the compound annual growth rate (CAGR) in revenue derived (190) -
cashflows over the forecasted period compared to plan
4 A £10m (50%) shortfall in the Retail budgeted cost saving initiatives, along (237) (25)
with a shortfall of 1.5% vs the revenue CAGR in the Retail budgeted plan from
FY27-FY31, offset in part by a 50% reduction in discretionary brand marketing
but otherwise unmitigated
5 Sensitivity 4 above with mitigating actions being a 1% reduction in operating (188) -
costs as a response to the reduced revenue CAGR
The Directors consider the fourth scenario in the table above, which could
result in an impairment of the carrying value of Retail goodwill, to be a
severe but reasonably possible downside if left unmitigated. The sensitivity
assumes medium term revenue performance below forecast market growth rates and
below the growth rate of 2.0% applied beyond the approved forecast period, and
that not all costs savings assumed are achieved notwithstanding further
mitigating actions that could be taken to reduce costs and expenditure. This
scenario would be driven by failure to achieve the forecasted trading
performance and cost control which underpins the Retail Turnaround Plan,
however acknowledges the ongoing challenging trading environment.
The fifth scenario above includes additional mitigating actions within the
control of the Directors which could be taken to reduce operating costs if the
combined circumstances in scenario four were to arise. The Directors consider
the fifth scenario to represent a reasonably possible set of assumptions in
the event of scenario four.
Within Vet Group, the directors consider that it is not reasonably possible
for the assumptions to change so significantly as to eliminate the excess of
the recoverable amount over the carrying value.
14 Inventories
At 26 March 2026 At 27 March 2025
£m £m
Finished goods 107.5 106.9
The cost of inventories recognised as an expense and included in 'cost of
sales' is £689.9m (52 week period ended 27 March 2025: £677.4m).
Inventory expensed to cost of sales includes the cost of the Stock Keeping
Units ('SKUs') sold, supplier income, stock wastage and foreign exchange
variances. At 26 March 2026 the inventory provision amounted to £4.3m (27
March 2025: £4.4m). The inventory provision is calculated by reference
to the age of the SKU and the length of time it is expected to take to sell.
The value of inventory against which an ageing provision is held is £10.7m
(27 March 2025: £9.9m).
The provision percentages applied in calculating the provision are as follows:
Discontinued stock greater than 365 days: 100%
Current stock greater than 365 days with a use by date: 50%
Current stock within 180 and 365 days with a use by date: 25%
Greater than 180 days with no use by date: 25%
Included in the provision is an amount held to account for store stock losses
during the period since which the SKU was last counted.
In the 52 week period ended 26 March 2026, the value of inventory written off
to the income statement amounted to £9.1m (52 week period ended 27 March
2025: £10.1m).
Notes to the consolidated financial statements (continued)
15 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
At 26 March 2026 At 27 March 2025
Assets Liabilities Total Assets Liabilities Total
£m £m £m £m £m £m
Property, plant and equipment - (22.4) (22.4) - (20.2) (20.2)
Financial assets 0.1 (0.3) (0.2) 0.4 - 0.4
Other short term temporary differences 1.6 (0.5) 1.1 2.9 (0.8) 2.1
Share based payments 1.0 - 1.0 0.1 - 0.1
Net deferred tax assets/(liabilities) 2.7 (23.2) (20.5) 3.4 (21.0) (17.6)
Movement in deferred tax during the period
27 March Recognised in income Recognised in equity 26 March
2025 £m £m 2026
£m £m
Property, plant and equipment (20.2) (2.2) - (22.4)
Net financial assets/(liabilities) 0.4 - (0.6) (0.2)
Other short term timing differences 2.1 (1.0) - 1.1
Share based payments 0.1 1.0 (0.1) 1.0
(17.6) (2.2) (0.7) (20.5)
Other short-term timing differences primarily relate to inventory provisions.
Movement in deferred tax during the prior period
28 March Recognised in income Recognised in equity 27 March
2024 £m £m 2025
£m £m
Property, plant and equipment (6.1) (14.1) - (20.2)
Net financial assets 0.2 - 0.2 0.4
Other short term timing differences 1.1 1.0 - 2.1
Share based payments 0.1 - - 0.1
(4.7) (13.1) 0.2 (17.6)
16 Other financial assets and liabilities
At 26 March 2026 At 27 March 2025
£m £m
Non-current - other financial assets
Investments in Joint Venture veterinary practices - 2.7
Loans to Joint Venture veterinary practices - initial set up loans 3.2 3.9
Other investments - 3.0
Deferred fee income rebate in Joint Venture veterinary practices 3.4 1.5
Deferred consideration for veterinary practices acquisitions 3.2 -
Other receivables 3.7 3.9
13.5 15.0
Investments in Joint Venture veterinary practices
Investments in Joint Venture veterinary practices represents capital
contributions made to these practices to fund extensions and improvements to
their practice residences. The carrying value of these investments is £nil
(2025: £2.7m) following full impairment during the 52 week period ended 26
March 2026.
Loans to Joint Venture veterinary practices - initial set up loans
Loans to Joint Venture veterinary practices of £3.2m (2025: £3.9m) are
provided to Joint Venture veterinary practice companies trading under the
Companion Care, Vets4Pets or VetsforPets brands, in which the Group's share
interest is non-participatory. These loans support their initial set up and
working capital, and are held at carrying value. Under the terms of the loans
provided to veterinary companies trading under the Companion Care, Vets4Pets
or VetsforPets brands the loans attract varying interest rates between 2% and
3%. There is no set date for repayment of the loans due to the Group. The
balances are shown net of an expected credit loss ('ECL') of £0.2m (2025:
£0.4m).
Notes to the consolidated financial statements (continued)
16 Other financial assets and liabilities (continued)
Loans to Joint Venture veterinary practices - initial set up loans (continued)
Gross loan value Expected credit loss Carrying value of loan
£m £m £m
As at 27 March 2025 4.3 (0.4) 3.9
Net repayment and further advances (0.9) - (0.9)
Provisions released during the period - 0.2 0.2
As at 26 March 2026 3.4 (0.2) 3.2
Analysis of expected credit loss by risk category
The following table presents an analysis of the credit risk and credit
impairment of initial set up loans held at amortised cost. The loans are
categorised as performing, or in default in accordance with the policy set out
in note 1.16. The loss allowance is calculated depending on the credit risk of
each loan, the Group's expectations of future cash flow recoverability and
practice age in accordance with the policy set out in note 1.16.
Credit risk At 26 March 2026 At 27 March 2025
£m £m
Performing 3.3 4.2
In default 0.1 0.1
Gross carrying amount 3.4 4.3
Loss allowance (0.2) (0.4)
Net carrying amount 3.2 3.9
The presentation of performing and in default loans has been revised to better
align with the requirements of IFRS 9. Initial set up loans are considered in
default if they cannot be settled within one day of year end. This has no
impact on the estimated credit loss which is made based on the 10-year
cashflow forecast.
Other investments
In the 52 week period ended 26 March 2026, the investment balances of £3.0m
(2025: £3.0m) in relation to investments in Good Dog Food Limited ('Meatly')
and Project Blu Limited were fully provided against. The impairments were
recognised due to insufficient evidence to support the fair value of future
cash flows to the Group, using either the market or income valuation
approaches under IFRS 13. The impairment charge was recognised in
administrative expenses in the income statement.
Deferred fee income rebate in Joint Venture veterinary practices
The rebate of £3.6m (2025: £1.7m) will be released as a deduction to fee
income over a period of up to 10 years which represents the period of time the
Group expects to receive economic benefits from enhanced fee income.
17 Trade and other receivables
At 26 March 2026 At 27 March 2025
£m £m
Current assets
Trade receivables 16.7 13.2
Prepayments 14.1 12.1
Accrued income 15.4 16.2
Amounts owed by Joint Venture veterinary practices - operating loans 1.2 3.9
Amounts owed by Joint Venture veterinary practices - trading balances 6.7 14.3
Deferred fee income rebate in Joint Venture veterinary practices 0.1 0.2
Deferred consideration for veterinary practices acquisitions 2.6 3.2
Forward exchange contracts 0.9 -
Fuel forward contracts 0.6 0.2
Other receivables 2.8 0.5
61.1 63.8
Trade and other receivables
The carrying amount of trade and other receivables approximates to the fair
value. Supplier income is included within trade and other receivables; this
has been invoiced where there is no legal right to offset.
The Group applied the simplified approach under IFRS 9 and default to lifetime
expected credit loss based on historical data. The ECL is immaterial on the
trade receivables balance for the 52 week period ended 26 March 2026 (52 week
period ended 27 March 2025: immaterial).
Notes to the consolidated financial statements (continued)
17 Trade and other receivables (continued)
Amounts owed by Joint Venture veterinary practices
Amounts owed by Joint Venture veterinary practices represent trading balances
and operating loans owed by Joint Venture veterinary practices to the Group.
The impairment of amounts owed by Joint Venture veterinary practices relating
to trading balances are assessed in line with IFRS 9. As at 26 March 2026 and
27 March 2025, the impact of expected credit loss on these balances was deemed
to be immaterial due to the short term nature of these balances and as such no
provision has been made.
Operating loans are provided on a short-term monthly cycle to the extent that
a practice requires additional funding above their external bank loan.
Practices generate cash on a monthly basis which is applied to the repayment
of brought forward operating loans. For immature practices, loan balances may
increase due to operating requirements. Based on a projected cash flow
forecast on a practice by practice basis, the funding is expected to be
required for a number of years, however as cash is applied against opening
loan balances, the Group's expectation is that the brought forward balance
will be repaid in cash within 12 months. The loans have been classified as
current on this basis and the Group has chosen not to charge interest on these
balances, and they are initially recognised under IFRS 9 at their nominal
value as the effect of discounting the expected cash flows based on the
effective interest rate at the market rate of interest is not material. The
loans advanced to the practices are interest free and either repayable on
demand or repayable within 90 days of demand. No facility exists and the
levels of loans are monitored in relation to review of the practices'
performance against business plan and a number of financial and non-financial
KPIs in accordance with the policy set out in note 1.16.
For those practices in default, a credit impairment charge is recognised under
IFRS 9 taking into account the Group's expectations of future cash flow
recoverability. For other practices, a credit impairment charge is recognised
under IFRS 9, taking into account both the probability of loss and the loss
proportion given default.
The balances above are shown net of allowances for expected credit losses held
for operating loans of £0.4m (2025: £1.3m). The basis for this allowance and
the movement in the period are set out below.
Gross loan value Expected credit Carrying value of loan
£m loss £m
£m
As at 27 March 2025 5.2 (1.3) 3.9
Loans written off (1.9) - (1.9)
Net repayment and further advances (1.7) - (1.7)
Utilisation of provision - 0.7 0.7
Provisions made during the period - 0.2 0.2
As at 26 March 2026 1.6 (0.4) 1.2
During the 52 week period ended 26 March 2026, £1.9m of operating loans which
were deemed to be in default were written off in advance of the acquisition of
the 'A' shares (52 week period ended 27 March 2025: £1.7m) which led to the
control and consolidation of these practices. Further details of these
acquisitions are provided in note 10.
The Group continues to work with a number of Joint Venture Partners, where the
partners choose to follow the Group's recommendations on remediation plans
aimed at improving practice performance. Further details regarding credit risk
are provided in note 1.16.
The following table presents an analysis of the credit risk and credit
impairment of operating loans held at amortised cost. Based on their future
cashflow forecast, loans are categorised as performing or in default. The loss
allowance is calculated in accordance with the policy set out in note 1.16,
depending on the credit risk of each loan.
Credit risk At 26 March 2026 At 27 March 2025
£m £m
Performing - -
In default 1.6 5.2
Gross carrying amount 1.6 5.2
Loss allowance (0.4) (1.3)
Net carrying amount 1.2 3.9
Operating loans are considered in default if they cannot be settled within one
day of year end. This has no impact on the estimated credit loss which is made
based on the 10-year cashflow forecast.
Should forecast cash flows, as defined by the risk criteria in note 1.16,
decrease by 0.5% over the 10-year time horizon, this would lead to an increase
in the required provision for operating loans of £nil (27 March 2025:
£0.5m). This sensitivity is considered by management to represent a
reasonably possible range of estimation uncertainty, based on the variance in
current trading performance within these Joint Venture veterinary practices.
The factors which give rise to the estimation uncertainty include
macro-economic and industry specific factors, including the level of industry
growth, as well as gross margin percentages achieved within the industry,
which contain a number of factors including the availability of suitably
qualified veterinary personnel. Further details are provided in note 27.
Notes to the consolidated financial statements (continued)
17 Trade and other receivables (continued)
Derivative financial assets and liabilities
Derivative financial assets and liabilities are held at fair value through
profit or loss.
At 26 March 2026 At 27 March 2025 £m
Current assets £m
Fuel forward contracts 0.6 -
Forward exchange contracts 0.9 0.2
1.5 0.2
Current liabilities
Forward exchange contracts (0.5) (1.7)
(0.5) (1.7)
Accrued income
Accrued income relates to income in relation to fees to Joint Venture
veterinary practices and supplier and promotional income from suppliers which
have not yet been invoiced. Accrued income is classified as current as it is
expected to be invoiced and received within 12 months of the period end date.
Supplier income is recognised on an accruals basis, based on the expected
entitlement that has been earned up to the balance sheet date for each
relevant supplier contract. As detailed in note 1.19, supplier income is
recognised as a credit within gross margin to cost of sales and is outside of
the scope of IFRS 15. Further detail of the Group's revenue recognition policy
is provided in note 1.19.
18 Cash and cash equivalents
At 26 March 2026 At 27 March 2025
£m £m
Cash at bank 39.6 39.5
19 Other interest-bearing loans and borrowings
At 26 March 2026 At 27 March 2025
£m £m
Non-current liabilities
Unsecured bank loans 38.9 8.1
Asset backed loans 14.3 18.6
Total 53.2 26.7
At 26 March 2026 £m At 27 March 2025 £m
Current liabilities
Asset backed loans 4.7 4.7
Terms and debt repayment schedule
Currency Nominal interest rate Year of maturity Face value at 26 March Carrying amount at 26 March Face value at 27 March Carrying amount at 27 March
2026 2026 2025 2025
£m £m £m £m
Revolving credit facility GBP SONIA +1.35% 2028 40.0 38.9 10.0 8.1
Asset backed loan GBP SONIA +1.50% 2030 19.0 19.0 23.3 23.3
Total 59.0 57.9 33.3 31.4
The drawn amount on the £300.0m revolving credit facility was £40.0m at 26
March 2026 (drawn amount on the £300.0m revolving credit facility was £10.0m
at 27 March 2025) and this amount is reviewed each month. Interest is charged
at SONIA plus a margin based on leverage on a pre-IFRS 16 basis (adjusted net
debt: EBITDA). The loan also has environmental, social and corporate
governance ('ESG') linked metrics which will be reflected in the margin
payable, which is +/- 5bps. Face value represents the principal value of the
revolving credit facility. The facility is unsecured.
The asset backed loan agreement is to fund the purchase of capital items. As
at 26 March 2026, the Group pledged property, plant and equipment amounting to
£23.3m (2025: £23.3m) as collateral for the asset finance loan held with
HSBC. Interest is charged on the drawn amount at SONIA plus 1.5%. The loan
will be repaid in monthly repayments until maturity on 27 March 2030.
Notes to the consolidated financial statements (continued)
19 Other interest-bearing loans and borrowings (continued)
Interest-bearing borrowings are recognised initially at fair value, being the
principal value of the loan net of attributable transaction costs. Subsequent
to initial recognition, interest-bearing borrowings are stated at a carrying
value, which represents the amortised cost of the loans using the effective
interest method.
The analysis of repayments on the loans is as follows:
At 26 March 2026 At 27 March 2025
£m £m
Within one year or repayable on demand 4.7 4.7
Between one and three years 49.3 9.3
Between three and five years 5.0 19.3
Greater than five years - -
59.0 33.3
The £40.0m revolving credit facility at 26 March 2026 is held by the Company.
The £19.0m of asset backed loan is held by Pets at Home Limited, a 100% owned
subsidiary company.
The Group's policy with regard to interest rate risk is to hedge the
appropriate level of borrowings by entering into fixed rate agreements. Where
the Group's forecast gross debt at the balance sheet date is no more than
£100m, no interest rate hedging is required. Subsequently, as at 26 March
2026, there were no interest hedging derivatives held by the Group.
Analysis of changes in adjusted net cash/(debt)
At 27 March 2025 Cash flow At 26 March 2026
£m £m £m
Cash and cash equivalents 39.5 0.1 39.6
Borrowings (33.3) (25.7) (59.0)
Adjusted net cash/(debt) 6.2 (25.6) (19.4)
20 Trade and other payables
At 26 March 2026 At 27 March 2025
£m £m
Current
Trade payables 127.4 138.5
Accruals 82.8 66.8
Deferred income 5.1 6.5
Amounts owed to Joint Venture veterinary practices 10.1 14.9
Other payables including tax and social security 27.4 28.9
252.8 255.6
Amounts owed to Joint Venture veterinary practices that relate to trading
balances are interest free and repayable on demand.
Within accruals and deferred income above, contract liabilities under IFRS 15
of £0.4m (27 March 2025 and 28 March 2024: £0.4m) relate to advanced
consideration received from customers in relation to gift vouchers, cards and
points redeemable by charities. This revenue will be recognised as the
vouchers, cards and points are redeemed, which is expected to be over the next
two years from the balance sheet date.
Within accruals above, contract liabilities under IFRS 15 of £2.8m (27 March
2025: £1.8m) relate to advanced consideration received from customers in
relation to online orders which have not yet been delivered. This revenue will
be recognised as the online orders are delivered to customers, which is
expected to be in less than one week from the balance sheet date.
Notes to the consolidated financial statements (continued)
21 Provisions
Dilapidation provision Provisions for exit and closure costs relating to Joint Venture veterinary Provisions for distribution centres and support office reinstatement costs
practices
£m
Provisions for legacy distribution centres and support offices £m
£m
£m
Closed stores provision
£m Total
£m
Balance at 27 March 2025 3.4 0.2 3.8 1.6 - 9.0
Provisions made during the period 1.1 0.6 - - 3.5 5.2
Provisions utilised during the period (3.0) - (1.2) (1.5) - (5.7)
Provisions released (0.3) (0.2) - - - (0.5)
Balance at 26 March 2026 1.2 0.6 2.6 0.1 3.5 8.0
At 26 March 2026 £m At 27 March 2025
£m
Current 2.5 5.1
Non-current 5.5 3.9
8.0 9.0
The dilapidations provision relates to the expected cost of repairs on leased
properties at future lease expiry dates, all of which are expected to be
within two years of the 26 March 2026, therefore the provision is not
discounted. The timing of the utilisation of these provisions is variable
depending on the expiry dates of the property leases concerned.
The closed stores provision relates to the rates, service charge and utilities
payable on vacant stores. The timing of the utilisation of these provisions is
variable dependent upon the lease expiry dates of the properties concerned,
which vary between one and three years. Market conditions have an impact and
hence the assumptions on future cash flows are reviewed regularly and
revisions to the provision made where necessary.
The provisions for exit and closure costs relating to Joint Venture veterinary
practices relate to expenses for any Joint Venture veterinary practices that
the Group has bought out or has offered to buy out from Joint Venture
Partners, and therefore which have been provided for under IAS 37. The timing
of the utilisation of these provisions is variable dependent upon the lease
expiry dates of the properties concerned, which vary between 2 and 13 years.
Market conditions have a significant impact and hence the assumptions on
future cash flows are reviewed regularly and revisions to the provisions made
where necessary.
Provisions for legacy distribution centres and support offices includes
provisions for legacy distribution centres and support offices which are due
to be settled within the next twelve months and are therefore not
discounted. In addition, provisions for distribution centres and support
office reinstatement costs have been created for reinstatement costs which are
expected to be due on exit of current leases for our existing distribution
centre and support office. These provisions have been calculated based on
our best estimate of future costs to be paid, discounted by rates between 5.4%
and 6.1% depending on the length of the lease and reflect the impact of
changes to the Bank of England base rate during the period.
22 Capital and reserves
Share capital
Ordinary shares of 1p each Share capital
£m
At 28 March 2024 467,911,542 4.7
At 27 March 2025 459,491,054 4.6
At 26 March 2026 448,284,594 4.5
In the 52 week period ended 26 March 2026, the Company bought back and
cancelled 11,206,460 (2.4%) ordinary shares for total consideration including
stamp duty of £25.2m, at an average market value of 223 pence per share.
Share capital Share capital
26 March 2026 27 March 2025
£m £m
At beginning of period 4.6 4.7
Nominal value of shares cancelled in year following purchase by the Group (0.1) (0.1)
On issue at period end - authorised 4.5 4.6
In the 52 week period ended 27 March 2025, the Company bought back and
cancelled 8,420,488 (1.8%) ordinary shares for total consideration including
stamp duty of £25.1m, at an average market value of 297 pence per share.
The holders of ordinary shares are entitled to receive dividends as declared
from time to time and are entitled to one vote per share at meetings of the
Company.
Notes to the consolidated financial statements (continued)
22 Capital and reserves (continued)
Consolidation and Merger reserves
The consolidation reserve and the merger reserve arose as a result of the
creation of Pets at Home Group Plc ('Plc') and its purchase of the existing
group of companies as part of the Initial Public Offering ('IPO') in 2014. As
part of the IPO, a number of shares in Plc were issued in exchange for various
instruments or cash. The premium arising on the issue was allocated between
the share premium and merger reserve. A consolidation reserve was also created
which reflected the difference between Plc reserves and the consolidated
equity of PAH Lux S.a.r.l as part of the IPO in 2014.
Capital redemption reserve
The capital redemption reserve comprised the par value of shares purchased and
cancelled as part of the share buyback programmes completed, this was 11.2m
shares in the 52 week period ended 26 March 2026 (27 March 2025: 8.4m shares).
Translation reserve
The translation reserve comprises all foreign exchange differences arising
since 21 November 2011, the date of incorporation of Pets at Home Asia Ltd
where the functional currency differs from that of the rest of the Group.
Cash flow hedging reserve
The cash flow hedging reserve comprises the effective portion of the
cumulative net change in the fair value of cash flow hedging instruments
related to hedged transactions that have not yet occurred.
Non-controlling interest
Non‑controlling interest represents the portion of equity in certain
veterinary practice subsidiaries that is not attributable to the equity
shareholders of the parent.
Included within the Group retained earnings is the Pets at Home Employee
Benefit Trust ('EBT'). The EBT purchases shares to fund the share option
schemes. As at 26 March 2026, the EBT held: 6,003,064 ordinary shares (2025:
5,670,000) with a cost of £20,300,595 (2025: £20,268,243). The average
purchase value of these shares as at 26 March 2026 was 338.2 pence per share
(2025: 357.5 pence per share).
Other comprehensive income
26 March 2026
Translation reserve Cash flow hedging reserve Total other comprehensive income
£m £m £m
Other comprehensive income 0.1 - 0.1
Effective portion of changes in fair value of cash flow hedges - 2.6 2.6
Net change in fair value of cash flow hedges reclassified to profit or loss - (0.8) (0.8)
Deferred tax on changes in fair value of cash flow hedges - (0.6) (0.6)
Total other comprehensive income 0.1 1.2 1.3
27 March 2025
Translation reserve Cash flow hedging reserve Total other comprehensive income
£m £m £m
Other comprehensive income - - -
Effective portion of changes in fair value of cash flow hedges - 0.6 0.6
Net change in fair value of cash flow hedges reclassified to profit or loss - 0.1 0.1
Total other comprehensive income - 0.7 0.7
23 Financial instruments
Financial risk management
The Group's activities expose it to a variety of financial risks: market risk
(including currency risk, fair value interest rate risk and cash flow interest
rate risk), credit risk and liquidity risk.
Risk management framework
Risk management in respect of financial risk is carried out by the Group
Treasury function under policies approved by the Board of Directors.
The Board of Directors has overall responsibility for the establishment and
oversight of the Group's risk management framework. The Board provides
written principles through its Group Treasury Policy for overall risk
management, as well as written policies covering specific areas, such as
foreign exchange risk, interest rate risk, credit risk, use of derivative
financial instruments and non-derivative financial instruments, and investment
of excess liquidity.
The main objectives of the Group Treasury function are:
· To ensure shareholder and management expectations are managed on
cash flow and earnings volatility resulting from financial market movements;
· To protect the expected cash flow and earnings from interest rate
and foreign exchange fluctuations to within parameters acceptable
to the Board and shareholders; and
· To control banking costs and service levels.
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
Market risk
Foreign currency risk
The Group sources a significant level of purchases in foreign currency, in the
region of US$100m each financial year, and monitors its foreign currency
requirements through short, medium and long-term cash flow forecasting. The
value of purchases in US dollars fluctuates each year and the risk management
policy has evolved with this increased risk.
At 26 March 2026, the Group's policy is to hedge up to 95% of the next 12
months and additionally up to 60% of the following six months out to 18 months
forecast foreign exchange transactions, using foreign currency bank accounts
and forward foreign exchange contracts. The transactions are deemed to be
'highly probable' and are based on historical knowledge and forecast purchase
and sales projections.
The Group's exposure to foreign currency risk is as follows. This is based on
the carrying amount for monetary financial instruments, except
for derivatives which are based on notional amounts:
26 March 2026
Euro US Dollar Total
£m £m £m
Cash and cash equivalents 0.3 5.6 5.9
Trade payables (1.0) (4.5) (5.5)
Forward exchange contracts (note 17) (0.1) 0.5 0.4
Balance sheet exposure (0.8) 1.6 0.8
Euro US Dollar Total
27 March 2025 £m £m £m
Cash and cash equivalents 1.1 - 1.1
Trade payables (2.4) (4.1) (6.5)
Forward exchange contracts (note 17) - (1.5) (1.5)
Balance sheet exposure (1.3) (5.6) (6.9)
Sensitivity analysis
A 5% weakening of the following currencies against the pound sterling at the
period end date in both years would have increased profit or loss or equity by
the amounts shown below. This calculation is following the impact of hedging
and assumes that the change occurred at the balance sheet date and had been
applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular other exchange
rates and interest rates, remain constant.
Equity Profit or loss
26 March 27 March 26 March 27 March
2026 2025 2026 2025
£m £m £m £m
US Dollar - 0.1 (0.1) 0.2
Euro - - - 0.1
A 5% strengthening of the above currencies against the pound sterling in any
period would have had the opposite effect on the above currencies to the
amounts shown above, on the basis that all other variables remain constant.
Interest rate risk
Cash flow and fair value interest rate risk
The Group's interest rate risk arises from long-term borrowings. As at 26
March 2026 the Group had a revolving credit facility with a face value
totalling £40.0m (2025: £10.0m) and an asset backed loan with a face value
of £19.0m (2025: £23.3m). The Group's borrowings as at 26 March 2026 incur
interest at a rate of 1.35% to 1.50% plus SONIA at the leverage prevalent in
the period, which exposes the Group to cash flow interest rate risk. The
analysis of loan repayments is detailed in note 19.
The Group's policy with regard to interest rate risk is to hedge the
appropriate level of borrowings by entering into fixed rate agreements. As at
26 March 2026, the Group held no fixed rate swap agreements since the forecast
level of outstanding debt for the next year was below the de-minimis hedging
requirements as set out in the Group's Treasury Policy.
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
Profile
At the balance sheet date the interest rate profile of the Group's
interest-bearing financial instruments was:
Book value Book value
At 26 March 2026 £m At 27 March 2025
£m
Variable rate instruments
Financial liabilities (note 19) 59.0 33.3
Total financial liabilities 59.0 33.3
All borrowings bear a variable rate of interest based on SONIA. Subject to a
de-minimis level, the Group policy is to hedge at least 70% of forecast loan
balances.
Sensitivity analysis
A change of 50 basis points in interest rates at the period end date would
have increased/(decreased) profit or loss by the amounts shown below. This
calculation assumes that the change occurred at the balance sheet date and had
been applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular foreign currency
rates, remain constant and considers the effect of financial instruments with
variable interest rates and financial instruments at fair value through profit
or loss. The analysis is performed on the same basis for the comparative
period.
At 26 March 2026 At 27 March 2025
£m £m
Equity
Increase - -
Decrease - -
Profit or loss
Increase 0.3 0.2
Decrease (0.3) (0.2)
Credit risk
Financial risk management
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group's receivables from
customers, investment securities and amounts due from Joint Venture veterinary
practices. Credit risk also arises from cash and cash equivalents, derivative
financial instruments and deposits with banks and financial institutions. The
Group ensures that the banks used for the financing of the revolving credit
facilities and interest rate swap agreements have investment-grade credit
ratings therefore there is low credit risk as there is low risk of lender
default. This assessment of risk is performed on an ongoing basis.
The Group has in place certain guarantees over the bank loans taken out by a
number of Joint Venture veterinary practice companies in which it holds an
investment. Further details of these guarantees are disclosed in note 27. The
performance of the Joint Venture veterinary practice companies is reviewed
on an ongoing basis.
Exposure to credit risk
The Group's maximum exposure to credit risk, being the carrying amount of
financial assets, is summarised in the table within the fair values section
below.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due. Management prepares and monitors
rolling forecasts of the Group's cash balances based on expected cash flows to
ensure, as far as possible, that it will have sufficient liquidity to meet
its liabilities when due, under both normal and stressed conditions without
risking damage to the Group's reputation. Covenants are monitored on a regular
basis to ensure there is no risk or breach which would lead to an 'Event of
Default' and compliance certificates are issued as required to the syndicate
agent.
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
The following are the contractual maturities of financial liabilities
including estimates of interest payable based on SONIA rates at the end of the
financial period:
Group
26 March 2026
Carrying amount £m Contractual cash flows £m 1 year or less £m 1 to 3 years 3 to 5 years 5 years and over £m
£m £m
Non-derivative financial liabilities
Bank loans (note 19) 57.9 59.0 4.7 49.3 5.0 -
Trade payables (note 20) 127.4 127.4 127.4 - - -
Lease liabilities (note 12) 338.8 403.1 76.1 124.7 79.3 123.0
Amounts owed to joint venture veterinary practices (note 20) 10.1 10.1 10.1 - - -
534.2 599.6 218.3 174.0 84.3 123.0
27 March 2025 Carrying amount £m Contractual cash flows £m 1 year or less £m 1 to 3 years 3 to 5 years 5 years and over £m
£m £m
Non-derivative financial liabilities
Bank loans (note 19) 31.4 33.3 4.7 9.3 19.3 -
Trade payables (note 20) 138.5 138.5 138.5 - - -
Lease liabilities (note 12) 348.3 400.0 78.5 124.9 77.8 118.8
Amounts owed to joint venture veterinary practices (note 20) 14.9 14.9 14.9 - - -
533.1 586.7 236.6 134.2 97.1 118.8
Liquidity risk and cash flow hedges
Cash flow hedges
The following table indicates the periods in which the cash flows associated
with cash flow hedging instruments are expected to occur and to affect profit
or loss:
Group
26 March 2026
Carrying amount £m Expected cash flows £m 1 year or less 1 to <2 years 2 to <5 years £m 5 years and over £m
£m £m
Fuel exchange contracts
Current assets (note 17) 0.6 0.6 0.6 - - -
Forward exchange contracts:
Current assets (note 17) 0.9 0.9 0.9 - - -
Current liabilities (note 17) (0.5) (0.5) (0.5) - - -
1.0 1.0 1.0 - - -
27 March 2025
Carrying amount £m Expected cash flows £m 1 year or less 1 to <2 years 2 to <5 years £m 5 years and over £m
£m £m
Forward exchange contracts:
Current assets (note 17) 0.2 0.2 0.2
Current liabilities (note 17) (1.7) (1.7) (1.7) - - -
(1.5) (1.5) (1.5) - - -
Fair values of financial instruments
Investments
The fair values of investments are considered to be their carrying value as
the impact of discounting future cash flows has been assessed
as not material and the investment is non-participatory.
Trade and other payables and receivables
The fair values of these items are considered to be their carrying value as
the impact of discounting future cash flows has been assessed
as not material.
Cash and cash equivalents
The fair value of cash and cash equivalents is its carrying amount where the
cash is readily available. The fair value of short term deposits approximates
to the carrying amount because of the short maturity of these instruments.
Amounts owed to Joint Venture veterinary practices
The fair value of amounts owed to Joint Venture veterinary practices are
considered to be their carrying value as the impact of discounting future cash
flows has been assessed as not material.
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
Long term and short term borrowings
The fair value of bank loans and other loans approximates their carrying value
as they have interest rates based on SONIA. The impact of credit risk has an
immaterial impact on the fair value.
Short term deposits
The fair value of short term deposits is considered to be their carrying value
as the balances are held in floating rate accounts where the interest rate is
reset to market rates.
Derivative financial instruments
The fair values of forward exchange contracts and interest rate swap contracts
are calculated by management based on external valuations received from the
Group's bankers and are based on forward exchange rates and anticipated future
interest yield respectively.
Fair values
The fair values of all financial assets and financial liabilities by class
together with their carrying amounts shown in the balance sheet are as
follows:
Fair value hierarchy
The table below shows the carrying amounts and fair values of financial assets
and financial liabilities, including their levels in the fair value hierarchy.
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities
Level 2: inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable
market data (unobservable inputs)
The following tables show the fair values and carrying amounts of financial
assets and liabilities as well as their fair value hierarchy. The tables do
not include fair value detail for financial assets and liabilities not
measured at fair value if their carrying value is a reasonable approximation
of fair value.
26 March 2026
Carrying amount Fair value - hedging instruments Financial assets at amortised cost Other financial liabilities Total carrying amount
£m £m £m £m
Financial assets measured at fair value
Forward exchange contracts used for hedging (note 17) 0.9 - - 0.9
Current fuel forward contracts used for hedging (note 17) 0.6 - - 0.6
1.5 - - 1.5
Financial assets not measured at fair value
Current trade and other receivables (note 17) - 23.4 - 23.4
Amounts owed by Joint Venture veterinary practices - trading balance and - 7.9 - 7.9
operating loans (note 17)
Cash and cash equivalents (note 18) - 39.6 - 39.6
Loans to Joint Venture veterinary practices - initial set up loans (note 16) - 3.2 - 3.2
Non-current other receivables (note 16) - 10.3 - 10.3
- 84.4 - 84.4
Financial liabilities measured at fair value
Forward exchange contracts used for hedging (note 17) (0.5) - - (0.5)
(0.5) - - (0.5)
Financial liabilities not measured at fair value
Current lease liabilities (note 12) - - (76.1) (76.1)
Non-current lease liabilities (note 12) - - (262.7) (262.7)
Trade payables (note 20) - - (127.4) (127.4)
Amounts owed to Joint Venture veterinary practices (note 20) - - (10.1) (10.1)
Other interest-bearing loans and borrowings (note 19) - - (57.9) (57.9)
- - (534.2) (534.2)
( )
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
26 March 2026
Fair value Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets and liabilities measured at fair value
Current fuel forward contracts used for hedging (note 17) 0.6 0.6
Current forward exchange contracts used for hedging (note 17) - 0.9 - 0.9
Current Forward exchange contracts used for hedging (note 17) - (0.5) - (0.5)
27 March 2025
Carrying amount Fair value - hedging instruments FVTPL - equity instruments Financial assets at amortised cost Other financial liabilities Total carrying amount
£m £m £m £m £m
Financial assets measured at fair value
Other investments (note 16)(1) - 3.0 - - 3.0
Forward exchange contracts used for hedging (note 17) 0.2 - - - 0.2
0.2 3.0 - - 3.2
Financial assets not measured at fair value
Investments in Joint Venture veterinary practices (note 16) - - 2.7 - 2.7
Current trade and other receivables (note 17) - - 19.4 - 19.4
Amounts owed by Joint Venture veterinary practices - trading balance and 18.2 18.2
operating loans (note 17)
- - -
Cash and cash equivalents (note 18) - - 39.5 - 39.5
Loans to Joint Venture veterinary practices - initial set up loans (note 16) - - 3.9 - 3.9
Non-current other receivables (note 16) - - 5.4 - 5.4
- - 89.1 - 89.1
Financial liabilities measured at fair value
Forward exchange contracts used for hedging (note 17) (1.7) - - - (1.7)
(1.7) - - - (1.7)
Financial liabilities not measured at fair value
Current lease liabilities (note 12) - - - (78.5) (78.5)
Non-current lease liabilities (note 12) - - - (269.8) (269.8)
Trade payables (note 20) - - - (138.5) (138.5)
Amounts owed to Joint Venture veterinary practices (note 20) - - - (14.9) (14.9)
Other interest-bearing loans and borrowings (note 19) - - - (31.4) (31.4)
- - - (533.1) (533.1)
27 March 2025
Fair value Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets and liabilities measured at fair value
Other investments (note 16) - - 3.0 3.0
Forward exchange contracts used for hedging (note 17) - 0.2 - 0.2
Forward exchange contracts used for hedging (note 17) - (1.7) - (1.7)
Measurement of fair values
The following table shows the valuation techniques used in measuring Level 2
and Level 3 fair values at the balance sheet dates, as well as the significant
unobservable inputs used.
Type Valuation technique Significant unobservable inputs Inter-relationship between significant unobservable inputs and fair value
measurement
Forward exchange contracts and interest rate swaps Market comparison technique - the fair values are based on broker quotes. Not applicable Not applicable
Similar contracts are traded in an active market and the quotes reflect the
actual transactions on similar instruments.
Other investments The fair values of investments are considered to be their carrying value. Forecasted cashflows. Any changes to the unobservable input would have an Not applicable
immaterial impact on the valuation.
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
Changes in liabilities arising from financing activities
Group
Loans and borrowings Lease liabilities Total
£m £m £m
Balance at 27 March 2025 (note 12,19) 31.4 348.3 379.7
Changes from financing cash flows
Repayment of borrowings (59.3) - (59.3)
Loan drawdown 85.0 - 85.0
Interest payment of borrowings (3.8) - (3.8)
Payment of lease liabilities - (80.7) (80.7)
Total changes from financing cash flows 21.9 (80.7) (58.8)
Other changes
Interest expense on lease liabilities (note 7) - 14.0 14.0
Interest expense on borrowings (note 7) 4.2 - 4.2
Amortisation of debt issue costs (note 7) 0.8 - 0.8
Additions to lease liabilities - 57.2 57.2
Movement on accrued interest (0.4) - (0.4)
Total other changes 4.6 71.2 75.8
Balance at 26 March 2026 (note 12, 19) 57.9 338.8 396.7
Loans and borrowings Lease liabilities Total
£m £m £m
Balance at 28 March 2024 (note 12,19) 45.5 380.8 426.3
Changes from financing cash flows
Repayment of borrowings (75.0) - (75.0)
Loan drawdown 60.0 - 60.0
Interest payment of borrowings (3.8) - (3.8)
Payment of lease liabilities - (79.7) (79.7)
Total changes from financing cash flows (18.8) (79.7) (98.5)
Other changes
Interest expense on lease liabilities (note 7) - 13.2 13.2
Interest expense on borrowings (note 7) 4.7 - 4.7
Amortisation of debt issue costs (note 7) 0.8 - 0.8
Additions to lease liabilities - 34.0 34.0
Movement on accrued interest (0.8) - (0.8)
Total other changes 4.7 47.2 51.9
Balance at 27 March 2025 (note 12, 19) 31.4 348.3 379.7
Cash flow hedge reserve
2026 2025
£m £m
Foreign currency risk
Inventory purchases 0.3 (1.1)
Commodity price risk
Fuel purchases 0.5 -
Commodity price risk Foreign currency risk Interest rate risk
Forward exchange contracts- fuel Forward exchange contracts- inventory Interest rate swaps
2026 2025 2026 2025 2026 2025
£m £m £m £m £m £m
Nominal amount
Carrying amount- asset (note 17) 0.6 - 0.9 0.2 - -
Carrying amount- liability (note 17) - - (0.5) (1.7) - -
-
Changes in the value of hedging instrument recognised in OCI -
Amount of hedging reserve transferred to cost of inventory - - 0.5 (1.6) - -
Net change in fair value of cash flow hedges reclassified to profit or loss (0.7)
0.1 - - - -
Notes to the consolidated financial statements (continued)
23 Financial instruments (continued)
The following table provides a reconciliation by risk category of hedging
reserve and analysis of OCI items, net of tax, resulting from cash flow
hedging accounting:
26 March 27 March 2025
2026
£m £m
Balance brought forward (1.1) (0.5)
Changes in fair value
Foreign currency risk- inventory purchase 1.8 (0.7)
Commodity risk- fuel 0.7 (0.1)
Interest rate risk - -
Tax on movements on reserves during the year (0.6) 0.2
Balance carried forward 0.8 (1.1)
Hedge accounting
Cash flow hedges
At 26 March 2026 and 27 March 2025, the Group held the following instruments
to hedge exposures to changes in foreign currency. There were no instruments
in relation to interest rate swaps as at 26 March 2026.
Maturity
1-6 months 6-12 months 1-6 months 6-12 months
2026 2026 2025 2025
Foreign currency risk
Forward exchange contracts
Net exposure (£m) 38.6 30.4 51.4 33.0
Average GBP-USD forward contract rate 1.33 1.36 1.28 1.27
Average GBP-EUR forward contract rate 1.13 1.13 1.19 1.19
Interest rate risk
Interest rate swaps
Net exposure (£m) - - - -
Average fixed interest rate - - - -
Capital management
The Group's objectives when managing capital, which is deemed to be total
equity plus total debt, are to safeguard the Group's ability to continue as a
going concern in order to provide returns for shareholders and benefits for
other stakeholders, through the optimisation of the debt and equity balance,
and to maintain a strong credit rating and headroom on financial covenants.
The Group manages its capital structure and makes appropriate decisions in
light of the current economic conditions and strategic objectives of the
Group.
The Board's policy is to maintain a strong capital base so as to maintain
investor, creditor and market confidence and to sustain future development of
the Group. The funding requirements of the Group are met by the utilisation of
external borrowings together with available cash, as detailed in note 19.
A key objective of the Group's capital management is to maintain compliance
with the covenants set out in the revolving credit facility and to maintain a
comfortable level of headroom over and above these requirements. Management
have continued to measure and monitor covenant compliance throughout the
period and the Group has complied with the requirements set.
Notes to the consolidated financial statements (continued)
24 Share-based payments
At 26 March 2026 and 27 March 2025, the Group has four share award plans, all
of which are equity settled schemes.
1 Company Share Ownership Plan ('CSOP')
On 25 February 2014 the Company adopted the CSOP. Part I of the CSOP is tax
approved under Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003
and provides for the grant of tax approved options. Part II of the CSOP
provides for the grant of unapproved options.
The tax approved options under Part I of the CSOP will be exercisable between
the third and tenth anniversary of the date of grant, subject to continued
employment with the Group. These awards will be granted with an exercise price
equal to the market value of the shares at the grant date (as agreed with
HMRC). No options have been granted under the plan since June 2016.
A summary of the movements in the scheme and outstanding options is outlined
below.
26 March 2026 27 March 2025
Number of options Weighted average exercise price (p) Number of options Weighted average exercise price (p)
Outstanding at start of year 134,317 265.6 200,745 260.6
Exercised (3,611) 265.6 (31,857) 262.6
Forfeit (10,514) 260.3 (3,706) 265.2
Lapsed (51,944) 274.4 (30,865) 236.0
Outstanding at end of year 68,248 259.7 134,317 265.6
Exercisable at the end of the year 68,248 259.7 134,317 265.6
For CSOP share options exercised during the period, the weighted average share
price at the date of exercise was 269.8p (2025: 295.3p).
26 March 2026 27 March 2025
Options granted Number of options Weighted average remaining contractual life (years) Number of options Weighted average remaining contractual life (years) Option price (p)
December 2020 - - 2,727 - 231.5
December 2021 - - 49,630 - 274.8
December 2022 68,248 - 81,960 0.1 259.7
68,248 - 134,317 0.1 -
2 Save As You Earn ('SAYE')
On 25 February 2014, the Company adopted the SAYE (which was registered with
and self-certified with HMRC on 4 April 2015). The rules of the SAYE were
adopted pursuant to Schedule 3 of the Income Tax (Earnings and Pensions) Act
2003 and provide for the grant of tax approved options. In previous years,
the Company issued invitations under the rules of the SAYE which provided
eligible colleagues with an opportunity to receive share options at a 20%
discount to the market price. The maximum monthly savings were £500 per
month. The options were granted once a year, and in normal circumstances they
are not exercisable until completion of a savings period of 3 years, beginning
on 1 December each year, and will then be exercisable for a period of six
months following completion of the relevant savings period. During the 52
weeks ending 26 March 2026, SAYE was not offered to colleagues.
A summary of the movements in the scheme and outstanding options is summarised
below:
26 March 2026 27 March 2025
Number of options Weighted average exercise price (p) Number of options Weighted average exercise price (p)
Outstanding at start of year 3,074,578 263.4 3,396,644 267.9
Granted - - 1,027,701 250.9
Exercised (7,850) 229.3 (181,206) 231.2
Forfeit (1,260,915) 257.0 (1,093,642) 268.8
Lapsed (231,282) 377.3 (74,919) 265.6
Outstanding at end of year 1,574,531 253.3 3,074,578 264.1
Exercisable at the end of the year 770,616 243.7 198,348 401.8
For SAYE share options exercised during the period, the weighted average share
price at the date of exercise was 267.3p (27 March 2025: 287.3p).
Notes to the consolidated financial statements (continued)
24 Share-based payments (continued)
2 Save As You Earn ('SAYE') (continued)
26 March 2026 27 March 2025
Options granted Number of options Weighted average remaining contractual life (years) Number of options Weighted average remaining contractual life (years) Option price (p)
December 2020 - - 9,420 (1.3) 229.3
December 2021 - - 188,928 (0.3) 410.4
December 2022 770,616 (0.3) 1,292,468 0.7 243.7
December 2023 332,706 0.7 710,155 1.7 279.0
December 2024 471,209 1.7 873,607 2.7 250.9
1,574,531 0.5 3,074,578 1.4 253.3
3 Restricted Stock Plan ('RSA')
On 20 July 2017 the Company adopted the RSA. Awards under the RSA were made on
20 July 2017 and annually thereafter and will be exercisable between the
third and tenth anniversary of this date, subject to continued employment with
the Group and the satisfaction of performance conditions. These awards are
granted at nil cost.
Number of options 26 March 2026 27 March 2025
Outstanding at start of year 4,889,939 4,286,190
Granted 3,598,514 2,098,492
Forfeit (1,048,758) (809,477)
Exercised (2,342,170) (633,437)
Lapsed (58,297) (51,829)
Outstanding at end of year 5,039,228 4,889,939
Exercisable at the end of the year 260,197 306,662
4 Deferred Share Bonus Plan ('DSBP')
On 24 March 2022 the Company adopted the DSBP. Awards under the DSBP represent
the deferral of the discretionary bonus awarded to eligible colleagues into
shares. Awards under the DSBP will be exercisable between the second
anniversary of the first day following the end of the year in respect of which
the bonus in question is earned or would have been earned notwithstanding that
it was deferred and the tenth anniversary of the date of grant. These awards
are granted at nil cost. No awards were granted under the plan during the
financial year.
Fair value of share awards
The expected volatility is based on historical volatility of a peer group of
companies over a relevant period prior to award. The expected life is the
average expected period to exercise, which has been taken as three years. The
risk free rate of return is the yield on zero-coupon UK government bonds with
a life equal to this expected life.
Options are valued using a Black-Scholes option-pricing model for the
non-market based (EPS element) performance conditions and a Monte-Carlo
simulation for the market-based (TSR element) performance conditions. Special
provisions allow early exercise in the case of death, injury, disability,
redundancy, retirement or because the Company which employs the option holder
ceases to be part of the Group or in the event of a change in control,
reconstruction or winding up of the Company.
Summary of share-based payment plans
The key assumptions used in the fair value of the awards were as follows:
RSA SAYE
2026 2025 2024
At grant date
Share price 200p 263p 314p
Exercise price 0p 0p 251p
Expected volatility 30% 30% 30%
Option life (years) 10 10 3
Expected dividend yield 2.00% 2.00% 2.00%
Risk free interest rate n/a n/a 4.00%
Weighted average fair value of options granted 200p 263p 112p
For both the RSA and DSBP awards, the fair value is the share price at the
date of the grant so the risk free rate has no impact on the fair value
calculation.
Notes to the consolidated financial statements (continued)
24 Share-based payments (continued)
Movements in awards under share-based payment schemes:
CSOP SAYE RSA DSBP Total
000 000 000 000 000
Outstanding at start of year 134 3,075 4,890 105 8,204
Granted - - 3,599 - 3,599
Exercised (4) (8) (1,049) (105) (1,166)
Forfeit (10) (1,261) (2,342) - (3,613)
Lapsed (52) (231) (59) - (342)
Outstanding at end of year 68 1,575 5,039 - 6,682
Weighted average exercise price 2.60 2.53 - - NA
The Group income statement charge recognised in respect of share-based
payments for the 52 week period ended 26 March 2026 is £4.5m (52 week period
ended 27 March 2025: £5.9m).
25 Commitments
Capital commitments
At 26 March 2026, the Group is committed to incur capital expenditure of
£1.6m (27 March 2025: £1.1m). At 26 March 2026, the Group has a commitment
to increase the loan funding to Joint Venture veterinary practices of £0.5m
(27 March 2025: £0.2m). This increase in funding is written into the Joint
Venture agreements and becomes payable when certain criteria are met.
26 Contingencies
Veterinary practices
During the period, the Group had in place certain guarantees over the bank
loans taken out by a number of veterinary practice companies in which it holds
an investment in non-participatory share capital. Under IFRS 9, the Group
holds provision against a proportion of the guarantees where the practices are
in default in accordance with the policy set out in note 1.16. At 26 March
2026, the total amount of bank overdrafts and loans guaranteed by the Group
amounted to £4.9m (27 March 2025: £4.0m). The Group is a guarantor for the
lease for veterinary practices that are not located within Pets at Home
stores. The Group is also a guarantor to a small number of third parties where
the lease has been reassigned.
Exemption from audit by parent guarantee
The wholly-owned subsidiaries with the exception of Pets at Home Limited,
Companion Care (Services) Limited and Vets4Pets Limited are covered by a
guarantee provided by Pets at Home Group Plc and are consequently entitled to
an exemption under s479A from the requirement of the Act relating to the audit
of individual accounts. Under this guarantee, the Group will guarantee all
outstanding liabilities of these entities. No liability is expected to arise
under the guarantee. The entities covered by this guarantee are disclosed in
note 28.
27 Related parties
Key management personnel
Details of remuneration paid to key management personnel are set out in note
4.
Group ownership
The Group has no parent undertaking and is not controlled by another entity.
Joint Venture veterinary practice transactions
The Group has entered into a number of arrangements with third parties in
respect of veterinary practices. These veterinary practices are deemed to be
related parties due to the factors explained in note 1.4. Financial
commitments provided to related party veterinary practices for funding are set
out in note 25.
During the period, the Group had in place certain guarantees over the bank
loans taken out by a number of veterinary practice companies in which it holds
an investment in non-participatory share capital. At the end of the period,
the total amount of bank overdrafts and loans guaranteed by the Group amounted
to £4.9m (27 March 2025: £4.0m), as set out in note 26.
Notes to the consolidated financial statements (continued)
27 Related parties (continued)
The transactions entered into during the period and the balances outstanding
at the end of the period are as follows:
26 March 2026 £m 27 March 2025 £m
Transactions
- Fees for services provided to Joint Venture veterinary practices (note 2) 108.4 103.4
- Rental and other occupancy charges to Joint Venture veterinary practices 13.7 13.0
(note 3)
Total income from Joint Venture veterinary practices 122.1 116.4
0.8
Balances 3.1
- Consideration for Joint Venture veterinary practices acquired (note 10)
Included within investments
- Capital contributions for extensions and improvements of practices - 2.7
(note 16)
Included within trade and other receivables:
- Operating loans
- Gross value of operating loans 1.6 5.2
- Allowance for expected credit losses held for operating loans (0.4) (1.3)
Net operating loans (note 17) 1.2 3.9
Trading balances (note 17) 6.7 14.3
Deferred fee income rebate (note 16, note 17) 3.5 1.7
Deferred consideration (note 16, note 17) 5.8 3.2
Included within other financial assets and liabilities (note 16):
Loans to Joint Venture veterinary practices - initial set up loans
- Gross value of initial set up loans 3.4 4.3
- Allowance for expected credit losses held for initial set up loans (0.2) (0.4)
Net initial set up loans 3.2 3.9
Included within trade and other payables (note 20):
Trading balance (10.1) (14.9)
Total amounts receivable from veterinary practices (before provisions) 10.9 13.8
Fees for services provided to related party veterinary practices are included
within revenue and relate to charges for support services offered in such
areas as clinical development, promotion and methods of operation as well as
service activities including accountancy, legal and property. In accordance
with IFRS 15, revenue in the 52 week period ended 26 March 2026 and the 52
week period ended 27 March 2025 excludes irrecoverable fee income from Joint
Venture veterinary practices.
Funding for new practices represents the amounts advanced by the Group to
support veterinary practice opening costs. The funding is short term and the
related party Joint Venture veterinary practice draws down their own bank
funding to settle these amounts outstanding with the Group shortly after
opening.
Trading balances represent costs incurred and income received by the Group in
relation to the services provided to the Joint Venture veterinary practices
that have yet to be recharged.
Operating loans represent amounts advanced to related party Joint Venture
veterinary practices to support their working capital requirements and longer
term growth. The loans advanced to the practices are interest free and either
repayable on demand or repayable within 90 days of demand. No facility exists
and the levels of loans are monitored in relation to review of the practice's
performance against business plan. Based on the projected cash flow forecast
on a practice by practice basis, the funding is often expected to be required
for a number of years. As practices generate cash on a monthly basis it is
applied to the repayment of brought forward operating loans. For immature
practices, loan balances may increase due to operating requirements. The
balances above are shown net of allowances for expected credit losses held for
operating loans of £0.4m (27 March 2025: £1.3m).
Loans to Joint Venture veterinary practices - initial set up loans are
provided to Joint Venture veterinary practice companies trading under the
Companion Care and Vets4Pets brands, in which the Group's share interest is
non-participatory. These loans represent a long-term investment in the Joint
Venture veterinary practice, supporting their initial set up and working
capital, and are held at amortised cost under IFRS 9. The balances above are
shown net of allowances for expected credit losses held for initial set up
loans of £0.2m (27 March 2025: £0.4m).
In the 52 week period ended 26 March 2026, the value of loans written off
recognised in the income statement amounted to £1.9m which relates to
operating loans. In the 52 week period ended 27 March 2025 the value of loans
written off recognised in the income statement amounted to £1.7m, which
related to operating loans. At 26 March 2026, the Group had a commitment to
increase the loan funding to Joint Venture veterinary practices of £0.5m (27
March 2025: £0.2m); this increase in funding is written into the Joint
Venture agreements and becomes payable when certain criteria are met.
Deferred fee income rebate of £3.5m (25 March 2025: £1.7m) represents
deferred rebates paid to JV practices to support their rebrand and expansion.
The rebate will be released as a deduction to fee income over a period of up
to 10 years which represents the period of time the Group expects to receive
economic benefits from enhanced fee income.
The Group is a guarantor for the leases for veterinary practices that are not
located within Pets at Home stores.
Notes to the consolidated financial statements (continued)
28 Investment in subsidiaries
Investments in subsidiaries
£m
Parent Company investments in subsidiaries at 26 March 2026 and 27 March 2025 936.2
Impairment testing
Management have conducted a full impairment review which has been undertaken
on the Group's cash generating units of which the Company's investments form
part. Management considers whether any impairment triggers existed by
comparing the net assets value of the subsidiary to the carrying value of the
investment. Management have concluded that under IAS 36, no impairment trigger
has been identified with regard to the Company's investments in subsidiaries.
In the 52 week period ended 26 March 2026 the Group acquired 100% of the 'A'
shares of 10 companies. These practices were previously accounted for as Joint
Venture veterinary practices as the Group held 100% of the non-participatory
'B' ordinary shares. Acquisition of the 'A' shares has led to the control and
consolidation of these companies. A detailed explanation for the basis of
consolidation can be found in note 1.4. Further details of these acquisitions
can be found in note 10.
Subsidiaries incorporated within the United Kingdom
The following subsidiaries, with the exception of Pets at Home Limited,
Companion Care (Services) Limited and Vets4Pets Limited are covered by a
guarantee provided by Pets at Home Group Plc and are consequently entitled to
an exemption under s479A from the requirement of the Act relating to the audit
of individual accounts. This exemption has been disclosed in note 26 above.
Registered office address
VetsDirect Limited: Dickson Minto, 16 Charlotte Square, Edinburgh, Scotland,
EH2 4DF
The registered office of all the remaining companies incorporated within the
United Kingdom for which the Group has an interest in the share capital is
Epsom Avenue, Stanley Green, Handforth, Cheshire, England SK9 3RN.
Company Registered number Holding Class of shares held At 26 March 2026 % At 27 March 2025 %
Brand Developments Limited 00039522 Indirect Ordinary 100 100
Companion Care (Services) Limited 04141142 Indirect Ordinary 100 100
Companion Care Management Services Limited 08878037 Indirect Ordinary 100 100
Pets Insurance Services Limited 16039818 Indirect Ordinary 80 80
Pet Advisory Services Limited 09180974 Indirect Ordinary 100 100
Pet Investments Limited 04428715 Indirect Ordinary 100 100
PAH Financial Services Limited 04635676 Indirect Ordinary 100 100
Pets at Home Holdings Limited 03864149 Indirect Ordinary 100 100
Pets at Home Limited 01822577 Indirect Ordinary 100 100
Pets at Home No.1 Limited 08887355 Direct Ordinary 100 100
Pets at Home Superstores Limited 03119594 Indirect Ordinary 100 100
Pets at Home Vets Group Limited 08595290 Indirect Ordinary 100 100
Pets at Home (ESOT) Limited 03911784 Indirect Ordinary 100 100
Pet City Holdings Limited 02342109 Indirect Ordinary 100 100
Pet City Limited 02466773 Indirect Ordinary 100 100
Pet City Resources Limited 02634797 Indirect Ordinary 100 100
Vets4Pets (Services) Limited 04317414 Indirect Ordinary 100 100
Vets4Pets Services Limited 05055601 Indirect Ordinary 100 100
Vets4Pets UK Limited 03940967 Indirect Ordinary 100 100
Vets4Pets Limited 00038174 Indirect Ordinary 100 100
Vets4Pets Veterinary Group Limited 04263054 Indirect Ordinary 100 100
VetsDirect Limited SC230445 Indirect Ordinary 100 100
Abbotsinch V4P 1A Limited 16478932 Indirect Ordinary 100 0
Aberdeen North Vets4Pets Limited 11024679 Indirect Ordinary 100 100
Accrington Vets4Pets Limited 10015704 Indirect Ordinary 100 100
Alton Vets4Pets Limited 09639868 Indirect Ordinary 100 100
Andover Vets4Pets Limited 08132407 Indirect Ordinary 100 100
Bangor Wales Vets4Pets Limited 08314827 Indirect Ordinary 100 100
Bath Vets4Pets Limited 09639978 Indirect Ordinary 100 100
Bearsden Vets4Pets Limited 07780175 Indirect Ordinary 100 100
Bedminster Vets4Pets Limited 09267870 Indirect Ordinary 100 100
Belfast Stormont Vets4Pets Limited 09022077 Indirect Ordinary 100 100
Bicester Vets4Pets Limited 10285804 Indirect Ordinary 100 100
Bonnyrigg Vets4Pets Limited 10757330 Indirect Ordinary 100 100
Borehamwood Vets4Pets Limited 09319066 Indirect Ordinary 100 100
Bourne Vets4Pets Limited 10200670 Indirect Ordinary 100 100
Bracknell Vets4Pets Limited 10605544 Indirect Ordinary 100 100
Bramley Vets4Pets Limited 04238788 Indirect Ordinary 100 100
Bramley Vets4Pets (Newco) Limited 09772761 Indirect Ordinary 100 100
Brighton Vets4Pets Limited 13539268 Indirect Ordinary 100 100
Bristol Longwell Green Vets4Pets Limited 11023057 Indirect Ordinary 75 50
Carmarthen Vets4Pets Limited 09498169 Indirect Ordinary 100 100
Clitheroe Vets4Pets Limited 09878308 Indirect Ordinary 100 100
Companion Care (Ballymena) Limited 08294444 Indirect Ordinary 100 100
Companion Care (Banbury) Limited 08606393 Indirect Ordinary 100 100
Companion Care (Barnsley Cortonwood) Limited 08314805 Indirect Ordinary 100 100
Companion Care (Ely) Limited 04417089 Indirect Ordinary 100 100
Companion Care (Exeter Marsh) Limited 08314727 Indirect Ordinary 100 100
Companion Care (Kings Lynn) Limited 06797982 Indirect Ordinary 100 100
Companion Care (Macclesfield) Limited 08285995 Indirect Ordinary 100 100
Companion Care (Newport) Limited 08425358 Indirect Ordinary 100 100
Companion Care (Nottingham) Limited 04289970 Indirect Ordinary 100 100
Companion Care (Salisbury) Limited 06457719 Indirect Ordinary 100 100
Companion Care (Scarborough) Limited 06555344 Indirect Ordinary 100 100
Companion Care (Speke) Limited 07149744 Indirect Ordinary 100 100
Companion Care (Stockport) Limited 04240547 Indirect Ordinary 65 50
Craigavon Vets4Pets Limited 08846831 Indirect Ordinary 100 100
Davidsons Mains Vets4Pets Limited 07726992 Indirect Ordinary 100 100
Denbigh Vets4Pets Limited 10976376 Indirect Ordinary 100 100
East Grinstead Vets for Pets Limited 16919619 Indirect Ordinary 100 0
East Kilbride South Vets4Pets Limited 09628917 Indirect Ordinary 100 100
Ellesmere Port Vets4Pets Limited 09725644 Indirect Ordinary 100 100
Gamston Vets4Pets Limited 05665158 Indirect Ordinary 75 75
Gillingham Vets4Pets Limited 10970617 Indirect Ordinary 100 100
Haverfordwest Vets4Pets Limited 09485504 Indirect Ordinary 100 100
Horsham Vets4Pets Limited 14345928 Indirect Ordinary 100 100
Huddersfield Vets4Pets Limited 07207906 Indirect Ordinary 100 100
Inverurie Vets4Pets Limited 11056047 Indirect Ordinary 100 100
Kendal Vets4Pets Limited 10163314 Indirect Ordinary 100 100
Larne Vets4Pets Limited 11121715 Indirect Ordinary 100 100
Leeds Kirkstall Vets4Pets Limited 10291543 Indirect Ordinary 100 100
Leicester St Georges Vets4Pets Limited 09881176 Indirect Ordinary 100 100
Leigh Vets4Pets Limited 10601393 Indirect Ordinary 100 100
Linlithgow Vets4Pets Limited 09966547 Indirect Ordinary 100 100
Lichfield Vets4Pets Limited 11180484 Indirect Ordinary 100 100
Liverpool OS Vets4Pets Limited 06959208 Indirect Ordinary 100 100
Llanrumney Vets4Pets Limited 08291716 Indirect Ordinary 75 75
Longton Vets4Pets Limited 06776686 Indirect Ordinary 82 50
Malvern Vets4Pets Limited 10516552 Indirect Ordinary 100 100
Market Harborough Vets4Pets Limited 10602806 Indirect Ordinary 100 100
Marlborough Vets4Pets Limited 09869384 Indirect Ordinary 100 100
Melton Mowbray Vets4Pets Limited 07893688 Indirect Ordinary 100 100
Monmouth Vets4Pets Limited 10756991 Indirect Ordinary 100 100
Musselburgh Vets4Pets Limited 10425760 Indirect Ordinary 100 100
Newbury Vets4Pets Limited 04633009 Indirect Ordinary 100 100
Newton Mearns Vets4Pets Limited 07957431 Indirect Ordinary 100 100
Newtownards Vets4Pets Limited 10067571 Indirect Ordinary 100 100
Northwich Vets4Pets Limited 11107287 Indirect Ordinary 100 100
Portishead Vets4Pets Limited 10976532 Indirect Ordinary 100 50
Prescot Vets4Pets Limited 08878815 Indirect Ordinary 100 100
Rayleigh Vets4Pets Limited 07432838 Indirect Ordinary 100 50
Redditch Vets4Pets Limited 05612150 Indirect Ordinary 100 100
Runcorn Vets4Pets Limited 11446894 Indirect Ordinary 100 100
Sheldon Vets4Pets Limited 08822150 Indirect Ordinary 100 100
St Austell Vets4Pets Limited 09878373 Indirect Ordinary 95 95
St Neots Vets4Pets Limited 09811640 Indirect Ordinary 100 100
Sheffield Wadsley Bridge Vets4Pets Limited 08816819 Indirect Ordinary 100 50
Stamford Vets4Pets Limited 14179951 Indirect Ordinary 100 100
Sudbury Vets4Pets Limited 09916308 Indirect Ordinary 100 100
Sutton Vets4Pets Limited 16604616 Indirect Ordinary 100 0
Swinton Vets4Pets Limited 06547935 Indirect Ordinary 100 50
Thamesmead Vets4Pets Limited 09881179 Indirect Ordinary 100 100
Tilehurst Vets4Pets Limited 10573329 Indirect Ordinary 100 100
Tiverton Vets4Pets Limited 11023079 Indirect Ordinary 100 100
Uttoxeter Vets4Pets Limited 11145982 Indirect Ordinary 100 100
Uxbridge V4P 1A Limited 16479366 Indirect Ordinary 100 0
V4P Rayleigh Limited 16547262 Indirect Ordinary 100 0
Wakefield Vets4Pets Limited 04262693 Indirect Ordinary 100 100
Walkden Vets4Pets Limited 09416830 Indirect Ordinary 100 50
Wallasey Bidston Moss Vets4Pets Limited 09190138 Indirect Ordinary 100 100
Warminster Vets4Pets Limited 10067591 Indirect Ordinary 76 76
Watford Vets4Pets Limited 08658295 Indirect Ordinary 100 50
Wellingborough Vets4Pets Limited 07620413 Indirect Ordinary 100 100
Wokingham Vets4Pets Limited 09869355 Indirect Ordinary 100 100
Wrexham Vets4Pets Limited 07103838 Indirect Ordinary 100 100
Subsidiaries and other investments incorporated outside of the United Kingdom
Registered office address
Les Boues Limited: Herald House, 8 Hill Street, St Helier, Jersey, JE4 9XB
PAH Pty Limited: Herbert Greer and Rundle, Level 21, 385 Bourke Street,
Melbourne, VIC 3000, Australia
Pets at Home (Asia) Limited: Units 704 5A, 7/F, Tower B, Manulife Financial
Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
Vets4Pets Holdings Limited: Vets4pets, Support Centre, Les Merriennes, St
Martins, Guernsey, GY4 6NS
Vets4Pets I.P. Limited: Vets4pets, Support Centre, Les Merriennes, St Martins,
Guernsey, GY4 6NS
Vets4Pets Limited: Vets4pets, Support Centre, Les Merriennes, St Martins,
Guernsey, GY4 6NS
Brand Developments Limited: Vets4pets, Support Centre, Les Merriennes, St
Martins, Guernsey, GY4 6NS
Guernsey Vets4Pets Limited: Vets4pets, Support Centre, Les Merriennes, St
Martins, Guernsey, GY4 6NS
Company Holding Country of incorporation Class of shares held At 26 March 2026 % At 27 March 2025 %
Les Boues Limited Indirect Guernsey Ordinary 100 100
PAH Pty Limited Indirect Australia Ordinary 100 100
Pets at Home (Asia) Limited Indirect Hong Kong Ordinary 100 100
Vets4Pets Holdings Limited Indirect Guernsey Ordinary 100 100
Vets4Pets I.P. Limited Indirect Guernsey Ordinary 100 100
Vets4Pets Limited Indirect Guernsey Ordinary 100 100
Brand Developments Limited Indirect Guernsey Ordinary 100 100
Guernsey Vets4Pets Limited Indirect Guernsey Ordinary 50 50
Investments in Joint Venture veterinary practices and other investments
Registered office address
VetsDirect Limited: Dickson Minto, 16 Charlotte Square, Edinburgh, Scotland,
EH2 4DF
Project Blu Limited: 34 Cardiff Road, Dinas Powys, Wales CF64 4JS
Good Dog Food Limited ('Meatly'): Hill Dickinson Llp, The Broadgate Tower, 20
Primrose Street, London, United Kingdom, EC2A 2EW
The registered office of all the remaining companies in which the Group has an
interest in the share capital is Epsom Avenue, Stanley Green, Handforth,
Cheshire, England SK9 3RN.
The Group holds an indirect interest in the share capital of the following
companies:
Company Holding Country of incorporation Class of shares held At 26 March 2026 % At 27 March 2025 %
Aberdeen Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Abingdon Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
ABTW Limited Indirect United Kingdom Ordinary 50 50
Airdrie Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Alsager Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Altrincham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Amesbury Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bagshot Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bangor Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Barnsley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Barnstaple Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Barnwood Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Barry Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Beckenham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bedford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bedlington Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Beeston Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Beverley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Biggleswade Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bishop Auckland Cockton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bishop's Stortford Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
Bishopston Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bitterne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Blackburn Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Blackheath Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Blackpool Squires Gate Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Blackpool Warbreck Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Blackwood Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bodmin Launceston Road Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bolton Central Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bolton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bracknell Peel Centre Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bradford Idle Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Brighouse Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bristol Emerson Green Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bristol Imperial Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bristol Kingswood Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bromsgrove Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Buckingham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bulwell Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Burscough Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Burton-On-Trent Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bury St Edmunds Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Bury Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Byfleet Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Caerphilly Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Camborne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cannock Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Canterbury Sturry Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cardiff Ely Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cardiff Newport Road Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Carlisle Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Carrickfergus Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Castleford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Catterick Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Chadwell Heath Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cheadle Hulme Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Chester Caldy Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Chester Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Chesterfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cirencester Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Clacton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Clevedon Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cleveleys Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Clifton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Clowne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Coalville Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Colchester Vets4Pets Advanced Practice Limited Indirect United Kingdom Ordinary 50 50
Colne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Aintree) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Andover) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Ashford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Ashton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Aylesbury) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Ayr) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Basildon Pipps Hill) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Basildon) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Basingstoke) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Beckton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bedford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Belfast) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bishopbriggs) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bletchley) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bolton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bournemouth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Braintree) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Brentford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bridgend) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bridgwater) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Brislington) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Bristol Filton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Broadstairs) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Burgess Hill) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cambridge Beehive) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cambridge) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cannock) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Canterbury) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cardiff) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Charlton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chatham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chelmsford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cheltenham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chesterfield) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chichester) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chingford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Chippenham) Limited Indirect United Kingdom Ordinary 50 100
Companion Care (Christchurch) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Colchester) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Corstorphine) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Coventry Walsgrave) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Cramlington) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Crawley) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Crayford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Croydon) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Derby Kingsway) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Derby) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Dunstable) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Eastbourne) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Enfield) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Exeter) Limited Indirect United Kingdom Ordinary 50 100
Companion Care (Farnham) Limited Indirect United Kingdom Ordinary 50 100
Companion Care (Falmouth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Fareham Collingwood) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Fareham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Farnborough) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Folkestone) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Fort Kinnaird) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Friern Barnet) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Gloucester) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Harlow) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Hatfield) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Hemel Hempstead) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (High Wycombe) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Hove) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Huddersfield) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Huntingdon) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Ilford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Ipswich Martlesham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Keighley) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Kidderminster) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Kirkcaldy) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Leicester Beaumont Leys) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Leicester Fosse Park) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Leighton Buzzard) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Llantrisant) Limited Indirect United Kingdom Ordinary 50 100
Companion Care (Linwood) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Lisburn) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Liverpool Penny Lane) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Livingston) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Maidstone) Limited Indirect United Kingdom Ordinary 50 100
Companion Care (Merry Hill) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Milton Keynes) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (New Malden) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Newbury) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Newcastle Kingston Park) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Northampton Nene Valley) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Norwich Hall Road) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Norwich Longwater) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Norwich) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Oldbury) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Oldham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Orpington) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Oxford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Perth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Peterborough Bretton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Peterborough) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Plymouth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Poole) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Portsmouth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Preston Capitol) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Pudsey) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Reading) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Redditch) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Redhill) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Romford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Rotherham) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Rustington) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Slough) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Southampton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Southend-On-Sea) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Stevenage) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Stirling) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Stoke Festival Park) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Stratford-Upon-Avon) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Swansea) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Swindon) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Tamworth) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Taunton) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Telford) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Truro) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Tunbridge Wells) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Wakefield) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Weston-Super-Mare) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Winchester) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Winnersh) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Woking) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Woolwell) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Worcester) Limited Indirect United Kingdom Ordinary 50 50
Companion Care (Wrexham Holt Road) Limited Indirect United Kingdom Ordinary 50 50
Corby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Craigleith Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Crescent Link Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Crewe Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cross Hands Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Cumbernauld Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dagenham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Darlington Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Daventry Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Denton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dewsbury Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Didcot Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Doncaster Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dorchester Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dover Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Droitwich Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Drumchapel Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dudley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dumbarton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Dunfermline Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Durham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
East Kilbride Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Eastleigh Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Eastwood Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Eccleshill Vets4Pets (Newco) Limited Indirect United Kingdom Ordinary 50 50
Epsom Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Evesham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Falkirk Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Feltham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Filton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Gateshead Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Giltbrook Vets4Pets Limited Indirect United Kingdom Ordinary 50 0
Glasgow Forge Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Glasgow Pollokshaws Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Glossop Vets4Pets Limited Indirect United Kingdom Ordinary 50 0
Goldenhill Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Good Dog Food Limited Indirect United Kingdom Ordinary 9 9
Gosport Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Grantham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Gravesend Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Greasby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Greenford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Grimsby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Guildford Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
Halesowen Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Halifax Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Handforth Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hamilton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Harrogate New Park Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Harrogate Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hartlepool Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hastings Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Havant Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Haverhill Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hayling Island Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Heanor Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hedge End Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hemel Hempstead Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hendon Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hereford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hertford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
High Wycombe Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hinckley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hucknall Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hull Anlaby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hull Stoneferry Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Hull Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Ilkeston Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Isle of Man Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Ipswich Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Irvine Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Kettering Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Kidderminster Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Kilmarnock Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Kirkby in Ashfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Lancaster Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Launceston Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leamington Spa Myton Road Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leeds Birstall Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leeds Colton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leeds Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leigh-On-Sea Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Letchworth Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Leyland Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Lincoln South Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Lisburn Longstone Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Llandudno Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Llanelli Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Loughborough Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Loughton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Luton Gipsy Lane Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Luton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Lytham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Maidenhead Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Maidstone Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Maldon Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Manchester Fort Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Mansfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Mapperley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Merthyr Tydfil Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
Middlesbrough Cleveland Park Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Middlesbrough Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Middleton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Millhouses Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Morpeth Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
New Milton Vets4pets Limited Indirect United Kingdom Ordinary 50 50
Newcastle-Upon-Tyne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Newmarket Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Newport Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Newton Abbot Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Newtownabbey Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
North Tyneside Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Northallerton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Northampton Riverside Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Northampton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Nottingham Chilwell Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Nottingham Netherfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Nuneaton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Oadby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Old Kent Road Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Oxford Cowley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Paisley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Penrith Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Pentland Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Penzance Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Peterborough Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Pontypridd Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Poole Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Portsmouth Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Prenton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Preston Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Prestwich Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Project Blu Limited Indirect United Kingdom Ordinary 9 9
Quinton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rawtenstall Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
Rhyl Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Richmond Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rochdale Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rotherham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rugby Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rugby Central Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Ruislip Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Rushden Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Saffron Walden Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Salford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Selly Oak Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sevenoaks Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sheffield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sheffield Drakehouse Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Shelfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Shrewsbury Meole Brace Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Shrewsbury Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sidcup Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sittingbourne Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Solihull Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Somercotes Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
South Shields Quays Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
South Shields Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Southampton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Southend Airport Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Southend-On-Sea Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Southport Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Spalding Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Speke Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
St Albans Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
St Helens Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Stafford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Staines Vets4Pets Limited Indirect United Kingdom Ordinary 50 100
Stechford Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Stockton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Stourbridge Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Street Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sunderland South Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sunderland Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sutton Coldfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sutton In Ashfield Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Swindon Bridgemead Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Sydenham Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Telford Madeley Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Thurrock Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Trafford Park Vets4pets Limited Indirect United Kingdom Ordinary 50 100
Torquay Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Tottenham Hale Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Totton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Trowbridge Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
V4P Coventry Canley Limited Indirect United Kingdom Ordinary 50 50
V For P Stocksbridge Limited Indirect United Kingdom Ordinary 50 0
Walsall Reedswood Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Waltham Abbey Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Walton on Thames Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Walton Vale Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Warrington Riverside Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Warrington Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Washington Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Waterlooville Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
West Bromwich Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Weymouth Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Whetstone Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Whitstable Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Widnes Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Wigan Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Wimbledon Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Wolverhampton Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Worksop Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Worthing Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
WSM Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Yate Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
Yeovil Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
York Clifton Moor Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
York Vets4Pets Limited Indirect United Kingdom Ordinary 50 50
During the 52 week period ended 26 March 2026, the Group has sold 100% of the
'A' shares in thirteen companies which were previously classified as
subsidiaries, and subsequent to sale of the 'A' shares, have been accounted
for as Joint Venture veterinary practices, which has led to the reduction in
the holding in thirteen entities listed above to 50% investment.
Parent Company Balance Sheet
Note At 26 March 2026 £m At 27 March 2025 £m (restated)(1)
Non-current assets
Investments in subsidiaries C4 936.2 936.2
Deferred tax asset C5 1.1 1.6
Trade and other receivables C6 583.0 596.0
Other financial assets C9 7.2 -
1,527.5 1,533.8
Current assets - -
Total assets 1,527.5 1,533.8
Current liabilities
Trade and other payables C7 (759.5) (796.2)
(759.5) (796.2)
Non-current liabilities
Other interest-bearing loans and borrowings C8 (38.9) (8.1)
(38.9) (8.1)
Total liabilities (798.4) (804.3)
Net assets 729.1 729.5
Equity attributable to equity holders of the parent
Ordinary share capital C10 4.5 4.6
Merger reserve 113.3 113.3
Capital redemption reserve 0.5 0.4
Retained earnings 610.8 611.2
Total equity 729.1 729.5
(1)The 52 week period ended 27 March 2025 has been restated to offset £145.0m
of trade and other receivables against £145.0m of trade and other payables to
reflect the intercompany agreement that existed at the balance sheet date to
settle such balances on a net basis.
As permitted by section 408 of the Companies Act 2006, the Company's income
statement has not been included in these financial statements. The Company's
profit for the 52 week period ended 26 March 2026 was £84.3m (profit for the
52 week period ended 27 March 2025 was £50.4m).
On behalf of the Board:
Sarah Pollard
Chief Financial Officer
27 May 2026
Company number: 08885072
The notes on pages 69 to 71 form an integral part of these financial
statements.
Parent Company Statement of Changes in Equity
Share capital Merger reserve Capital redemption reserve Retained earnings Total equity
£m £m £m £m £m
Balance at 27 March 2025 4.6 113.3 0.4 611.2 729.5
Total comprehensive income for the period
Profit for the period - - - 84.3 84.3
Total comprehensive income for the period - - - 84.3 84.3
Transactions with owners, recorded directly in equity
Equity dividends paid - - - (58.7) (58.7)
Share-based payment charge (note 24) - - - 4.5 4.5
Deferred tax movement on IFRS 2 reserve - - - (0.1) (0.1)
Share buyback - - - (25.2) (25.2)
Purchase of own shares (0.1) - 0.1 (5.2) (5.2)
Total contributions by and distributions to owners (0.1) - 0.1 (84.7) (84.7)
Balance at 26 March 2026 4.5 113.3 0.5 610.8 729.1
Share capital Merger reserve Capital redemption reserve Retained earnings Total equity
£m £m £m £m £m
Balance at 28 March 2024 4.7 113.3 0.3 643.6 761.9
Total comprehensive income for the period
Profit for the period - - - 50.4 50.4
Total comprehensive income for the period - - - 50.4 50.4
Transactions with owners, recorded directly in equity
Equity dividends paid - - - (59.7) (59.7)
Share-based payment charge (note 24) - - - 5.9 5.9
Share buyback (0.1) - 0.1 (25.1) (25.1)
Purchase of own shares - - - (3.9) (3.9)
Total contributions by and distributions to owners (0.1) - 0.1 (82.8) (82.8)
Balance at 27 March 2025 4.6 113.3 0.4 611.2 729.5
Notes the parent company financial statements
C1. Accounting policies
The principal activities of the Company and the nature of the Company's
operations is as a holding entity.
The Company's accounting policies are consistent with those disclosed in note
1 to the Group financial statements, except where otherwise stated below.
The Parent Company financial statements of Pets at Home Group Plc have been
prepared in accordance with the Companies Act 2006 as applicable to companies
using Financial Reporting Standard 101 'Reduced disclosure framework' ('FRS
101'). FRS 101 enables the financial statements of the Parent Company to be
prepared in accordance with IFRS but with certain disclosure exemptions. The
main areas of reduced disclosure are in respect of equity-settled share-based
payments, financial instruments, the Cash Flow Statement, related party
transactions with Group companies and IAS 1 requirements for capital risk
management. The accounting policies adopted for the Parent Company, Pets at
Home Group Plc, are otherwise consistent with those used for the Group which
are set out on pages 18 to 26.
Critical accounting judgements or key sources of estimation uncertainty
There were no critical accounting judgements that would have a significant
effect on the amounts recognised in the Parent Company financial statements or
key sources of estimation uncertainty at the balance sheet date that would
have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
The consolidated financial statements of the group may be obtained from
Chester House, Epsom Avenue, Handforth, Wilmslow, SK9 3RN, or via
https://www.petsathomeplc.com/annual-report-2026/
(https://www.petsathomeplc.com/annual-report-2026/) .
C2. Profit for the year
As permitted by s408 of the Companies Act 2006, no separate profit and loss
account or statement of comprehensive income is presented in respect of the
Parent Company. The profit attributable to the Company is disclosed in the
footnote to the company's balance sheet.
The auditor's remuneration for the audit and other services is disclosed in
note 3 to the consolidated financial statements.
C3. Colleague numbers and costs
The number of people employed by the Company during the year was five (2025:
three) and relates to Directors. The costs associated with them were borne by
a subsidiary undertaking and included in the disclosure in note 4 on pages 29
to 30.
The Company participates in a defined contribution scheme in which the assets
are held independently. The total net defined contribution costs of this fund
are borne by a subsidiary undertaking and therefore in accordance with IAS 19,
no net defined contribution costs are recognised in the Company's financial
statements. Note 4 to the consolidated financial statements provides further
details regarding the pension costs incurred during the year.
C4. Investment in subsidiaries
Management have conducted a full impairment review which has been undertaken
on the Group's cash generating units of which the Company's investments form
part. Management considers whether any impairment triggers existed by
comparing the net assets value of the subsidiary to the carrying value of the
investment. Management have concluded that under IAS 36, no impairment trigger
has been identified with regard to the Company's investments in subsidiaries.
The impairment assessment is disclosed in note 28 to the consolidated
financial statements.
C5. Deferred tax
Movement in deferred tax during the period
27 March Recognised in income Recognised in equity 26 March
2025 £m £m 2026
£m £m
Other short term timing differences 1.5 (0.4) - 1.1
Share based payments 0.1 - (0.1) -
1.6 (0.4) (0.1) 1.1
The rate used to calculate deferred tax assets and liabilities is 25% based on
a blended rate at which the majority of items are expected to reverse.
28 March Recognised in income 27 March
2024 £m 2025
£m £m
Other short term timing differences 0.8 0.7 1.5
Share based payments 0.1 - 0.1
0.9 0.7 1.6
The rate used to calculate deferred tax assets and liabilities is 25% based on
a blended rate at which the majority of items are expected to reverse.
Notes the parent company financial statements (continued)
C6. Trade and other receivables
At 26 March 2026 At 27 March 2025
£m £m
Non-current assets
Amounts owed by Group undertakings 583.0 596.0
583.0 596.0
Amounts owed by Group undertakings are repayable to the Parent Company on
demand bearing no interest and with no expectation that it will be settled
within the next 12 months. The Expected Credit Loss ('ECL') calculated under
IFRS 9 is not material.
At 26 March 2026 £m At 27 March 2025 £m
Amounts owed by Group undertakings
Companion Care (Services) Limited - 5.7
Newco 18102024 Limited 1.0 -
PAH Financial Services Limited 3.7 3.7
Pets at Home Holdings Limited 1.5 1.5
Pets at Home No.1 Limited 576.8 576.8
Pets at Home Limited - 8.3
583.0 596.0
C7. Trade and other payables
At 26 March 2026 £m At 27 March 2025 £m
Current
Accruals and deferred income 3.1 2.7
Amounts owed to Group undertakings 756.4 793.5
759.5 796.2
Amounts owed to Group undertakings are repayable to the Parent Company on
demand bearing no interest and with no expectation that it will be settled
within the next 12 months.
At 26 March 2026 £m At 27 March 2025 £m
Amounts owed to Group undertakings
Companion Care (Services) Limited 209.9 -
Pets at Home Limited 546.5 793.5
756.4 793.5
C8. Other interest-bearing loans and borrowings
At 26 March 2026 £m At 27 March 2025 £m
Non-current liabilities
Unsecured bank loans 38.9 8.1
Total 38.9 8.1
Interest-bearing borrowings are recognised initially at fair value, being the
principal value of the loan net of attributable transaction costs. Subsequent
to initial recognition, interest-bearing borrowings are stated at a carrying
value, which represents the amortised cost of the loans using the effective
interest method.
Notes the parent company financial statements (continued)
C8. Other interest-bearing loans and borrowings (continued)
Terms and debt repayment schedule
Currency Nominal interest rate Year of maturity Face value at 26 March Carrying amount at 26 March Face value at 27 March Carrying amount at 27 March
2026 2026 2025 2025
£m £m £m £m
Revolving credit facility GBP SONIA +1.35% 2028 40.0 38.9 10.0 8.1
Total 40.0 38.9 10.0 8.1
The drawn amount on the £300.0m revolving credit facility was £40.0m at 26
March 2026 (drawn amount on the £300.0m revolving credit facility was £10.0m
at 27 March 2025) and this amount is reviewed each month. Interest is charged
at SONIA plus a margin based on leverage on a pre-IFRS 16 basis (adjusted net
debt: EBITDA). The loan also has environmental, social and corporate
governance ('ESG') linked metrics which will be reflected in the margin
payable, which is +/- 5bps. Face value represents the principal value of the
revolving credit facility. The facility is unsecured.
The analysis of repayments on the loans is as follows:
At 26 March 2026 At 27 March 2025
£m £m
Within one year or repayable on demand - -
Between one and three years 40.0 -
Between three and five years - 10.0
Greater than five years - -
40.0 10.0
C9. Other financial assets
At 26 March 2026 At 27 March 2025
£m £m
Non-current
Loans to Group undertakings 7.2 -
7.2 -
Amounts owed by Group undertakings are repayable to the Parent Company on
demand bearing 8% interest and with no expectation that they will be settled
within the next 12 months. The ECL calculated under IFRS 9 is not material.
C10. Capital and reserves
As disclosed in note 22: capital and reserves in the notes to the consolidated
financial statements.
Glossary - Alternative Performance Measures
Guidelines on Alternative Performance Measures ('APMs') issued by the European
Securities and Markets Authority came into effect for all communications
released on or after 3 July 2016 for issuers of securities on a regulated
market.
In the reporting of financial information, the Directors have adopted various
APMs of historical or future financial performance, position or cash flows
other than those defined or specified under International Financial Reporting
Standards ('IFRS').
The Directors measure the performance of the Group based on the following
financial measures which are not recognised under UK-adopted international
accounting standards and consider these to be important measures in evaluating
the Group's strategic and financial performance. The Directors believe that
these APMs assist in providing additional useful information on the underlying
trends, performance and position of the Group.
APMs are also used to enhance the comparability of information between
reporting periods by adjusting for non-underlying items, to aid the user
in understanding the Group's performance.
Consequently, APMs are used by the Directors and management for performance
analysis, planning, reporting and incentive setting purposes and have remained
consistent with prior year. These APMs may not be directly comparable with
other companies' APMs and the Directors do not intend for these to be
considered superior to, or a substitute for, IFRS measures.
All APMs relate to the current period results and comparative period where
provided.
Several APMs exclude non-underlying items (see definition below) in order to
reflect management's view of the performance of the business. Due to this,
APMs should not be regarded as a complete picture of the Group's financial
performance, which is presented in its financial statements. The exclusion of
non-underlying items may result in adjusted earnings being materially higher
or lower than total earnings.
References to Underlying GAAP measures and Underlying APMs throughout the
financial statements are measured before the effect of non-underlying items.
APM Definition Reconciliation
Consumer revenue Consumer revenue being statutory Group revenue, less Joint Venture veterinary Consumer revenue (£m) FY26 FY25 ((1)restated) Note
practice fee income (which forms part of statutory revenue within the Vet
Group), plus gross consumer sales made by Joint Venture veterinary practices
(unaudited). This is an important measure as it includes the revenue from all
vet practices whether they be under the Joint Venture or Company Managed model
which is used in the assessment of market share. Statutory Group revenue 1,469.6 1,481.7 CIS
Joint Venture fee income (108.4) (103.4) 2
Revenue by Joint Venture veterinary practices 619.8
583.2
Consumer revenue(2) 1,981.0 1,961.5
(1) See note to consolidated income statement for the prior year restatement.
(2)Consumer revenue cannot be directly referenced in the financial statements
as revenue by all veterinary practices relates to all Joint Venture customer
revenue.
CIS = Consolidated income statement
Like-for-like revenue growth Like-for-like revenue growth comprises total revenue in a financial period
compared to revenue achieved in a prior period for stores, online operations,
Like-for-like revenue (£m) FY26 FY25 Growth Note
grooming salons and veterinary practices that have been trading more than 52 Retail revenue 1,292.9 1,306.4 -1.0% 2
weeks prior to both the current and prior period reporting date, excluding fee New stores and grooming salons (5.8) (7.8)
income from Joint Venture veterinary practices where the Group has bought out Retail like-for-like revenue 1,287.1 1,298.6 -0.9%
the Joint Venture Partners. The measure is used widely as an indicator of
sales performance. Vet Group revenue 176.7 175.3 0.8% 2
New practices (15.5) (16.0)
Vet Group other income (13.4) (15.4)
Vet Group like-for-like revenue 147.8 143.9
2.7%
Statutory Group revenue 1,469.6 1,481.7 -0.8% CIS
New stores, grooming salons and practices (21.3) (23.8)
Vet Group other income (13.4) (15.4)
Group like-for-like revenue 1,434.9 1,442.5 -0.5%
CIS = Consolidated income statement
Underlying profit before tax Underlying profit before tax attributable to equity shareholders of the parent Underlying PBT (£m) FY26 FY25 Note
('PBT') is based on pre-tax profit before the impact of certain costs or Underlying PBT 92.8 133.0 CIS
incomes that are excluded as they are not generated from ordinary business Attributable to:
operations, infrequent in nature and unlikely to reoccur in the foreseeable Equity shareholders of the parent 92.0 133.0 2
future in order to reflect management's view of the performance of the Group. Non-controlling interests 0.8 - 2
The underlying profitability of the Group is an important measure of delivery
against strategic objectives. Underlying PBT (£m) FY26 FY25 Note
Underlying PBT attributable to equity shareholders of the parent 92.0 133.0 2
Non-underlying items (6.3) (12.4) CIS,3
Profit before tax attributable to equity shareholders of the parent 85.7 120.6
CIS = Consolidated income statement
Underlying basic EPS Underlying basic earnings per share ('EPS') is based on earnings per share Underlying basic EPS (p) FY26 FY25 Note
before the impact of certain costs or incomes that derive from events Underlying basic EPS 14.8 21.0 5
or transactions that fall outside the normal activities of the Group and are Non-underlying items (1.0) (2.0)
excluded by virtue of their size and nature in order to reflect management's Basic earnings per share 13.8 19.0 5
view of the performance of the Group.
Free Net increase/(decrease) in cash before the impacts of dividends paid, share Free cash flow (£m) FY26 FY25 Note
buybacks, investment movements, acquisition and disposal of subsidiaries, Net increase/(decrease) in cash 0.1 (17.6) CFS
cash flow proceeds from new loans and repayment of borrowings. This measure shows the Remove effects of:
cash generated by the Group during the year that is available for strategic Equity dividends paid 58.7 59.7 CFS, 9
investments or returning to shareholders. Dividends paid to non-controlling interests 0.5 - CFS
Net repayment of borrowings (25.7) 15.0 CFS
Share buyback 25.2 25.1 CFS
Investment movements - (1.3) CFS
Acquisition of subsidiaries 2.7 1.3 CFS
Disposal of subsidiaries 0.4 1.6 CFS
Free cash flow 61.9 83.8
CFS = Consolidated statement of cash flows
Adjusted net (debt)/cash Cash and cash equivalents less the face value of loans and borrowings. Lease Adjusted (debt)/net cash (£m) FY26 FY25 Note
liabilities are excluded. Cash and cash equivalents 39.6 39.5 CBS
Loans and borrowings (face value) (59.0) (33.3) 19
Adjusted (debt)/net cash (19.4) 6.2
CBS = Consolidated balance sheet
Like-for-like revenue growth
Like-for-like revenue growth comprises total revenue in a financial period
compared to revenue achieved in a prior period for stores, online operations,
grooming salons and veterinary practices that have been trading more than 52
weeks prior to both the current and prior period reporting date, excluding fee
income from Joint Venture veterinary practices where the Group has bought out
the Joint Venture Partners. The measure is used widely as an indicator of
sales performance.
Like-for-like revenue (£m) FY26 FY25 Growth Note
Retail revenue 1,292.9 1,306.4 -1.0% 2
New stores and grooming salons (5.8) (7.8)
Retail like-for-like revenue 1,287.1 1,298.6 -0.9%
Vet Group revenue 176.7 175.3 0.8% 2
New practices (15.5) (16.0)
Vet Group other income (13.4) (15.4)
Vet Group like-for-like revenue 147.8 143.9
2.7%
Statutory Group revenue 1,469.6 1,481.7 -0.8% CIS
New stores, grooming salons and practices (21.3) (23.8)
Vet Group other income (13.4) (15.4)
Group like-for-like revenue 1,434.9 1,442.5 -0.5%
CIS = Consolidated income statement
Underlying profit before tax
Underlying profit before tax attributable to equity shareholders of the parent
('PBT') is based on pre-tax profit before the impact of certain costs or
incomes that are excluded as they are not generated from ordinary business
operations, infrequent in nature and unlikely to reoccur in the foreseeable
future in order to reflect management's view of the performance of the Group.
The underlying profitability of the Group is an important measure of delivery
against strategic objectives.
Underlying PBT (£m) FY26 FY25 Note
Underlying PBT 92.8 133.0 CIS
Attributable to:
Equity shareholders of the parent 92.0 133.0 2
Non-controlling interests 0.8 - 2
Underlying PBT (£m) FY26 FY25 Note
Underlying PBT attributable to equity shareholders of the parent 92.0 133.0 2
Non-underlying items (6.3) (12.4) CIS,3
Profit before tax attributable to equity shareholders of the parent 85.7 120.6
CIS = Consolidated income statement
Underlying basic EPS
Underlying basic earnings per share ('EPS') is based on earnings per share
before the impact of certain costs or incomes that derive from events
or transactions that fall outside the normal activities of the Group and are
excluded by virtue of their size and nature in order to reflect management's
view of the performance of the Group.
Underlying basic EPS (p) FY26 FY25 Note
Underlying basic EPS 14.8 21.0 5
Non-underlying items (1.0) (2.0)
Basic earnings per share 13.8 19.0 5
Free
cash flow
Net increase/(decrease) in cash before the impacts of dividends paid, share
buybacks, investment movements, acquisition and disposal of subsidiaries,
proceeds from new loans and repayment of borrowings. This measure shows the
cash generated by the Group during the year that is available for strategic
investments or returning to shareholders.
Free cash flow (£m) FY26 FY25 Note
Net increase/(decrease) in cash 0.1 (17.6) CFS
Remove effects of:
Equity dividends paid 58.7 59.7 CFS, 9
Dividends paid to non-controlling interests 0.5 - CFS
Net repayment of borrowings (25.7) 15.0 CFS
Share buyback 25.2 25.1 CFS
Investment movements - (1.3) CFS
Acquisition of subsidiaries 2.7 1.3 CFS
Disposal of subsidiaries 0.4 1.6 CFS
Free cash flow 61.9 83.8
CFS = Consolidated statement of cash flows
Adjusted net (debt)/cash
Cash and cash equivalents less the face value of loans and borrowings. Lease
liabilities are excluded.
Adjusted (debt)/net cash (£m) FY26 FY25 Note
Cash and cash equivalents 39.6 39.5 CBS
Loans and borrowings (face value) (59.0) (33.3) 19
Adjusted (debt)/net cash (19.4) 6.2
CBS = Consolidated balance sheet
Pre IFRS 16 leverage Adjusted net (debt)/cash (above) divided by underlying earnings before Pre IFRS 16 leverage (£m) FY26 FY25 Note
interest, taxes, depreciation and amortisation ('EBITDA') less expected rental Adjusted (debt)/net cash (above) (19.4) 6.2
charges. Figures have been presented on a rolling 52 week proforma basis. Statutory operating profit CIS
This measure is important because it is a covenant metric.
102.9 136.4
Underlying depreciation of property, plant and equipment 3
31.8 28.5
Depreciation of right-of-use assets 63.3 62.2 3
Amortisation of intangible assets 7.6 8.1 3
Non-underlying depreciation of right-of-use assets 3
- 3.4
Other non-underlying items in EBITDA 6.3 9.0 3
Underlying EBITDA 211.9 247.6
Less:
Proforma rental charges pre IFRS 16 (76.0) (78.1)
Underlying EBITDA (pre IFRS 16) 135.9 169.5
Pre IFRS 16 leverage 0.1x
(0.0)x
( )
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