Pets at Home revenue jumps 8%

pets at home

Pets at Home revenue jumped almost 8% to £1.14bn.

Sales increased from £1.33bn to £1.43bn – an increase of 7.7%.

Pre-tax profits were down 6.4% due to Covid-related costs and the repayment of £28.9m business rates relief.

“Despite challenges to how we were able to do business, we grew our market share across all channels and our underlying growth trajectory accelerated,” said CEO Peter Pritchard.

“Our loyalty clubs saw record periods of new customer registration, strong growth in subscription customers increased the visibility and quality of our sales profile, whilst new clients across our veterinary estate helped increase practice profitability and cash flow.

“We estimate that the rising level of pet ownership, combined with structural demand drivers such as premiumisation and humanisation, has increased the outlook for growth across our addressable market, and in conjunction with our expectations of continuing to take market share, provides a tailwind to the £600m customer revenue opportunity we see across our business over the medium term,” he added.

Pets at Home shares are trading -2.73% at 450.76 (0857GMT).