// Pets at Home reveals plans to become ‘world’s best pet care platform’ as profits rise
// The pet retailer posted underlying pre-tax profits rose 4.8% to £136.4m in the 52 weeks to 30 March 2023
Pets at Home has revealed plans to become a “unified pet care platform” after posting a record full-year performance.
Underlying pre-tax profits for the pet retailer rose 4.8% to £136.4m in the year to 30 March 2023, with a strong trading performance helping to partly offset higher energy costs and increased digital investment.
Sales surged 6.6% to £1.4bn over the period, up 7.9% on a like-for-like basis, thanks to a 13.3% jump in vet group revenue and 5.9% increase in retail purchases.
However, statutory pre-tax profits plunged 17.7% to £122.5m driven down by costs of a new distribution centre and the gain on the sale of its specialist group in 2022.
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Following the positive results, Pets at Home shared its medium-term growth plan of becoming the “world’s best pet care platform” by integrating its products and services and investing further in its pet care centres.
The move will “generate substantial value for all stakeholders” as it looks to “create a better world for pets and the people that love them”.
The retailer added it would target 10% profit growth in the medium term and announced a share buyback programme worth £50m.
Chief executive Lyssa McGowan said: “Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers.
“Today I am also delighted to announce our updated strategic ambition to build the world’s best pet care platform.
“I am incredibly excited about the opportunity ahead, building on the tremendous success the business has enjoyed in recent years, and capitalising on our unique growth opportunity.”
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