Pets at Home has posted a healthy 7.3% rise in first-half revenue to £727.2m after continuing to benefit from record levels of pet ownership in the UK.
Over the six-month period to 13 October, its retail revenue rose by 6.8%, with like-for-like growth of 5.9%.
Meanwhile, revenue from its vet division increased by 12.4%, with like-for-like growth of 10.5%.
However, the group’s underlying pre-tax profit slipped 9.3% to £59.2m after the business was hit by rising freight and energy costs, and increased investment in digital activity.
Lyssa McGowan, Pets at Home’s newly-appointed Chief Executive, said: “Our first half performance shows progress and resilience across the business. In a challenging macro-environment, the pet care industry remains in growth across all channels, and we have continued to acquire new customers at an impressive rate, setting new records for customer numbers in recent months.”
The group expects its full-year underlying pre-tax profit to be in line with analyst consensus, despite the challenging economic environment. This currently stands at £131m, with a range of £121m to £136m.
McGowan concluded: “I am more convinced that Pets at Home is well positioned to capitalise on an attractive growth opportunity in our structurally growing pet care market, supported by our unique blend of products and services, deeply embedded culture and expert, passionate colleagues, and partners.”
