Pets at Home has said it is on track to deliver full-year profit growth ahead of plan, as it reported “strong” half-year results.
The Cheshire-headquartered retailer saw underlying pre-tax profit increase 10.2 per cent to £41.7m, which included the impact of IFRS16, up from £37.9m for the same period the year previous.
The group reported statutory pre-tax profit soared 327.3 per cent to £34m, up from £8m.
Total group revenue rose 7.6 per cent year on year to £546.3m in the first half, up from £499.3m.
Group CEO Peter Pritchard said he was “very pleased” with what the group has achieved in the first half.
In its full-year results published in May, the group saw pre-tax profits slump 37.7 per cent year on year to £49.6m, as it ringfenced £40.4m to fund more buyouts of joint ventures with vet practices.
He said: “We have executed our plans well, and this has been reflected in the strong customer sales growth across the group.
“Our commitment, and that of the group’s joint venture partners, is to make sure pets and their owners get the very best advice, care and products; and this has led to record levels of VIPs, first opinion practice clients and subscription customers.
“In short, our pet care strategy is working.”
Mr Pritchard said the group has a “strong foundation” and expects sustained profit to continue.
He added: “We have much to look forward to in FY20 and beyond, and we now expect to return to profit growth a year ahead of our original plan.
“In the meantime, we will remain focussed on serving our customers, their pets and our partners better than ever before.”
