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Birmingham Post
Birmingham Post
Business
Tom Houghton

Pets at Home profits will be 'at least £77m' after bumper Christmas sales

Pets at Home has announced its pre-tax profit for the financial year will be "at least £77m" - over £10m more than previously stated.

The Cheshire-headquartered pet care group said it had posted "high-teens" group sales growth during December.

In its interim results released in November, the Cheshire-headquartered pet care business reported a revenue growth of 5.1% to £574.4m for the 28 weeks to October 8.

On Friday, in a Q3 trading update, the firm said that momentum had continued to accelerate "across all channels".

Despite the firm being classified as an 'essential retailer' during the third English lockdown which began this week, Pets at Home said the restrictions may still have an impact on sales.

The statement added: "While renewed Covid-related restrictions on a national level may constrain trade, we remain an 'essential' retailer and the measures we continue to take across our stores, veterinary practices and online operations are ensuring we remain in a strong position to meet all of our customers' pet care needs."

In half-year results released in November, the group anticipated full year underlying pre-tax profit would be £93.5m including business rates relief.

The firm pledged to repay the business rates relief figure of £28.9m - which would have taken the total to around £64.6m.

Friday's trading update increases that figure by over £10m.

Pets at Home's "robust balance sheet and liquidity position" was strengthened further at the end of the year when it agreed the sale of its five specialist referral practices to Solihull-based Linnaeus Group for £100m.

The firm said it would provide further detail on its Q3 trading and customer metrics during the final quarter.

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