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Birmingham Post
Birmingham Post
Jon Robinson

Pets at Home wants to become the 'world's best' after record sales

Pets at Home has targeted becoming the "world's best" after seeing its sales jump during its latest financial year.

The Cheshire-headquartered retailer has posted a revenue of £1.4bn for the 12 months to March 30, 2023, up from £1.3bn.

Its underlying pre-tax profits increased by 4.8% to £136.4m but they fell on a statutory basis by 17.7% to £122.5m.

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Pets at Home said the fall in its statutory profits reflected the gain on the sale of its specialist group and the costs of opening its new distribution centre.

It added that its strong trading performance was partly offset by higher energy costs and increased investment in digital assets.

On its future plans, Pets at Home said: "Our medium-term vision and strategy is to build the world's best pet care platform.

"This will generate sustainable value for all stakeholders, as we create a better world for pets and the people that love them.

"We are the largest, and by far the most trusted, pet care business in the UK.

"We already have a leading 24% share of the £7.2bn UK pet care market, an industry supported by structural growth, underpinning resilience and predictability in our revenues.

"We are the only player that combines products, services and expertise across the full pet care market, with scale and credibility in every area.

"Our strategy will unlock a unique opportunity we have to bring together everything that pet owners need in one place."

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.

"Through our unique blend of products, services and expert advice we were able to serve pet owners better, grow our consumer base, and win more market share, building on our leading position in the UK pet care market.

"I would like to thank all of our incredible colleagues for their continued passion and dedication to our great business.

"It is our unique culture that sets us apart and will continue to underpin everything we do.

"We are committed to creating a better world for pets and the people that love them.

"I am incredibly proud that, through our foundation, we have raised over £50m to date for pets in need, making us the largest grant-maker to pet charities in the UK.

"This year in partnership with pet charity Blue Cross we also rolled out foodbank donation points in over 200 of our pet care centres, donating over 1m meals to help support pets and their owners during the cost-of-living crisis.

"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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