Cheshire pet care group well positioned for future growth

Handforth-based pet care group, Pets at Home, believes it is well positioned for strong growth in the coming years according to its FY2024 preliminary results.

The group has reported revenue growth of 5.2% to £1.5 billion across both its retail and vet businesses. Despite this, it has seen profit before tax fall 3.2% year-on-year in light of investment made across the business during the past year.

Pets at Home Group describe FY2024 as a ‘foundational year’ after delivering on a number of key strategic elements that it believes will provide the platform for future growth for the business. These elements include a new digital platform for consumers across its app and website, a new single distribution centre to streamline logistics operations, and growth in its vet footprint, pet care centres and subscription service. The group has also completed £100 million in share buybacks over the last two years, with a further £25 million planned for 2025.

Looking ahead, the Handforth-based group expects no change to its profit guidance for 2025, and predicts it will begin to see the benefit of completed investments and productivity programmes.

Lyssa McGowan, Chief Executive Officer of Pets at Home Group:

“FY24 has been a pivotal year for the business, having delivered some key building blocks of our platform for long term growth. I am proud of the progress we have made in the year; we relaunched our brand, opened our new DC, built our new digital platform, made progress in our sustainability agenda, and enhanced our physical estate. The business has come together brilliantly to navigate any challenges faced this year, and we have delivered some key milestones of our strategy.

“Our medium-term strategy and financial framework is unchanged and, looking ahead, the fundamental strengths of the business position us well to deliver growth. We hold a leading position in a structurally growing market, with an unrivalled retail store network, and a unique, differentiated and integrated vet business. We know the nation’s pets better than anyone else, with over 10 years of analytical data on 10 million pets, and we now have a best-in-class digital platform, and a modern efficient DC.

“Above all else, we have the best colleagues in the industry, who use their passion and expertise to guide customers through their pet care journey every day. All of this positions us incredibly well as we continue to execute our strategy to build the world’s best pet care platform.”