Pets at Home profits fall despite increased revenues
Pets at Home stated that current trading remains strong with sales in the first few weeks in line with the FY23 exit rate
Pets at Home has announced that its profit before tax has dropped 17.7% to £122.5m for the year ended 30 March 2023.
The company stated that this was down to the gain on the sale of its Specialist Group in FY22 and the costs of bringing its new DC onstream in FY23.
However, the company’s underlying profit before tax was £136.4m, up 4.8%, taking into account higher energy costs and the company’s increased investment in digital assets.
Alongside this, the company’s revenue grew 6.6% to £1.4bn with like-for-like revenue up 7.9%.
Lyssa McGowan, CEO, 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.”
She added: “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 food bank 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.”
Pets at Home stated that current trading remains strong with sales in the first few weeks in line with the FY23 exit rate.
