21st Apr 2015 06:53
LONDON (Alliance News) - Pets at Home Group PLC Tuesday reported growth in revenue for its recently completed financial year as it saw sales rise in all areas of its business, and said its full year underlying earnings before interest, tax, depreciation and amortisation are expected to be in line with market consensus.
In a trading statement, the pet products and services company reported sales growth of 9.6% for the year ended March 26 to GBP729.1 million, and like-for-like sales growth of 4.2%, driven by strength in advanced nutrition, health and hygiene, VIP club, services and omnichannel.
It said that sales in merchandise were up 8.3% at GBP666.1 million, with food outperforming accessories, and services revenue was up 25% at GBP63 million. Its fee income from Joint Venture veterinary practices rose 31% to GBP28.2 million.
The company said its full-year underlying earnings before interest, tax, depreciation and amortisation are expected to be in line with market consensus.
Throughout the year Pets At Home opened 25 stores, bringing the total portfolio to 400. It said 61 vet practices were opened, of which 32 were retrofits, making a total of 388. 50 Groom Rooms were opened, of which 26 were retrofits, bringing the total portfolio to 179.
Since the year end, the company has made its entry into specialist veterinary care, acquiring Northwest Surgeons based in Cheshire, which will operate as a standalone brand within its network, it said.
Pets At Home added that membership of its VIP club stood at 3.2 million at year end.
"We are delighted to be delivering on expectations in our first year as a publicly listed company. We have seen strength across both merchandise and services, demonstrating the broad range of levers through which we will successfully deliver further profitable business growth," Chief Executive Nick Wood said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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