Pet at Home have seen shares rocket as they posted better than expected annual results. Share’s surged by 11% after beating market forecasts, up 6.1% to £88.7m in the year to 28 March. Like-for-like sales were higher by 5.1% and group wide store sales were up by 5.7%.
Fourth quarter comparable store sales were up by 6.5% helping to notch the retailer up to its ninth quarter in a row. Statutory pre-tax profits were down by 37.7% to £49.6m after taking a £40.1m hit due to their overhaul of the retailer’s veterinary practices after an expansion.
They bought out 48 stores from 55 joint venture vet practices of the 471 strong Vet Group chain.
Peter Pritchard chief executive said, “I’m pleased with our progress and the results we have delivered, but there remains plenty to do.
“I’m confident we will successfully reposition our Vet Group so that, with the strong performance in retail, we will be well-placed to deliver our strategy.”
Simon Bowler, an analyst at Numis Securities said, “These results offer further evidence that management action to stabilise retail has proven successful.
“From a base of sharper pricing and better invested and presented offer, we expect the business to achieve sustainable revenue and profit growth.”