Pets At Home revenues surge

Pets at Home revenues surged 18% to £677.6m in the six months to the 7th October. Like for like sales increased 28.6%.

“Our business has never been more robust,” said Peter Pritchard, chief executive. “Notwithstanding some near-term, industry-wide challenges, we continue to grow ahead of our plans and, based on trading year to date, we are on track to report a record year of sales and profit growth,”

The number of homes with a pet in the UK increased over lockdown, which has helped to boost the group’s results.

Investors will be receiving a payout of 11.3 pence per share. Last year, the payout was 6.3 pence. Expected profits for the full year are expected to be at the top end of expectations.

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The Pets at Home share price has been down over the past week.

“The race to buy pets during the pandemic has pepped up Pets at Home no end. Many people introduced a feline or canine addition to their household during lockdown and now these furry friends need looking after,” said AJ Bell investment director Russ Mould.

“Where Pets at Home deserves credit is in sharpening its proposition to take advantage of this wave of new business.

“Demand not just for goods like food, treats and toys but also for veterinary and grooming services has shot up and Pets at Home has been well placed to take advantage as previous investment in boosting its paw print and adding new expertise has paid off.

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