FOR IMMEDIATE RELEASE, 26 MARCH 2024
Pets at Home Group Plc: FY24 pre-close statement
Pets at Home Group plc, the UK's leading pet care business, is pleased to provide a pre-close update in respect to the 52 week period from 31 March 2023 to 28 March 2024.
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Q4 trends have been broadly as expected across Retail and Vets, and Group underlying profit before tax (PBT) for FY24 is expected to be £132m, in line with previous guidance. |
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We have now successfully launched our new digital platform to consumers, in line with our commitment for launch this year, offering much improved user experience and functionality across our app and website. |
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Our new Stafford DC continues to function well, supporting all store deliveries, with availability remaining at historically high levels. We look forward to transitioning our online sales across through H1 FY25 as previously targeted. |
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We expect to finish the year in a net cash position, after having returned over £100m to shareholders in FY24 via dividends and buybacks, and after having incurred £3m more non-underlying costs than previously expected due to higher restructuring costs, taking the total non-underlying costs for FY24 c£27m. |
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Looking ahead to FY25, we are comfortable with current analyst consensus expectations for Group underlying PBT1. |
Our next scheduled update will be our FY24 preliminary results announcement on 29 May 2024.
Investor Relations Enquiries
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Pets at Home Group Plc: |
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Andrew Porteous, Director of Investor Relations |
+44 (0) 7740 361 849 |
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Chris Ridgway, Head of Investor Relations |
+44 (0) 7788 783 925 |
Media Enquiries
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Pets at Home Group Plc: |
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Natalie Cullington, Head of Communications |
+44 (0) 7974 594 701 |
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Citigate Dewe Rogerson: |
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Angharad Couch |
+44 (0) 7507 643 004 |
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business, providing pets and their owners with the very best advice, products
and care. Pet products are available online or from over 450 pet care centres, many of which also have vet practices and grooming
salons. The Group also operates a leading small animal veterinary business, with over 440 veterinary general practices located both
in our pet care centres and in standalone locations. For more information visit: https://www.petsathomeplc.com/
Disclaimer
This trading statement does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Pets at Home Group Plc shares or other securities nor should it form the basis of or be relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which the Company's securities have been bought or sold in the past, is no guide to future performance and persons needing advice should consult an independent financial adviser. Certain statements in this trading statement constitute forward-looking statements. Any statement in this document that is not a statement of historical fact including, without limitation, those regarding the Company's future plans and expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this statement. As a result you are cautioned not to place reliance on such forward-looking statements. Nothing in this statement should be construed as a profit forecast.
1. Current analyst consensus for FY25 Group underlying PBT is £144m with a range of £137m - £150m.
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