Profits slip at Pets at Home as CEO steps down

Pets at Home has posted a drop in first-half profitability, despite an increase in sales across the business.

The company said statutory pre-tax profit fell 11.3 per cent to £40.8 million in the 28 weeks to October 12, despite a 3.9 per cent increase in like-for-like revenue growth across the group.

Merchandise like-for-likes climbed 3.1 per cent year-on-year, driven by multichannel investments, innovation within its accessories ranges and changes in its pricing strategy.

Pets at Home’s services like-for-likes grew at the much faster rate of 9.5 per cent, as total income from joint venture vet practices climbed 16.1 per cent to £28m and specialist referral centres increased revenues at double-digit levels.

The retailer said Mr Kellett is leaving the business to “pursue his own personal business interests” and will depart on May 31, 2018.

He will be succeeded as group chief executive by Peter Pritchard, the current chief executive of Pets at Home’s retail division. Mr Pritchard joined Pets at Home as commercial director in 2011 and was promoted to chief executive of retail in 2015.

Pets at Home chairman Tony DeNunzio said: “Peter has steered the retail business for a number of years and has been responsible for the launch of some highly successful initiatives, and I am confident he will provide strong leadership to the group.

“I want to thank Ian for his long tenure at Pets at Home, having successfully led multiple areas of the business in his roles as chief financial officer, within retail, and as group CEO.”

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