Pets at Home to report strong rise in profits

Pets at Home is predicting its strong sales performance throughout 2020 to continue to the financial year end.

In a third-quarter trading update, the company said: “Our results on November 24, 2020, covering the 28-week period to October 8, highlighted the inherent resilience of both our pet care model and the underlying pet care market. This was reflected in strong sales momentum across our retail and veterinary operations during the second quarter despite an extremely challenging external environment.

“This momentum has accelerated across all channels during our third quarter, with ‘high teens’ group sales growth during December.”

The statement continued: “While renewed COVID-related restrictions on a national level may constrain trade, we remain an ‘essential’ retailer and the measures we continue to take across our stores, veterinary practices and online operations are ensuring we remain in a strong position to meet all of our customers’ pet care needs.

“At this stage, based on trading, year-to-date and assuming no change to our ‘essential’ designation, we now anticipate full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9 million, to be at least £77m ahead of our previous guidance.”

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