Shares of Chesire-based pet and vet retailer Pets At Home rose about 10% on Wednesday after it said its full-year revenue rose 6.9% to £961 million and underlying profit before tax rose 6.1% to £89.7 million, both ahead of analysts’ expectations.
Pets At Home also provided a positive outlook, saying: “We are confident about the year ahead, entering FY20 with good momentum and on a higher revenue and profit base than previously anticipated.”
In results for the year to March 28, Pets At Home said statutory profit before tax fell 37.7% to £49.6 million, but added that performance was ahead of expectations as “retail returned to profit growth faster than anticipated.”
Pets At Home CEO Peter Pritchard said: “We are trading strongly and taking share across the pet market.
“Customers are loving our lower prices, the convenience of subscription packages, high quality veterinary care and pet healthplans.
“We launched our pet care strategy last year and we’re already making good progress, bringing our Retail and Vet businesses closer together.
“Our commitment is to make sure pets and their owners get the very best advice, care and products, and we’re able to join this up for customers in a way that competitors just can’t.
“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.”