London · Delayed Price · Currency is GBP · Price in GBX Pets at Home Group Earnings Call Transcripts
Fiscal Year 2026
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Group revenue grew slightly but profit fell sharply due to retail underperformance, while the Vet Group delivered strong growth and now drives most profits and cash flow. A turnaround plan targets product, price, execution, and cost, with cost reductions and new product initiatives expected to benefit results from 2026.
Fiscal Year 2025
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Completed a major transformation, with the vet business now driving over half of profits and cash flow. FY 2025 saw 2.7% revenue growth, 22% higher free cash flow, and strong subscription momentum. FY 2026 profit is guided at GBP 115–125 million amid cost headwinds.
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Vet sales grew 13% and retail outperformed a declining market, driving 4.1% total revenue growth in H1. Cost control and digital investments position the business for future gains, though guidance assumes continued subdued consumer demand.
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Revenue grew over 4% to GBP 1 billion, with underlying profit up 14% and strong vet segment growth, despite a subdued market. Guidance updated to modest profit growth for FY2025, but long-term outlook remains positive as investments in digital and physical assets drive future value.