London · Delayed Price · Currency is GBP · Price in GBX Pets at Home Group Earnings Call Transcripts
Fiscal Year 2026
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Retail and vet segments are showing early signs of recovery, with cost savings and price investments supporting volume growth and profitability. Guidance for FY 2027 is reaffirmed, with margin improvement and market share gains expected.
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Group revenue grew 1% to nearly £2bn, with vet segment strength offsetting retail weakness. Profit before tax fell by a third to £93m, but early signs of retail recovery and a robust vet business support a positive outlook.
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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.