Pets At Home First half profit down, revenue up; Maintains view of FY23 underlying earnings

(RTTNews) – Pets at Home Group Plc (PETS.L, PHGPY) reported on Wednesday that its first-half pre-tax profit fell 18.7% to 53.4 million pounds from 65.7 million pounds last year. last year.

Basic earnings per share were 8.7 pence, down 21.8% from 11.1 pence a year ago.

The group’s underlying pre-tax profit was £59.2m, down from £65.3m last year. Underlying basic earnings per share was 9.6 pence, down from 11 pence a year ago.

Results were impacted by rising freight and energy costs and increased investment in digital assets.

Group turnover was £727.2m, 7.3% higher than the previous year’s £677.6m, with good growth in Vet Group revenue and sales by retail. Group sales on a like-for-like basis increased by 6.4%.

Client revenue rose 7% to £928.2 million.

Additionally, the company announced an interim dividend per share of 4.5 pence, an increase of 4.7% on last year.

For fiscal year 2023, Pets At Home continues to expect the Group’s underlying pre-tax profit to be in line with analyst consensus, despite the challenging macro environment.

The consensus is currently at 131 million pounds, with a range of 121 million pounds to 136 million pounds.

The business remains very cash-generating and the company said it expects to end the year with a clean cash position.

Longer term, the company’s outlook remains strong.

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