Pets at Home will continue to grow next year

Sales at the leading UK pet supplies retail chain Pets at Home increased in the first half of the company’s fiscal year from £346.2 mio to £381.5 mio. Profits were also up in the same period from £21.3 mio to £40.5 mio. Food revenues went up by 9.6 per cent to £188.7 mio and accessories by 8.0 per cent to £159.6 mio. Like-for-like sales rose by 4.2 per cent, driven by a strong showing in advanced nutrition, health & hygiene, the VIP Club and growth fuelled by the company’s veterinary practices and grooming salons.

In the 2015 financial year, the company aims to open 25 new stores, 60 veterinary practices and 50 grooming salons in Great Britain. “Management and the board remain confident in the group’s prospects for the year and trading since the end of the half-year period has been in line with our expectations,” Pets at Home said.

Following a fall in the market price of the company to below 160 pence in the summer and autumn, this has now stabilised in recent weeks at a market value of around 200 pence. The share price has been dogged by concerns about Pets at Home’s debts and the strength of its board, according to analysts.