Pets at Home Group Plc has released its trading statement for the 16-week period ending on 18 July 2024, highlighting a resilient start to the year and maintaining full-year guidance. The financial highlights include a 1.5% increase in consumer revenue to £576.6m, supported by growing average customer spend and active Pets Club members. The total Group revenue grew by 1.0% to £441.1m, with a 0.5% increase in like-for-like revenue.
The Vet Group revenue remained strong, growing by 17.1%, and the Retail revenue, as expected, was down by -0.8%. The company's digital platform has seen a positive response from customers, with improved conversion rates, and it continues to build improved functionality into the platform. Additionally, the company is growing its subscriptions revenues, now generating 11% of consumer revenue.
Pets at Home Group Plc's investment program is on track, with the opening of 2 new pet care centers and completion of 5 refits, including 2 vet extensions. The company continues to win vet talent, with clinical full-time equivalent (FTE) headcount up 6% year-on-year. Furthermore, the company is progressing its sustainability agenda, having raised over £1.3m for pet charities, fed over 700k pets for a day through its pet food bank partnership with Blue Cross, and donated over 650 hours to local communities through its Better World Pledge volunteering program.
The company has made no change to its guidance for FY25 and remains comfortable with the current analyst consensus for Group underlying profit before tax of £144m. The sales trends remain in line with expectations, with gross margins being resilient through Q1. The company's balance sheet remains robust, and it is progressing with its £25m share buyback.
Lyssa McGowan, Chief Executive Officer, expressed satisfaction with the resilient Q1, stating that the company's growth improved through the quarter as its offer continued to resonate well with UK pet owners. She also thanked the company's colleagues and vet partners for their ongoing passion and dedication to creating a better world for pets and the people that love them.
The strategic key performance indicators (KPIs) for FY25 Q1 showed positive year-on-year growth in the number of active Pets Club members, average consumer value, percentage of revenue from subscriptions, and clinical FTE headcount.
The next scheduled update will be the FY25 interim results announcement on 27 November 2024. For investor relations enquiries, individuals can contact Andrew Porteous, Director of Investor Relations, and Chris Ridgway, Head of Investor Relations. For media enquiries, Natalie Cullington, Head of Communications, can be contacted.
This comprehensive summary provides an overview of Pets at Home Group Plc's Q1 FY25 trading statement, including financial and business highlights, current trading and outlook, and key performance indicators.