Board changes for Pets at Home as profits grow by £5m

Retailer Pets at Home Group Plc has increased its profits by just over £5m in the latest financial year.

For the 52 weeks to March 30 2017, the Cheshire-headquartered firm reported a statutory profit of £95.4m before tax, up 5.8% against the year previous.

Pets at Home’s group revenue grew year on year by 7.2% to £834.2m.

Of the sales total, merchandise accounted for £716.7m, up 2.9% in comparison to the 2015/16 financial year, while services grew by 44.5% to £117.5m.

FY2017 saw Pets at Home blaze forward with its UK-wide expansion plans, opening 15 new superstores, 50 veterinary practices and 50 grooming salons. The company also acquired two vet referral centres.

As a result of the growth, Pets at Home now operates a network of 442 pet stores.

Group CEO Ian Kellett said: “We are uniquely positioned as the only UK pet business delivering an integrated omnichannel and services offer, supported by our fast growing vet group, market leading private labels and expert colleagues.

“In an evolving consumer environment, we are taking steps to reposition prices on own label advanced nutrition and pet essentials and have made some initial changes to branded food lines.”

He continued: “Encouraged by the reaction of our customers and having seen an improvement in merchandise like-for-like to 1.0% in the 16 weeks since launch, we will move swiftly to deliver even better value.

“We are confident this is the right path for success and will give us a strong platform for sustainable future growth.”

Elsewhere, Pets at Home has today (May 25) announced changes to its board.

Independent non-executive director Paul Coby will step down from the board at the close of the firm’s annual general meeting (AGM), due to be held on July 11 2017.

Paul, a director at Pets at Home since 2014, will be succeeded by former Photobox president and AOL Europe COO Stansilas Laurent.

Additionally Amy Stirling, also independent non-executive director, will step down from the board at the end of the AGM. Having also joined the company in 2014, she will be succeeded by Sharon Flood, chairman of Paris-based luxury goods company ST Du Pont S.A.

Sharon also serves as audit chair of housebuilder Crest Nicholson plc and Network Rail.