Pets at Home full-year profit surges

4th Jun 2015 07:58

Pet retailer and animal care company Pets at Home posted a surge in 2015 pre-tax profit to £87m from £22.5m last year as its business grows in popularity, and boosted by the lack of exceptional costs it booked last year.Revenue rose 9.6% to £729.1m from £665.4m, with an 8.3% increase in merchandise revenue to £666.1m, a 9.8% rise in food revenue to £359.3m and a 6.6% gain in accessories to £306.8m.Pets at Home said it will pay a total dividend of 5.4p per share for 2015.The company said it is confident in the prospects for the year and believes it will continue to grow sales, stores, and vet and grooming services by more than the rate of growth for the UK pet market.Chief executive officer Nick Wood said: "I am delighted to announce another year of progress as we continue to deliver on our targets for growth, with strong cash flows allowing us to deliver a dividend payment at the top end of our commitment." "We have seen excellent progress in Advanced Nutrition, a product area that benefits significantly from the specialist knowledge of our highly-trained colleagues and where we have a strong market presence through our private brand, Wainwright's," he said."We have also seen excellent growth in pet services as we roll out new vet practices and groom rooms and the existing estate continues to mature."In a separate statement, the company announced that finance director Ian Kellett has been appointed as chief executive officer of the newly-formed retail division, while Sally Hopson - previously customer and people director and CEO of the Vet Group - will head up the services business. Kellett will stay on as interim finance director until a replacement is found.