Pets at Home backs FY guidance as Q1 revenues grow

(Sharecast News) - Pets at Home backed its full-year guidance on Thursday as it posted a rise in first-quarter revenue, with growth across both businesses.

In the 16 weeks to 16 July, total group revenue ticked up 3.9% to �614m. Vet Group consumer revenue was up 1.9% to �215m, with growth remaining ahead of the market and sales in line with expectations. Pets said growth was underpinned by a strong Care Plan performance and sign-ups, alongside higher average transaction values.

In the retail segment, consumer revenue rose 4.9% to �399m. The business won market share in Q1, with momentum underpinned by Retail Turnaround Plan initiatives. The company said sales growth was broad based with volumes comfortably growing ahead of sales.

Pets said its previously-announced �50m share buyback was progressing, with �25m to be complete by the end of the first half.

Chief executive James Bailey said: "We have made an encouraging start to FY27, trading in line with expectations and clear further signs that our Retail Turnaround Plan is gaining traction. Retail saw stronger momentum, with all categories delivering sales and volume growth, while our Vet Group continued to grow ahead of the market.

"We remain focused on delivering better value, stronger execution and more convenient pet care for customers, while building a more resilient and profitable business."

At 1045 BST, the shares were up 4.4% at 218p.

See latest RNS on Investegate