Pets at Home has announced its intention to launch a £50 million buyback for the year ahead, thanks to strong sales.
In the year ended 30 March 2023, the group reported a 6.6% rise in sales to £1.4 billion, with like-for-like revenues up 7.9%.
It also stated a 4.8% rise in underlying profit before tax to £136.4 million, ahead of previous guidance.
However, statutory profit before tax decreased by 17.7%, thanks to the costs of bringing a new distribution centre online in the period.
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Meanwhile, the group added that it expects to finish the current financial year in a net cash position, which gives it the “confidence” to announce a £50 million buyback.
Looking ahead, it predicts sales to grow in line with its medium-term ambition of 7%.
“Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers,” Pets at Home CEO Lyssa McGowan said.
“Today I am also delighted to announce our updated strategic ambition to build the world’s best pet care platform.”
McGowan added: “I am incredibly excited about the opportunity ahead, building on the tremendous success the business has enjoyed in recent years, and capitalising on our unique growth opportunity.”
The group also unveiled plans to “significantly grow” it subscription headcount, having already 1.6 million sign-ups.
“Our digital and data platform, integrated with face-to-face expertise, will allow us to offer an enhanced range of brilliantly simple, highly-compelling, and great value subscriptions to lead the market and drive lifetime value,” it said.
The news comes as Pets at Home recently relaunched its brand with a new identity and advertising campaign that combines all the elements of the business and celebrates the nation’s love of pets.
