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Pets At Home H1 Profit Up, Sees FY Profit At Top End Of Market View; Stock Up

Shares of Pets at Home Group Plc (PETS.L) were gaining around 8 percent in the early morning trading in London after the company reported Tuesday that its first-half profit before tax excluding IFRS16 surged to 37.3 million pounds from last year's 8.0 million pounds.

Profit before tax including IFRS16 grew to 34.0 million pounds from 8.0 million pounds last year.

For the 28 week period to October 10, Group underlying profit before tax excluding IFRS16 was 45.0 million pounds, compared to 37.9 million pounds driven by quality revenue growth in Retail.

Group underlying profit before tax including IFRS16 was 41.7 million pounds, compared to 37.9 million pounds last year.

Group underlying gross margin, meanwhile, declined to 49 percent from 50.3 percent last year.

Group revenue for the first half increased 9.4 percent to 546.3 million pounds from 499.3 million pounds a year ago. On a like-for-like basis, revenue increased 7.6 percent.

Retail revenue grew 8.1 percent, and Vet Group revenue climbed 19.6 percent.

Looking ahead, the company said it remains confident about the rest of the year despite continued consumer uncertainty.

The company now expects to deliver full year underlying profit growth, with Group underlying profit before tax on a pre-IFRS16 basis towards the top end of current market consensus.

Total revenue growth for the year is expected to be ahead of market.

The company also commenced succession plan for Tony DeNunzio after over 9 years as Chairman.

In London, Pets at Home shares were trading at 231.73 pence, up 8.08 percent.

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