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Pets At Home H1 Profit Down, Revenues Rise; Maintains FY23 Underlying Profit View

Pets at Home Group Plc (PETS.L, PHGPY) reported Wednesday that its first-half profit before tax declined 18.7 percent to 53.4 million pounds from last year's 65.7 million pounds.

Basic earnings per share were 8.7 pence, down 21.8 percent from 11.1 pence a year ago.

Group underlying profit before tax was 59.2 million pounds, compared to 65.3 million pounds last year. Underlying basic earnings per share were 9.6 pence, compared to 11 pence last year.

The results were impacted by increased freight and energy costs and the increase in investment in digital assets.

Group revenue was 727.2 million pounds, 7.3 percent higher than prior year's 677.6 million pounds with good growth in Vet Group and retail revenues. Group like-for-like revenue went up 6.4 percent.

Customer revenue grew 7 percent to 928.2 million pounds.

Further, the company announced interim dividend per share of 4.5p, an increase of 4.7 percent from last year.

Looking ahead for fiscal 2023, Pets At Home continues to expect Group underlying profit before tax to be in line with analyst consensus, despite the challenging macro-economic environment.

Consensus is currently 131 million pounds, with a range of 121 million pounds to 136 million pounds.

The business remains highly cash generative, and the company said it expects to finish the year in a net cash position.

Looking further ahead, the prospects for the business remain strong.

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