Pets at Home profits spike in ‘strong’ first half

Pets at hom 660

Pets at Home has said it expects to deliver a full-year profit at the top end of market consensus following a “strong” first half.

The retailer’s pre-tax profits surged more than four-fold on a statutory basis during the 28 weeks to October 10. Including the impact of new IFRS16 accounting measures, pre-tax profit surged to £34m from £8m a year ago.

On an underlying basis, pre-tax profit increased 10.2% to £41.7m.

Pets at Home said group revenue, including its growing services business, advanced 9.4% to £546.3m during the six month-period. On a like-for-like basis, revenues were up 7.6%.

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