Trading Statement

RNS Number : 7711K
Pets At Home Group Plc
21 April 2015
 

 

FOR IMMEDIATE RELEASE, 21 APRIL 2015

Pets at Home Group Plc: FY15 Trading Statement

 

Delivering on expectations for the financial year 2015

Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces a FY15 trading update for the 52 week period to 26th March 2015.

FY15 financial summary

·     Like-for-like revenue growth of 4.2% driven by strength in Advanced Nutrition, Health & Hygiene, VIP Club, Services and Omni-channel

Merchandise like-for-like revenue growth of 3.7%

Services like-for-like revenue growth of 10.7%

·     Total revenue growth of 9.6% to £729.1m

Merchandise revenues up 8.3% to £666.1m, with Food outperforming Accessories

Services revenues up 25.2% to £63.0m

·     Fee income from Joint Venture veterinary practices up 30.7% to £28.2m

·     Underlying EBITDA for FY15 expected to be in line with market consensus*

Operational summary

·     Rollout during FY15

25 gross store openings, bringing the total portfolio to 400

61 vet practice openings, of which 32 were retrofits, bringing the total portfolio to 338

50 Groom Room openings, of which 26 were retrofits, bringing the total portfolio to 179

·     VIP club

Total members at year end of 3.2m, adding over 270,000 in the Q4 period

Card swipe rate at store tills represented 65% of revenues in the Q4, compared with 61% during the Q3

Since the year end, we have made our entry into specialist referral veterinary care, acquiring Northwest Surgeons based in Cheshire. Northwest Surgeons will operate as a stand-alone brand and business within our practice network.

Nick Wood, Chief Executive Officer, commented:

"We are delighted to be delivering on expectations in our first year as a publicly listed company. We have seen strength across both merchandise and services, demonstrating the broad range of levers through which we will successfully deliver further profitable business growth."

* Consensus expectations for FY15 underlying EBITDA range between £119.3m and £121.4m, with a mean of £120.6m, excludes IFRS2 share based payments

 

 



 

Key Performance Indicators

ROLLOUT



 FY15

 

FY14








Stores

Number of stores


4001

377


New stores


25

322








Vets

Number of vet practices (total)


338

277


      Of which Joint Venture practices


329

267


      Of which wholly owned Group Venture practices


9

10


Number of standalone vet practices


127

119


Number of in-store vet practices


211

158


      % of stores with vet


53%

42%







New vet practices in period (total)


61

69


New standalone vet practices


8

22


New in-store vet practices


53

47



      Of which retrofits


32

18








Groomers

Number of groomers


179

129


      % of stores with groomer


44%

34%


New groomers in period


50

42



      Of which retrofits


26

11








VIP CLUB



FY15

 

FY14



VIP club members (m)


3.2

2.0



VIP swipe as % revenue3


65%

52%








 







FINANCIALS

 

 

 

 

Revenue



FY15

 

FY14

Q4 FY15

Revenue Split (£m)





Merchandise revenue4


666.1

615.1

149.6

Services & other revenue5


63.0

50.3

15.8

Total Group revenue


729.1

665.4

165.4




 

Like-for-like growth6


4.2%

2.4%

4.5%

Merchandise like-for-like growth


3.7%

2.4%

4.2%

Services like-for-like growth


10.7%

2.1%

7.5%






Revenue Mix (% of total revenues)





Merchandise


91.4%

92.4%

90.5%

Services & other


8.6%

7.6%

9.5%





 







 

1 Store portfolio net of 25 new stores, one permanent closure in the period, and one temporary closure of Rugby, which will be relocated in the 1H FY16

2 Includes one new format store, Barkers

3 Average swipe rate over the Q4 period

4 Includes Food and Accessories revenue

5 Includes veterinary Joint Venture fees and other income, Groom Room revenue, revenue from live pet sales and insurance commission

6 'Like-for-Like' sales growth comprises total sales/fee revenue in a financial period compared to revenue achieved in a prior period, post cannibalisation, for stores, grooming salons and vets that have been trading for 52 weeks. LfL includes revenue from the Group's online operations

 

 



 

Enquiries

Pets at Home Group Plc:                                                                 +44 (0) 161 486 6688

Amie Gramlick, Head Of Investor Relations

 

 

Media Enquiries:

Pets at Home Group Plc:                                                                 +44 (0) 161 486 6688

Brian Hudspith, Head Of Corporate Affairs

 

Brunswick (Public Relations Advisors to Pets at Home):           +44 (0) 207 404 5959

Nick Cosgrove, Natalia Dyett

 

 

 

About Pets at Home

Pets at Home Group Plc is the UK's leading specialist pet omnichannel retailer and services provider.

Pets at Home operates from 400 stores located across the UK. The Group operates the UK's largest small animal veterinary business with 338 practices, run principally under a Joint Venture model using the Companion Care and Vets4Pets brand names. Pets at Home is the UK's leading operator of pet grooming services offered through its 179 Groom Room salons. The Group also owns and operates Ride-away, a specialist equine retail business with a York superstore, website and catalogue. For more information visit: http://investors.petsathome.com/

 

 


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