Business
Full Year Results
Full Year Results.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5512N\n Pets At Home Group Plc\n 21 May 2020\n \n \n \n \n FOR IMMEDIATE RELEASE, 21 MAY 2020\n \n \n Pets at Home Group Plc: FY20 Preliminary Results\nfor the 52 week period to 26 March 2020\n \n \n Exceptional Q4 demand delivers FY20 profit ahead of expectations;\nFocus on delivering a stronger pet care business in a post-pandemic future \n \n \n · \n Group like-for-like# (LFL) revenue growth of 9.0%\n \n \n o \n Total Group revenue exceeded £1bn for the first time, with growth of 10.2% to £1,058.8m\n \n \n o \n Retail LFL# revenue growth of 9.4%, or 15% on a 2-year basis - Q4 LFL revenue growth of 15.9%\n \n \n o \n Omnichannel revenue# growth of 27.8% or 83% on a 2-year basis, reflecting previous investment in capacity and fulfilment \n \n \n o \n Vet Group LFL# revenue growth of 5.6%, with LFL customer sales# growth across all First Opinion practices of 13.5%, and Joint Venture practices at 13.2% \n \n \n · \n Growth in Group underlying PBT# of 11.0% to £99.5m on a pre-IFRS16 basis, and Group underlying free cashflow# of 40.7% to £89.6m \n \n \n · \n Underlying basic earnings per share, excluding the impact of IFRS16, were 16.0 pence\n \n #\n \n (FY19: 14.1 pence) \n \n \n · \n Resilient balance sheet with significant headroom on debt capacity and covenants\n \n \n o \n Net debt of £85.9m, with net debt/EBITDA of 0.6x vs leverage covenant of 3.25x; on a post IFRS16 basis, net debt of £549.8m with net debt/EBITDA of 2.5x \n \n \n o \n Total liquidity, comprising cash balances and undrawn portion of £248m RCF (maturity 2023), of approximately £162m; an additional £100m facility agreed post year end \n \n \n o \n Final dividend per share of 5.0p, reflecting our strong performance in FY20 and robust liquidity and balance sheet, giving a total of 7.5p for FY20, equal with the prior year\n \n \n · \n Ongoing expansion of our pet care ecosystem:\n \n \n o \n Number of VIPs who purchase both products and a service grew 24% year-on-year, representing c16% of all 5.6m active members\n \n \n o \n Number of subscription customers across the Group is now over 865,000, up 23% YoY\n \n \n o \n Circa 20% of the UK puppy population signed up to VIP Puppy Club, typically spending 23% more than non-members across the Group\n \n \n \n \n \n # Alternat...