Business
FY23 Preliminary Results
FY23 Preliminary Results.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n\n\n \n\nFOR IMMEDIATE RELEASE, 25 MAY 2023\nPets at Home Group Plc: FY23 Preliminary Results\nfor the 52-week period to 30 March 2023\nRecord sales, underlying PBT and FCF underpin updated medium-term vision\n \nFinancial highlights - 2023 a record year\n\n\n\n●\n\n\nTotal Group revenue growth of 6.6% to £1,404.2m, with Group like-for-like# (LFL) revenue up 7.9%, with quarterly LFL# accelerating sequentially throughout the year.\n\n\n\n\n\n\n\n●\n\n\nVet Group revenue increased by 13.3%, with LFL# revenue up 13.4%. Across our general practices we are now consistently delivering in excess of £10m consumer revenue# per week.\n\n\n\n\n\n\n\n●\n\n\nRetail revenue growth of 5.9%, and LFL# growth of 7.5%. All channels contributed to growth, and we delivered further progress in our relative price competitiveness.\n\n\n\n\n●\n\n\nOur statutory PBT was £122.5m, down 17.7% reflecting the gain on the sale of our Specialist Group in FY22 and the costs of bringing our new DC onstream in FY23, which are treated as non-underlying.\n\n\n\n\n●\n\n\nUnderlying PBT# of £136.4m is up 4.8% (+8.0% on a 52-week basis), ahead of previous guidance, with strong trading performance partly offset by higher energy costs and increased investment in digital assets as we build out our platform.\n\n\n\n\n●\n\n\nFree cash flow# up 3.5% to £98.2m reflecting YoY profit growth and our planned increased investment into our key strategic growth areas. Cash and cash equivalents at end of year was £178.0m.\n\n\n\n\n●\n\n\nBalance sheet remains robust with net cash# (before lease liabilities of £421.4m) of £54.7m, giving us the confidence to announce a £50m buyback for the year ahead, following £50m completed in FY23, in line with our capital allocation policy.\n\n\n\n\n●\n\n\nFinal dividend per share of 8.3p, +10.7% YoY. Full year dividend per share of 12.8p, +8.5% YoY.\n\n\n\n \nBusiness highlights\n\n\n\n●\n\n\nWe attained a market share of 24%, taking 5-year gains to c600bps, as we continue to grow our share of the growing UK petcare market.\n\n\n\n\n●\n\n\nConsumer revenue# up 6.5% to £1,782m (+8.5% on a 52-week basis), supported by both volume and value growth, ending the year with our strongest quarter and momentum continuing into the new year.\n\n\n\n\n●\n\n\nWe grew our active VIP base to 7.7m, as our pet care offer continued to resonate stron...