Business
Interim Financial Results
Interim Financial Results.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n \nRNS Number : 5481I Pets At Home Group Plc 27 November 2018 \n\nFOR IMMEDIATE RELEASE, 27th NOVEMBER 2018\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nBecoming the leading pet care specialist and returning to sustainable cashflow growth: interim financial results, strategic update and veterinary business review \n \n· UK pet care market remains resilient, growing at c3-4%\n· Pets at Home unique strategy winning with customers\no Retail business H1 FY19 LFL growth of 4.7%#, taking market share \no Vet practice H1 FY19 customer revenues growing at 15.4% \n· New strategy to become a complete pet care company \n· Taking action in our vet business to release cash profits and deliver more sustainable growth\n· Building the right leadership team to deliver, having recently appointed our Chief Data Officer, COO of Retail and CEO of the First Opinion vet business to our Executive Management Team\n· Group focus is to deliver sustainable free cashflow growth\nComment from Peter Pritchard, Group Chief Executive Officer\n\"Since becoming the Group CEO in May, I have had the opportunity to take stock of the wider group and shape my view of our future. What I have found fills me with confidence. Pets at Home is a healthy business and customers are loving what we do; responding to our price repositioning, investment in digital and the amazing service delivered by our vet partners. We have the ability to offer almost everything a pet owner needs, giving us opportunities our competitors simply don't have. Which is why my vision is to develop a complete pet care company, uniting our retail and vet businesses.\nReviewing our Vet Group has been a priority. I recognise we have grown at pace and more recently, have seen the pressure that rising costs and our fees are placing on this young business. We will need to recalibrate the business to deliver more measured growth, whilst maintaining our plan to generate significant cash profits. \nWe are focused on maximising our unique assets and delivering a plan for sustainable cashflow and profit growth. Given the success of the changes we have made in Retail, I'm confident we can do this.\"\nFirst Op...