Business
Q1 FY25 Trading Statement
Q1 FY25 Trading Statement.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n\n\n \n \n \nFOR IMMEDIATE RELEASE, 01 AUGUST 2024\nPets at Home Group Plc: Q1 FY25 Trading Statement\nfor the 16 week period to 18 July 2024\nA resilient start to the year; full year guidance maintained\n \nFinancial Highlights\n\n\n\n\n●\n\n\nConsumer revenue1 up 1.5% to £576.6m supported by growing average customer spend and growth in active Pets Club members, up 3% YoY to 8.0m, offsetting the impacts of market normalization, as the pet population stabilizes, and slowing inflation.\n\n\n\n\n●\n\n\nTotal Group revenue growth of 1.0% to £441.1m, with Group like-for-like2 (LFL) revenue up 0.5%.\n\n\n\n\n\n\n\nᵒ\n\n\nVet Group revenue remain strong growing 17.1%, and LFL2 of 13.3%, driven by higher average spend and growth in visits, supported by improved clinical capacity and continued strong new customer sign-ups.\n\n\n\n\n\n\n\nᵒ\n\n\nRetail revenue down -0.8% as expected, with LFL2 down -0.8%, with a stronger performance through the second half of Q1 driven by consistent market share gains in key categories confirming that our offer continues to resonate well with consumers. Category trends were broadly consistent with previous quarters.\n\n\n\n\n \nBusiness Highlights\n\n\n\n\n●\n\n\nOur digital platform is seeing a positive response from customers, and improved conversion rates show the platform can deliver on our ambitions, leaving us optimistic for the future. We continue to build improved functionality into the platform and build momentum with consumers.\n\n\n\n\n●\n\n\nWe continue to grow our subscriptions revenues, now generating 11% of consumer revenue. Pet care plans benefited from strong customer acquisition in Vets during the quarter, while subscriptions in our Retail business are starting to benefit from the improved functionality offered by our new digital platform.\n\n\n\n\n●\n\n\nOur investment program is on track. Year to date we have opened 2 new pet care centres and completed 5 refits including 2 vet extensions. Our Stafford DC continues to support very strong levels of availability and we are on track to transition our online operations this year.\n\n\n\n\n●\n\n\nWe continue to win vet talent, with clinical FTE headcount up 6% YoY. The benefits of our unique JV model continue to attract vets and vet nurses to join our practices attracted by the independence, clinical freedom and s...