Like-for-like revenue growth at pet supplies retailer Pets at Home grew 4.2 per cent for the year to 26 March. Total revenue climbed 9.6 per cent to £729.1m while fee income from joint venture veterinary practices soared by 30.7 per cent to £28.2m.
Merchandise like-for-like revenue grew steadily by 3.7 per cent but like-for-like revenue from services jumped by 10.7 per cent. Pet food continued to outperform accessories on the merchandise side of the business.
Why it's interesting
One of last year's weaker floats, the FTSE 250 company will be pleased that it has delivered on expectations with revenue growing on the back of products in advanced nutrition, health & hygiene and the company's VIP club.
In the fourth quarter Pets at Home grew its VIP club membership by 270,000 reaching 3.2m in total at the year's end.
Having opened 25 new stores it now boasts a portfolio of 400 stores. It has also rolled out another 61 vet practices for the financial year 2015.
What Pets at Home said
Nick Wood, chief executive of Pets at Home, said:
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.
While not spectacular trading statement, Pets at Home has met expectations and demonstrated the ability to deliver growth in both merchandise and services.