Pets at Home hikes profit guidance as it outlines mitigations for inflationary pressures
Pets at Home has upgraded its profit guidance in the wake of rising revenues.
In a trading update for the 12 weeks to 30 December, the pet care business posted total Group revenue growth of 5.8 per cent to £319.4m.
It said group like-for-like revenue was up 8.7 per cent compared to 2020. In comparison to pre-pandemic levels in 2019, like-for-like revenue soared 28.1 per cent.
The business said it anticipated group underlying pre-tax profit for the 2022 financial year, excluding any potential impact from accounting changes, would be at least £140m.
Pets At Home said while it had experienced “a number of inflationary pressures across the supply chain,” it was “proactively mitigating” against them.
Measures taken include rent reductions, procurement savings and “operational efficiencies”.
Shares were up more than four per cent on Wednesday morning, following the group’s update.