Pets at Home boss says urgent and necessary' action needed as profits dive

"Stepping into the role as interim CEO 10 weeks ago, I set out with a clear agenda to establish a firm grip on the issues facing our retail business, while maintaining the positive results we're seeing in areas such as vets, Burke said. For over 30 years, Pets at Home has been a business with a clear purpose, an established market and loyal customer base, but it's clear that urgent and necessary action is needed to return the retail business to growth"

"On Wednesday the group reported underlying profit before tax had slumped 33.5% to 36.2m in the 28 weeks to 9 October. This was driven by an 84% fall in profits to 3.5m at its retail business, which also experienced a 2.3% fall in revenues to 679.9m. The group's vet services business performed strongly, reporting a 6.7% increase in revenues to 376m and an 8.3% increase in profits to 45m."

Underlying profit before tax fell 33.5% to 36.2m in the 28 weeks to 9 October. Retail profit plunged 84% to 3.5m and retail revenues declined 2.3% to 679.9m, while vet services revenue rose 6.7% to 376m and vet profits increased 8.3% to 45m. The company remains without a permanent chief executive following a September departure and appointed an interim executive chair who has taken on the acting CEO role. Management identified a shift to premium, direct-to-consumer advanced nutrition and weaker accessories sales as key retail pressures and launched a 20m cost-cutting programme.

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