Belfast Telegraph

Profit outlook boosts shares at pet outlet

By Holly Williams

Pets At Home has seen shares soar after delivering a dose of profit cheer following strong half-year sales and earnings.

Shares rose as much as 13% after the retailer said it expected full-year profits towards the top end of expectations after reporting a 7.8% rise in half-year like-for-like retail sales, with vet group sales up 6.4%.

Underlying pre-tax profits leapt 18.9% higher to £45m over the six months to October 28.

Pets At Home has 10 stores in Northern Ireland.

Chief executive Peter Pritchard said the firm was ahead of plans on aims to return to profit growth, with full-year results now expected close to the top of the £87m to £93m profit range.

It posted underlying profits of £89.7m for the previous financial year.

The bullish outlook comes despite its caution over ongoing consumer "uncertainty".

But Mr Pritchard said the general election and Brexit uncertainty had not impacted demand for pet products.

Belfast Telegraph