Pets at Home’s revenue jumps 5.1% in the fiscal first half.

  • Pets at Home’s revenue jumps 5.1% in the fiscal first half.
  • The British retailer reports £38.9 million of profit in H1.
  • The board declares 2.5 pence per share of interim dividend.

Pets at Home Group plc (LON: PETS) said on Tuesday that its pre-tax profit came in higher in the fiscal first half. The company attributed the increase in its profit to greater revenue amidst the ongoing Coronavirus pandemic.

Pets at Home shares slipped a little under 10% on market open on Tuesday. On a year to date basis, it is currently 35% up – a good news if you invested in the stock market at the start of the year.

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Pets at Home reports £38.9 million of profit

Pets at Home Group reported £38.9 million of pre-tax profit in the six months that concluded on 8th October. In the same period last year, its pre-tax profit was capped at a lower £34 million. In separate news from the United Kingdom, British water utility and waste management company, Pennon Group plc, said on Tuesday that it was now appropriate to reinstate dividend payments.

The pet-care business said that its revenue saw a 5.1% year over year growth in H1 to £574.4 million. Comparable sales, the Handforth-based company added, were 13% up in the fiscal second quarter.  

Pets at Home declared 2.5 pence per share of interim dividend on Tuesday that remained unchanged from last year. According to the pet supplies retailer:

“The sustained strength in performance we saw across both our retail and veterinary operations during the second quarter has continued into our third quarter, and we continue to take market share across all channels.”

Pets at Home’s guidance for fiscal 2021

For fiscal 2021, the FTSE 250 listed company now forecasts its underlying pre-tax profit to keep in line with last year. It had registered £93 million of underlying pre-tax profit in fiscal 2020.

Pets at Home is an essential retailer that is allowed to remain open during the lockdowns. It also has an online unit that is serving customers amidst the ongoing pandemic that has restricted them to their homes.

The British firm valued its additional non-recurring costs attributed to the COVID-19 crisis at £8 million. Its net debt, comprising undrawn facilities and cash balances, stood at £297 million at the end of H1.

Pets at Home Group performed largely upbeat in the stock market lasts year with an annual gain of roughly 140%. At the time of writing, it is valued at £1.93 billion and has a price to earnings ratio of 29.18.

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