Pets at Home raise guidance after boost to revenues

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Retailer Pets at Home has raised its underlying profit guidance after a positive period during the first quarter of fiscal year 2022.

Revenue grew 26% on year to £377.8 million, or 30% on a like-for-like basis, in the 16 weeks ended July 15.

Retail revenue rose 29% on both reported and like-for-like bases.

The company said it now expects full-year underlying pretax profit to be around £130 million - 49% higher than the year prior.

Peter Pritchard, CEO, commented: 'It is pleasing to note that many of the positive trends from our last financial year have accelerated in the current quarter.

'Key indicators point to continued growth in pet ownership, providing a supportive backdrop to long-term growth across the underlying market and our business, and we continue to see strong growth in new customers, subscription plans and veterinary clients.'