Updates

Pets at Home

February 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Pets at Home’s interims marked a period of transition with heavy investment and disruption including short-term availability challenges and cost inefficiencies arising from a move to a new distribution centre in Stafford. Group sales rose 6.5%. Retail was +5.2% like-for-like, although rising costs clipped retail profit 40% lower to £23.8m (before central costs). There were three new store openings, four new groomers and 24 re-fits. In contrast, the Vet practice side (general practice plus telehealth services) grew underlying sales a strong 17.3% while profits jumped almost 16% to £32.8m driven by higher Average Transaction Value (ATV), mix and visits as it increased vet capacity through “improved attraction, retention, an ...

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Gulf Marine Services - New contracts drive chart break-out

Babcock International - Large reduction in net debt from £629m to £288m

Pets at Home (August 2024)

Pets at Home (August 2023)

Pets at Home - Up-selling to 7.6m active customers yields 9x spend uplift if all services taken! (April 2023)

Pets at Home (February 2020)

Pets at Home - Big director buying; prospective PE just 8.5 (October 2018)

Pets at home- Services side lifts sales 29% (August 2016)

Pets at Home (February 2016)

Pets At Home - Pet retailer benefits from growth in higher margin services (August 2015)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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