Pets at Home shares jump after strong growth figures
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Shares in Pets at Home rose yeaterday after the company announced strong revenue growth with turnover reaching £195.1m in the third-quarter.
The Cheshire-based firm saw services growth of 8.5%, driven by strong performance in vet and grooming services.
While like for like merchandising sales grew 1.7% with strength in advanced nutrition, omnichannel and recovering sales in health & hygiene products.
In the trading update for the 12 week period from October 9 2015, to December 31 the retailer opened seven Pets at Home superstores, 15 grooming salons and six veterinary practices.
They are also on track to deliver further roll-out targets of 20-25 Pets at Home stores, five Barkers and between 50-55 vet practices.
Nick Wood, chief executive officer, said: "We are pleased with the improved trading momentum in our Merchandise business, alongside continued strength in our vet and grooming services.
"We are also delighted with our acquisition of one of the UK's leading specialist hospitals, Anderson Moores, which further develops our presence in this important strategic segment of the veterinary market.
"I would like to thank all our colleagues for their hard work through the busy festive period. We look forward to further growth and expansion in 2016."
Shares in the company were up 4.9% at 244.5p yesterday morning after the results had been announced.
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