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Pets At Home (PETS)
skinny
- 12 Mar 2014 08:28
skinny
- 09 Jun 2015 08:07
- 52 of 83
HARRYCAT
- 09 Jun 2015 11:51
- 53 of 83
Morgan Stanley note today:
"1) In FY 2014/15 Pets at Home reported its best LfL growth in five years (4.2%). To what extent was this due to an improving economic backdrop and to what extent was it due to company initiatives? How important was VIP Club in driving this growth?
2) Despite the strong LfL growth, the group generated no operating leverage in FY 2014/15 (EBITDA margins were flat at 16.6%). To some extent this lack of leverage can be explained by incurring 'PLC' costs for the first time. However there were a number of favourable tailwinds too, including higher revenue mix of (high margin) services and the retrofitting of an additional 32 vets practices (a vets practice typically pays around £40,000 per annum in rent, which is accounted for as a negative expense). Why did underlying costs grow so fast last year? How strong will LfL growth need to be in FY 2015/16 to offset cost inflation?
3) The European online petcare retailer Zooplus, which is listed on the Frankfurt stock exchange, is forecasting that it will deliver at least €725m of revenues this year (implying growth of at least 27%). Does Pets at Home expect Zooplus, and other online retailers, to become a threat over the next few years and if so, to what extent?
4) According to OC&C, 8.6% of UK Petcare sales are now transacted online. Pets at Home’s online sales penetration for FY 2014/15 was not disclosed in today's statement, but it was only c3% in FY 2013/14. Is Pets at Home's online sales penetration still around 3%? If so, why is it so much lower than that of the wider UK petcare market?
5) B&M management has made clear that it sees petcare as a particularly attractive category for it to target. Is management concerned that Pets at Home's unusually high gross margin (Merchandise gross margin was 56.3% in FY 2014/15) is likely to attract new competition?
6) Management guided today that it intends to open another 20-25 stores in FY 2015/16. To what length of lease will the group be committing on these stores? In modeling these stores, what assumptions are being made as to internet penetration in the UK petcare market in 5-10 years time? What assumptions are being made as to how the group's gross margin will evolve?
7) At the current rate of store expansion, the group will reach its 500 store target within the next 4-5 years. Should investors expect growth to slow at that point, or does management intend to build an international business capable of maintaining the growth rate thereafter?
8) The company is targeting reducing net debt (pre lease-adjustments) to 1.0x EBITDA. When does management anticipate reaching this target? What will the group look to do at that point?
9) According to the OC&C data shown in today's analyst presentation, the UK pet insurance market is worth more than £800m per annum. Does the group have any plans to capture a greater share of the revenue/profit stream generated by this market?
10) The company announced this morning that it is creating two divisional CEOs, one for Retail and one for Services. What was the logic behind this restructuring? Will there be big changes in organizational structure throughout the head office or will this change affect only senior management roles?"
"1) In FY 2014/15 Pets at Home reported its best LfL growth in five years (4.2%). To what extent was this due to an improving economic backdrop and to what extent was it due to company initiatives? How important was VIP Club in driving this growth?
2) Despite the strong LfL growth, the group generated no operating leverage in FY 2014/15 (EBITDA margins were flat at 16.6%). To some extent this lack of leverage can be explained by incurring 'PLC' costs for the first time. However there were a number of favourable tailwinds too, including higher revenue mix of (high margin) services and the retrofitting of an additional 32 vets practices (a vets practice typically pays around £40,000 per annum in rent, which is accounted for as a negative expense). Why did underlying costs grow so fast last year? How strong will LfL growth need to be in FY 2015/16 to offset cost inflation?
3) The European online petcare retailer Zooplus, which is listed on the Frankfurt stock exchange, is forecasting that it will deliver at least €725m of revenues this year (implying growth of at least 27%). Does Pets at Home expect Zooplus, and other online retailers, to become a threat over the next few years and if so, to what extent?
4) According to OC&C, 8.6% of UK Petcare sales are now transacted online. Pets at Home’s online sales penetration for FY 2014/15 was not disclosed in today's statement, but it was only c3% in FY 2013/14. Is Pets at Home's online sales penetration still around 3%? If so, why is it so much lower than that of the wider UK petcare market?
5) B&M management has made clear that it sees petcare as a particularly attractive category for it to target. Is management concerned that Pets at Home's unusually high gross margin (Merchandise gross margin was 56.3% in FY 2014/15) is likely to attract new competition?
6) Management guided today that it intends to open another 20-25 stores in FY 2015/16. To what length of lease will the group be committing on these stores? In modeling these stores, what assumptions are being made as to internet penetration in the UK petcare market in 5-10 years time? What assumptions are being made as to how the group's gross margin will evolve?
7) At the current rate of store expansion, the group will reach its 500 store target within the next 4-5 years. Should investors expect growth to slow at that point, or does management intend to build an international business capable of maintaining the growth rate thereafter?
8) The company is targeting reducing net debt (pre lease-adjustments) to 1.0x EBITDA. When does management anticipate reaching this target? What will the group look to do at that point?
9) According to the OC&C data shown in today's analyst presentation, the UK pet insurance market is worth more than £800m per annum. Does the group have any plans to capture a greater share of the revenue/profit stream generated by this market?
10) The company announced this morning that it is creating two divisional CEOs, one for Retail and one for Services. What was the logic behind this restructuring? Will there be big changes in organizational structure throughout the head office or will this change affect only senior management roles?"
skinny
- 25 Jun 2015 12:19
- 54 of 83
A new high today @302.40p
dreamcatcher
- 25 Jun 2015 12:52
- 55 of 83
Nice, company seems to be doing very well.
dreamcatcher
- 26 Jul 2015 00:30
- 56 of 83
skinny
- 29 Jul 2015 07:02
- 57 of 83
Q1 FY16 Trading Statement
Core strengths in Advanced Nutrition, Services and VIP club continue to drive growth
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories, pet-related products and services, today announces a Q1 FY16 trading update for the 16 week period from 27th March 2015 to 16th July 2015.
Financial summary
· Like-for-like revenue growth of 1.7% driven by Advanced Nutrition, VIP club, Services and Omnichannel, partially offset by a poor season for Health & Hygiene products and very hot weather in July
o Merchandise like-for-like revenue growth of 0.9%
o Services like-for-like revenue growth of 11.7%
· Total revenue growth of 6.4% to £224.2m
o Merchandise revenues up 4.3% to £200.7m, with Food as the significant driver
o Services revenues up 28.6% to £23.5m, with fee income from Joint Venture veterinary practices up 26.1% to £10.2m
Operational summary
· Store and services openings
o 3 Pets at Home stores, 6 veterinary practices and 4 Groom Room salons
o Barkers of Marlow: the second of our high street based premium dog store trial, which includes a grooming spa
· VIP club
o Total members now 3.6m, an increase of over 400,000 since FY15 year end
o Card swipe rate at store tills 67% of revenues, compared with 65% in Q4 FY15
· Trading and integration of Northwest Surgeons, our recently acquired specialist veterinary referral hospital, is progressing ahead of expectations
· The popularity of customers placing website orders for collection in-store has been maintained at over 40% of online revenues
Core strengths in Advanced Nutrition, Services and VIP club continue to drive growth
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories, pet-related products and services, today announces a Q1 FY16 trading update for the 16 week period from 27th March 2015 to 16th July 2015.
Financial summary
· Like-for-like revenue growth of 1.7% driven by Advanced Nutrition, VIP club, Services and Omnichannel, partially offset by a poor season for Health & Hygiene products and very hot weather in July
o Merchandise like-for-like revenue growth of 0.9%
o Services like-for-like revenue growth of 11.7%
· Total revenue growth of 6.4% to £224.2m
o Merchandise revenues up 4.3% to £200.7m, with Food as the significant driver
o Services revenues up 28.6% to £23.5m, with fee income from Joint Venture veterinary practices up 26.1% to £10.2m
Operational summary
· Store and services openings
o 3 Pets at Home stores, 6 veterinary practices and 4 Groom Room salons
o Barkers of Marlow: the second of our high street based premium dog store trial, which includes a grooming spa
· VIP club
o Total members now 3.6m, an increase of over 400,000 since FY15 year end
o Card swipe rate at store tills 67% of revenues, compared with 65% in Q4 FY15
· Trading and integration of Northwest Surgeons, our recently acquired specialist veterinary referral hospital, is progressing ahead of expectations
· The popularity of customers placing website orders for collection in-store has been maintained at over 40% of online revenues
HARRYCAT
- 30 Oct 2015 08:23
- 58 of 83
StockMarketWire.com
Pets at Home said total revenue grew 6.0% to GBP404.5m in H1, with contributions from services and veterinary practices up 26.2% to GBP41.9m and up 20.7% to GBP18.4m respectively. Merchandise revenue gained a more muted 4.1% to GBP362.6m.
CEO Nick Wood commented:
"We remain pleased with the growth of Advanced Nutrition, vet and grooming services during the first half of the financial year, supported by growing maturity in the VIP loyalty scheme.
"Whilst trading in parts of the business has been weaker than expected, the core strategic drivers are performing well and in order to support their growth, we continue to invest in our colleagues and seamless shopping experience.
"As we highlighted previously, profit growth will be weighted to the second half, as the strong Health & Hygiene comparatives ease. Our full year profit outlook is broadly in line with market expectations."
Pets at Home said total revenue grew 6.0% to GBP404.5m in H1, with contributions from services and veterinary practices up 26.2% to GBP41.9m and up 20.7% to GBP18.4m respectively. Merchandise revenue gained a more muted 4.1% to GBP362.6m.
CEO Nick Wood commented:
"We remain pleased with the growth of Advanced Nutrition, vet and grooming services during the first half of the financial year, supported by growing maturity in the VIP loyalty scheme.
"Whilst trading in parts of the business has been weaker than expected, the core strategic drivers are performing well and in order to support their growth, we continue to invest in our colleagues and seamless shopping experience.
"As we highlighted previously, profit growth will be weighted to the second half, as the strong Health & Hygiene comparatives ease. Our full year profit outlook is broadly in line with market expectations."
mentor - 30 Oct 2015 11:58 - 59 of 83
What do you expect share price to do......
From a share that has been rump by Midas
Director selling 3 weeks before update - 118K
Institution selling the big stake that was holding
Market cap twice the revenue
Group gross margin 54.2%
Historic PE well above 20.........
Share price down of course 290.85p -20.35 (-6.54%)
From a share that has been rump by Midas
Director selling 3 weeks before update - 118K
Institution selling the big stake that was holding
Market cap twice the revenue
Group gross margin 54.2%
Historic PE well above 20.........
Share price down of course 290.85p -20.35 (-6.54%)
Chris Carson
- 19 Nov 2015 09:14
- 60 of 83
Reasonable support @ 265p, Needs to get a wriggle on to get back above 200DMA. Interim next Tuesday 24th. Watching, could go either way.
skinny
- 24 Nov 2015 07:18
- 61 of 83
Half Yearly Report
H1 FY16 financial highlights
· Total revenue growth of 6.0% to £404.5m
o Merchandise revenues up 4.1% to £362.6m: Food revenues up 7.1% to £202.1m, with Advanced Nutrition growing 13.7% to £85.8m. Accessories revenues up 0.6% to £160.5m, offset by continuing challenge to Health & Hygiene product sales
o Services revenues up 26.2% to £41.9m, reflecting growth in both mature and maturing vets and groomers, and good performance from Northwest Surgeons, our specialist referral hospital acquired at the start of the financial year
· Like-for-like sales growth of 1.8%
o Merchandise like-for-like revenue growth of 1.0%
o Services like-for-like revenue growth of 10.5%
· Gross margin of 54.1%, +27bps on the prior year; reflecting strong margin expansion in both Merchandise and Services
· EBITDA growth of 5.1% to £60.7m and margin 15.0%
· Basic EPS of 7.2 pence, growth of 13.4%
· Free cashflow of £29.5m, conversion of 47%, compared with the prior year at 38%
· Interim dividend of 2.0p per share, growth of 11.1%
H1 FY16 operational highlights
· Space rollout on track
o Added 6 Pets at Home stores: total 405
o 2 Barkers stores, bringing the trial format to a total of 3
o Opened 15 veterinary practices: total 353
o Opened 10 grooming salons: total 190
· VIP Club reached 3.9m members, up from 3.2m at the end of FY15
· Website orders for collection in-store increased to over 45% of total online revenues
H1 FY16 financial highlights
· Total revenue growth of 6.0% to £404.5m
o Merchandise revenues up 4.1% to £362.6m: Food revenues up 7.1% to £202.1m, with Advanced Nutrition growing 13.7% to £85.8m. Accessories revenues up 0.6% to £160.5m, offset by continuing challenge to Health & Hygiene product sales
o Services revenues up 26.2% to £41.9m, reflecting growth in both mature and maturing vets and groomers, and good performance from Northwest Surgeons, our specialist referral hospital acquired at the start of the financial year
· Like-for-like sales growth of 1.8%
o Merchandise like-for-like revenue growth of 1.0%
o Services like-for-like revenue growth of 10.5%
· Gross margin of 54.1%, +27bps on the prior year; reflecting strong margin expansion in both Merchandise and Services
· EBITDA growth of 5.1% to £60.7m and margin 15.0%
· Basic EPS of 7.2 pence, growth of 13.4%
· Free cashflow of £29.5m, conversion of 47%, compared with the prior year at 38%
· Interim dividend of 2.0p per share, growth of 11.1%
H1 FY16 operational highlights
· Space rollout on track
o Added 6 Pets at Home stores: total 405
o 2 Barkers stores, bringing the trial format to a total of 3
o Opened 15 veterinary practices: total 353
o Opened 10 grooming salons: total 190
· VIP Club reached 3.9m members, up from 3.2m at the end of FY15
· Website orders for collection in-store increased to over 45% of total online revenues
skinny
- 20 Jan 2016 14:37
- 62 of 83
Trading Statement
Q3 FY16 financial summary
· Like-for-like sales (LFL) growth of 2.2%*
o Merchandise LFL growth of 1.7%*, with strength in Advanced Nutrition, omnichannel and recovering sales in Health & Hygiene
o Services LFL growth of 8.5%*, driven by strong performance in vet and grooming services
· Total revenue growth of 7.1% to £195.1m
o Merchandise revenues up 5.4% to £177.3m
o Services revenues up 27.4% to £17.8m, with fee income from Joint Venture veterinary practices up 16.3% to £7.5m
· Financial outlook for FY16 remains in line with current expectations
*Q3 FY16 benefits from one fewer bank holiday than the prior year, closing on New Years Eve, compared with Q3 FY15 which closed on New Years Day when the majority of stores are closed. Our LFL growth calculation removes this benefit and compares the 12 weeks from 9 Oct 2015 to 31 Dec 2015, with the 12 weeks from 9 Oct 2014 to 31 Dec 2014
Q3 FY16 operational summary
· Store and services openings
o 7 Pets at Home superstores
o One Barkers store in Sevenoaks, Kent
o Launch of a trial format in Dorking, branded 'Whiskers 'n Paws by Pets at Home.' A local High Street store focused on dog and cat owners, with a Groom Room salon
o 15 grooming salons and 6 veterinary practices
o On track to deliver FY16 rollout targets: 20-25 Pets at Home stores, 5 Barkers, 50-55 vet practices and 55-60 grooming salons
· VIP club
o Total members of 4.2m, an increase of over 250,000 since Q2 FY16
o Card swipe rate at store tills 64% of revenues, compared with 61% in the prior year
· Post period end, acquired Anderson Moores, a specialist veterinary referral hospital based in Winchester, Hampshire. Anderson Moores will operate as a standalone brand in the Vet Group, as a shared venture model through which the existing shareholders retain significant equity ownership
Q3 FY16 financial summary
· Like-for-like sales (LFL) growth of 2.2%*
o Merchandise LFL growth of 1.7%*, with strength in Advanced Nutrition, omnichannel and recovering sales in Health & Hygiene
o Services LFL growth of 8.5%*, driven by strong performance in vet and grooming services
· Total revenue growth of 7.1% to £195.1m
o Merchandise revenues up 5.4% to £177.3m
o Services revenues up 27.4% to £17.8m, with fee income from Joint Venture veterinary practices up 16.3% to £7.5m
· Financial outlook for FY16 remains in line with current expectations
*Q3 FY16 benefits from one fewer bank holiday than the prior year, closing on New Years Eve, compared with Q3 FY15 which closed on New Years Day when the majority of stores are closed. Our LFL growth calculation removes this benefit and compares the 12 weeks from 9 Oct 2015 to 31 Dec 2015, with the 12 weeks from 9 Oct 2014 to 31 Dec 2014
Q3 FY16 operational summary
· Store and services openings
o 7 Pets at Home superstores
o One Barkers store in Sevenoaks, Kent
o Launch of a trial format in Dorking, branded 'Whiskers 'n Paws by Pets at Home.' A local High Street store focused on dog and cat owners, with a Groom Room salon
o 15 grooming salons and 6 veterinary practices
o On track to deliver FY16 rollout targets: 20-25 Pets at Home stores, 5 Barkers, 50-55 vet practices and 55-60 grooming salons
· VIP club
o Total members of 4.2m, an increase of over 250,000 since Q2 FY16
o Card swipe rate at store tills 64% of revenues, compared with 61% in the prior year
· Post period end, acquired Anderson Moores, a specialist veterinary referral hospital based in Winchester, Hampshire. Anderson Moores will operate as a standalone brand in the Vet Group, as a shared venture model through which the existing shareholders retain significant equity ownership
skinny
- 26 May 2016 13:48
- 63 of 83
skinny
- 04 Aug 2016 12:20
- 64 of 83
Pets at Home Group Plc: Q1 FY17 Trading Statement
A solid start to the year with continued momentum across all strategic categories
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, pet accessories, veterinary and grooming services, today announces a Q1 FY17 trading update. This represents the 16 week period from 1st April 2016 to 21st July 2016, compared with the 16 week period from 27th March 2015 to 16th July 2015.
Financial summary
· Group like-for-like revenue growth of 2.7% driven by Advanced Nutrition, omnichannel, vet and grooming services, alongside a return to positive sales growth in Health & Hygiene products
o Merchandise like-for-like revenue growth 2.2%
o Services like-for-like revenue growth 7.5%
· Total revenue growth of 8.9% to £244.2m
o Merchandise revenues up 4.9% to £210.5m
o Services revenues up 43.4% to £33.7m, reflecting Joint Venture vet practice fee income up 22.5% to £12.4m and the contribution from newly acquired specialist referral centres
Operational summary
· Opened 4 Pets at Home stores, 3 Vets4Pets practices and 6 Groom Room salons
· VIP club active members 3.5m, an increase of around 200,000 since FY16 year end. Card swipe rate at store tills 65% of revenues, compared with 64% in Q4 FY16
· Launched a monthly subscription service for flea treatment products
· VIP App now live, removing the need for customers to carry their VIP card
Ian Kellett, Group Chief Executive Officer, commented:
"We are pleased with our positive start to the year, delivered through consistent performance in our core strengths of Advanced Nutrition, vet and grooming services, with a continued underpin from the growth in sales to our VIP members.
Whilst the consumer outlook is uncertain, we remain confident in our long term strategy and are reassured by the historical resilience of the pet market in times of economic downturn.
Our full year outlook remains in-line with market expectations."
A solid start to the year with continued momentum across all strategic categories
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, pet accessories, veterinary and grooming services, today announces a Q1 FY17 trading update. This represents the 16 week period from 1st April 2016 to 21st July 2016, compared with the 16 week period from 27th March 2015 to 16th July 2015.
Financial summary
· Group like-for-like revenue growth of 2.7% driven by Advanced Nutrition, omnichannel, vet and grooming services, alongside a return to positive sales growth in Health & Hygiene products
o Merchandise like-for-like revenue growth 2.2%
o Services like-for-like revenue growth 7.5%
· Total revenue growth of 8.9% to £244.2m
o Merchandise revenues up 4.9% to £210.5m
o Services revenues up 43.4% to £33.7m, reflecting Joint Venture vet practice fee income up 22.5% to £12.4m and the contribution from newly acquired specialist referral centres
Operational summary
· Opened 4 Pets at Home stores, 3 Vets4Pets practices and 6 Groom Room salons
· VIP club active members 3.5m, an increase of around 200,000 since FY16 year end. Card swipe rate at store tills 65% of revenues, compared with 64% in Q4 FY16
· Launched a monthly subscription service for flea treatment products
· VIP App now live, removing the need for customers to carry their VIP card
Ian Kellett, Group Chief Executive Officer, commented:
"We are pleased with our positive start to the year, delivered through consistent performance in our core strengths of Advanced Nutrition, vet and grooming services, with a continued underpin from the growth in sales to our VIP members.
Whilst the consumer outlook is uncertain, we remain confident in our long term strategy and are reassured by the historical resilience of the pet market in times of economic downturn.
Our full year outlook remains in-line with market expectations."
Chris Carson
- 04 Sep 2016 19:38
- 65 of 83
On watch list, looking for a bounce here. AGM/EGM Wed 14/09/16
Chris Carson
- 04 Sep 2016 19:40
- 66 of 83
Chris Carson
- 04 Sep 2016 19:50
- 67 of 83
Chris Carson
- 04 Sep 2016 19:53
- 68 of 83
LATEST BROKER VIEWS
Date Broker New target Recomm.
5 Aug HSBC 295.00 Buy
4 Aug Liberum Capital 200.00 Sell
5 Jul Liberum Capital 200.00 Sell
27 May Beaufort... N/A Buy
24 May HSBC 340.00 Buy
12 May Panmure Gordon 271.00 Buy
3 May Beaufort... N/A Buy
22 Apr Beaufort... N/A Buy
19 Apr HSBC 340.00 Buy
13 Apr HSBC 340.00 Buy
Broker Recommendations for Pets At Home Group
Date Broker New target Recomm.
5 Aug HSBC 295.00 Buy
4 Aug Liberum Capital 200.00 Sell
5 Jul Liberum Capital 200.00 Sell
27 May Beaufort... N/A Buy
24 May HSBC 340.00 Buy
12 May Panmure Gordon 271.00 Buy
3 May Beaufort... N/A Buy
22 Apr Beaufort... N/A Buy
19 Apr HSBC 340.00 Buy
13 Apr HSBC 340.00 Buy
Broker Recommendations for Pets At Home Group
Chris Carson
- 12 Sep 2016 10:22
- 69 of 83
LATEST BROKER VIEWS
Date Broker New target Recomm.
12 Sep Citigroup 275.00 Buy
5 Aug HSBC 295.00 Buy
4 Aug Liberum Capital 200.00 Sell
5 Jul Liberum Capital 200.00 Sell
27 May Beaufort... N/A Buy
24 May HSBC 340.00 Buy
12 May Panmure Gordon 271.00 Buy
3 May Beaufort... N/A Buy
22 Apr Beaufort... N/A Buy
19 Apr HSBC 340.00 Buy
Date Broker New target Recomm.
12 Sep Citigroup 275.00 Buy
5 Aug HSBC 295.00 Buy
4 Aug Liberum Capital 200.00 Sell
5 Jul Liberum Capital 200.00 Sell
27 May Beaufort... N/A Buy
24 May HSBC 340.00 Buy
12 May Panmure Gordon 271.00 Buy
3 May Beaufort... N/A Buy
22 Apr Beaufort... N/A Buy
19 Apr HSBC 340.00 Buy
skinny
- 03 Nov 2016 10:50
- 70 of 83
Appointment of Joint Financial Adviser and Corporate Broker
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces that Numis Securities Limited has been appointed Joint Financial Adviser and Joint Corporate Broker alongside Bank of America Merrill Lynch, with immediate effect.
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces that Numis Securities Limited has been appointed Joint Financial Adviser and Joint Corporate Broker alongside Bank of America Merrill Lynch, with immediate effect.
skinny
- 24 Nov 2016 13:01
- 71 of 83
Half Yearly report
· Robust Group LFL revenue growth of 2.5%
· Good performance in strategic drivers: fee income from Joint Venture vet practices up 23.6%, Services LFL growth 8.7%, Advanced Nutrition revenue growth 6.5%
· Space rollout on track: 8 new superstores, 17 vet practices and 18 grooming salons. 49% of superstores now have both a vet practice and grooming salon
· Seamless shopping omnichannel investment delivering results with order volumes and basket spend increasing
· Strong dividend growth of 25.0%, in line with our increased dividend payment policy which commenced at FY16 year end
· Robust Group LFL revenue growth of 2.5%
· Good performance in strategic drivers: fee income from Joint Venture vet practices up 23.6%, Services LFL growth 8.7%, Advanced Nutrition revenue growth 6.5%
· Space rollout on track: 8 new superstores, 17 vet practices and 18 grooming salons. 49% of superstores now have both a vet practice and grooming salon
· Seamless shopping omnichannel investment delivering results with order volumes and basket spend increasing
· Strong dividend growth of 25.0%, in line with our increased dividend payment policy which commenced at FY16 year end
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