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PETS At Home(PETS) Fundamentals

Pets at Home Group Plc allocations

How many shares did investors receive?

Investors who applied for £1,000 of shares have been allocated 408 Shares (£999.60). Those who applied for more than £1,000 have received a maximum of 420 Shares (£1,029).

Schroders > 5%

Merrill Lynch International > 11 %

MBF Co-Invest L.P. > 8%

KKR My Best Friend Limited > 37%

Non-Executive Director Appointment

The Board of Pets at Home Group plc ("Pets at Home" or "the Company") today announces that Paul Moody has been appointed as a Non-Executive Director of the Company with immediate effect.

Mr Moody, 56, brings with him a wealth of experience in FMCG and food and beverage industries, having spent seventeen years at Britvic plc, including the last eight years as Chief Executive. Mr Moody played a key role in the growth and development of the business, including the successful IPO in 2005 and rapid expansion of Britvic's brands in the UK and internationally. Since 2013, Mr Moody has been Chief Executive of Food Freshness Technology, a high tech innovations company focused on delivering comprehensive solutions for food freshness. In addition, Mr Moody currently serves on the Board of Johnson Service Group as a Non-Executive Director and will be appointed as Non-Executive Chairman from May 1st 2014.

Mr Moody has held multiple posts in the food and beverage sector and was President of British Soft Drinks Association from 2007 to 2009. Between 1987 and 1994 he worked at Pedigree Pet Foods, Mars, in various roles including latterly National Field Sales Manager, responsible for sales teams focused on Grocery, Impulse and Specialist Pet Trade.

Merrill Lynch International > 12%

Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories, pet-related products and services, will be issuing its preliminary results for the period ending 27th March 2014, on Thursday 12th June 2014.

This lot have been buying and still its dropping - sick as a parrot.

Chase Nominees Ltd > 4%

Chase Nominees Ltd > 5%

Nomura Buy 211.00 209.25 - 245.00 Initiates/Starts

Analyst's site visit

Final Results

Financial highlights

· Performance in line with management expectations at the time of IPO, underlying EBITDA of £110.7m, up 12.4% year-on-year
· Revenues grew 11.2% to £665.4m, reflecting store portfolio expansion and strength across food, accessories and services
· Like-for-like sales growth of 2.4%, driven by VIP Club success, strength in Advanced Nutrition, omni-channel, and the growing maturity of Groom Rooms and vet practices
· Like-for-like growth in revenues generated within the Joint Venture veterinary practices of 14.0%, underpinning fee income growth
· Underlying EBITDA margin expansion of 17bps to 16.6%, reflecting the leverage from our services business, which represents 7.6% of Group revenues (FY13: 5.3%)

Operational highlights

· 32 new stores opened during the year, taking our total store portfolio to 377
· Now the largest small animal veterinary services provider in the UK with 277 practices, reflective of 47 in-store and 22 standalone openings in the year
· Successful integration of Vets4Pets, acquired March 2013, with a single support office now established for the combined vet business
· Largest number of Groom Rooms opened in a single year; 42 new salons, bringing the portfolio to 129
· VIP Club reached 2m members at the end of FY14, 1.5m members added in the year
· Pets At Home website relaunched in January 2014, now featuring a wider range of products, fewer clicks to checkout and enhanced presentation of our pet services

A buy in this weeks IC - Store expansion, decent growth and scope for improved profitability leave Pets at Home looking like a compelling long-term growth play that's
well-placed to benefit from improving consumer conditions. Yet the shares trade on fairly undemanding 15 times forecast earnings, which fails to reflect that potential.

Pets at Home becoming "very over-spaced", says Morgan Stanley

Thu, 03 July 2014

Morgan Stanley has started coverage of Pets at Home with an 'underweight' rating, highlighting concerns that the business is "becoming very over-spaced".

"We think that Pets at Home is a solid business. Its record over the last circa 15 years is very impressive, reflecting, we believe, both an attractive customer proposition and a strong competitive position, driven by an experienced management team," the US bank said.

However, with one of the largest out-of-town store estates in the UK retail sector and its sales densities peaking in 2010, Pets at Home's categories are "vulnerable to Internet channel shift", Morgan Stanley explained.

What's more, the retailer, run by Chief Executive Nick Wood, plans to continue opening 20-25 new stores every year, which are usually on 15-year leases.

The bank also believes that the group's margins may prove to be "unsustainably high". It said that an operating profit margin of 13.4% in the most recent financial year "seems very high for a business that obtains almost 50% of sales from pet food".

The stock was given a 155p target price, representing substantial downside from Thursday morning's share price of around 203p.

Posting of Annual Report & Notice of AGM

Interim Management Statement


Summary

· Like-for-like sales growth of 4.1%, driven by VIP Club momentum, strength in Advanced Nutrition and Health & Hygiene, and continued growth of our veterinary practices and Groom Rooms

· Like-for-like revenue growth of 18.3% within the Joint Venture veterinary practices, resulting in strong fee income growth within our Services revenues

· Total revenue grew by 10.4% to £210.8m, driven by new store openings and continued strength across Food, Accessories and Services

· Merchandise revenues grew by 9.0% to £192.5m, with 8.8% growth in Food revenues and 9.2% growth in Accessories revenues

· Services revenues grew by 27.3% to £18.3m, reflecting both new openings and the developing maturity of our veterinary practices and Groom Rooms

· VIP Club reached 2.4m members, up from 2m at FY14 end

Reduction of Capital

As contemplated in the Company's IPO Prospectus dated 28 February 2014 and pursuant to a shareholder resolution passed on 27 February 2014, the Company is pleased to announce that it has completed a reduction of capital, whereby £1,080,477,000 standing to the credit of the Company's share premium account was cancelled, creating distributable reserves of an equivalent amount (the "Cancellation"). The Cancellation was formally approved by the High Court and became effective on 30 July 2014. The Cancellation has no effect on the overall net asset position of the Company.

- Ends -

Beaufort Securities Buy 187.30 182.00 - - Initiates/Starts

Trading Statement

H1 FY15 financial summary

· Like-for-like sales growth of 4.2% both in the Q2 and H1 FY15, driven by strength in Advanced Nutrition, Health & Hygiene, VIP Club momentum, and continued growth in fee income from our veterinary practices and Groom Rooms

· Total revenue growth of 10.2% to £381.5m

o Merchandise revenues up 8.9% to £348.3m, driven by new store openings and continued strength in Food, as well as Accessories;

o Services revenues up 27.0% to £33.2m, reflecting both new openings and the growing revenue streams from our maturing vet practices and Groom Rooms

· Strong revenue growth of 28.0%, and like-for-like revenue growth of 15.5%, within the underlying Joint Venture veterinary practices

· Gross margin improvements in line with our expectations to deliver full year Services gross margin expansion, and a modest Merchandise gross margin benefit

· VIP Club reached 2.6m members, up from 2.0m at the end of the FY14

· The Group continues to trade in line with our expectations for the full financial year


Operational summary

During the first half, we continued to execute on our growth strategy. We added 8 stores net to the portfolio; including 10 new stores, one store closure in Knutsford, and a temporary closure of our Rugby store, which will be relocated in the first half of the FY16. We opened 26 veterinary practices and 23 Groom Rooms. Of the new vet practice and Groom Room openings, 15 and 12 respectively were retrofits to existing stores. We continue to expect to deliver gross openings of at least 25 new stores, 60 new veterinary practices and 50 new Groom Room salons in the FY15.

Our loyalty scheme, VIP Club, continued to gain strong traction from engaged pet owners, adding 600,000 members in the half year to reach a total of 2.6 million. VIP card swipe rate at store tills in the second quarter represented 58% of revenues, compared with 52% at the end of the FY14.

On our website, Deliver To Store (DTS) became fully operational in the second quarter, enhancing our omnichannel shopping experience for customers. DTS allows customers to order products for pickup the following day which are not currently in stock at their local store, including the extended online only range of 3,400 SKUs, bringing the total online range to over 10,800 SKUs.

Finally back to £2.

Bought in earlier this morning skinny. I've had this on my radar for some time now. The nearest store to me is some distance away from my house, but they have a good online delivery which is free for orders over £29 and since I have two dogs it's easy for me to spend over £29!

I wont be using either the vet practice or the groom room for my two as I'm very happy with both that I use at the moment, but it's a very good idea to have these on site.

Actually, it's worth going in to the store db4 as I think they have changed somewhat since they went public. Certainly their prices have gone up and, in my opinion, the stock and the quality have gone down a little. They are local to me which is why I have used them in the past, but have since found a store called Jollyes which have opened up in competition and they look to have a far better choice of products and better prices, though it remains to be seen if the pricing is just to get customers to visit. I know that they (PETS) make good money from the veterinary franchises in the store, but not sure if that is going to be enough to prevent people looking for better value.