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UK's Pets at Home first-quarter revenue up on vet services demand

Published 08/08/2017, 08:48
© Reuters.  UK's Pets at Home first-quarter revenue up on vet services demand
PETSP
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(Reuters) - Pets at Home Group Plc (L:PETSP) said first-quarter revenue grew 5 percent on strong demand for its veterinary and pet grooming services.

The company, which operates from 439 stores located across the UK, said like-for-like revenue in the services division, made up of brands such as Vets4Pets and The Groom Room, rose 10 percent for the 16 weeks to July 20.

Revenue for the company rose 5 percent to 256.5 million pounds ($334.4 million)

Shares in Pets at Home rose as much as 8 percent on Tuesday after the company said financial outlook for the year was in line with its expectations.

The country's largest pet shop chain said it was on track to open 10 superstores, 40-50 vet practices and 40-50 grooming salons this year.

The firm, which listed on the London Stock Exchange in 2014, has banked on continued demand for animal nutrition products, veterinary treatments and a growing market for grooming services.

Shares in the company were up 5.8 percent at 182 pence at 0718 GMT.

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