StockMarketWire.com - Pet product and veterinary business Pets at Home Group said it posted a 6.3% rise in third-quarter revenue, putting it on track to meet annual profit guidance.

Revenue for the 12 weeks to 3 January rose to £237.2m, with retail revenue up 5.5% and vet group revenue up 13.6%.

On a like-for-like basis, group revenue grew 5.1%, with retail like-for-like revenue up 4.7% and vet group like-for-like revenue up 9.1%.

Pets at Home, which in November reported an 81% plunge in first-half profit and said it would buy back and close dozens of practices, said it still expected to post an annual pre-tax profit of £80m-to-85m.

The company said it may also increase its inventory holding by up to £8m 'as we approach our financial year end and monitor the Brexit process'.

'Momentum in retail accelerated over the festive period, culminating in the biggest trading day of our entire history on the Saturday before Christmas,' chief executive Peter Pritchard said.

'In November, we reiterated the big opportunity to accelerate the maturity of our vet practices, but this needs to be achieved in a more sustainable way.'

'As such, I am particularly pleased with how the recalibration of the Vet Group is taking shape; the engagement from JVPs has been positive and we have made good progress in our discussions with buyback practices.'




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