Pets at Home Vet Group revenue up 13.3% and its pre-tax profit hits £50.9 million

Vets for Pets practices helped their owner Pets at Home’s Vet Group increase revenue 13.3% to £122.8 million in the past year.

Releasing preliminary results for the 52 weeks to 30 March 2023, Pets at Home Group said total revenue had increased 6.6% to £1.404 billion, with a lower overall statutory profit before tax of £122.5 million (£148.7 million in 2022).

However, the proportion of that to come from the vet group rose 18.3% to £50.9 million from £43.1 million a year earlier.

Joint venture partners

In its preliminary full-year results and strategy update announcement, the vet group – which has rebranded to Vets for Pets from Vets4Pets and runs as a joint-venture partnership model – was described as a “£500 million consumer revenue business”, establishing it as a top-three UK player in scale.

Average revenue per practice is up 57% to £1.1 million from £700,000 in 2019, 60% of joint venture partnerships are now described as debt free and total of £33 million was paid to partners in dividends in year to 30 March 2023.

The Pets at Home market share is up to 24 per cent, with the vet group’s share of the £2.5 billion veterinary sector now standing at 19%.

‘Record performance’

Lyssa McGowan, Pets at Home’s chief executive officer, said: “Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers. Through our unique blend of products, services and expert advice we were able to serve pet owners better, grow our consumer base and win more market share, building on our leading position in the UK pet care market.

“I would like to thank all of our incredible colleagues for their continued passion and dedication to our great business. It is our unique culture that sets us apart and will continue to underpin everything we do.”

And Louise Stonier, vet group chief operating officer, said: “What has become crystal clear to me is the passion and dedication of our partners and their teams, and the strength of our unique [joint venture] model. There is no question in my mind that this, together with clinical freedom at the very heart of our model, is our competitive advantage.”