Overview

• Group revenue for the year to March 27 edged up 0.1% to £1.48 billion while profit before tax climbed 14.1% to £120.6 million.
• The veterinary arm’s underlying profit rose 23.3% to £75.9 million with revenues up 13%, making it one-third of total turnover.
• Retail underlying profit fell 16.6% to £72.9 million as retail revenues declined 1.8% to £1.3 billion amid subdued consumer demand.
• After six weeks of the new financial year, higher costs and weak retail conditions have prompted a full-year profit forecast of £115 million to £125 million.
• The CMA’s ongoing investigation into competition and pricing in the UK vet sector adds regulatory uncertainty to the group’s outlook.