Overview

• The group cut full-year underlying pre-tax profit guidance to £90–100 million, its second warning this year after July’s £110–120 million range.
• Chief executive Lyssa McGowan left with immediate effect, and chair Ian Burke has become interim executive chairman while a successor is sought.
• Shares fell roughly 20% to 22% in early trading following the unscheduled update.
• Store sales are down 5% year to date, while online revenue is growing by double digits, leaving overall progress below expectations.
• Management still plans to open 10 new vet practices and extend 15 sites this year, with the CMA’s continuing investigation into the sector posing an overhang.