A victory lap for Pets at Home received a muted response from investors as the retailer reaffirmed its strong 2020 performance. Analysts said a trading update from the pet specialist merely reinforced what investors already knew about the company’s strong recent performance. The FTSE 250 retailer said its like-for-like revenues grew 17.6pc in the quarter to Jan 2, reiterating guidance for an underlying pre-tax profit of £77m. Morgan Stanley analysts said the group’s solid guidance would not “come as a surprise”, given Pets at Home originally issued it just a fortnight ago. The update contained some further specifics on performance however: store sales rose 12.3pc over the period despite lockdowns, while online and other remote sales soared 70.7pc. Peter Pritchard, the chief executive, said the firm was in a “strong and aggressive” cash position and “if it fits in with our [growth] aspirations, the company would acquire more businesses.” It bought The Vet Connection in a £15m deal last year. “Our ambition is to be the best pet care business in the world,” he said. Shares rose 8.8p to 412p, leaving Pets at Home in the higher end of risers on another muted broader day of trading. The FTSE 100 and… Read full this story
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