Pets at Home Group

PETS · Main Market · Retail · mcap £910m · 211.8p

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Financials · balance sheet 26 Mar 26 · last twelve months · today’s market value

Source: results 27 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £910.7m
Owner’s net cash: −£18.3m
Net cash / market cap: -2%
EV ex leases: £929.0m
Revenue: £1,470m
Operating profit: £102.9m
Free cash flow after leases: £110.3m
EV / EBIT: 9.0×
FCF yield: 12.1%
ROCE: 8%
Net income (owners): £62.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 30 Jul 26in line with expectations6 figures since the last report

Q1 FY27 revenue up 3.9% to £614m with Retail Turnaround Plan delivering market share gains.

Total Group consumer revenue	£614m	£591m
Vet Group consumer revenue	£215m	£211m
Retail consumer revenue	£399m	£381m
Active Pets Club members	7.0m	8.1m
Average Consumer Value	£210	£180
Share buyback program	£50m

As stated by the company, unaudited. Read it →

Latest report: FY Mar 26 (twelve months to 26 Mar 26), published 27 May 26 · read the results ↗

Source ↗

	26 March 2026 Underlying trading £m	26 March 2026 Non-underlying items £m	26 March 2026 Total £m	27 March 2025 ( restated) 1 Underlying trading £m	27 March 2025 ( restated) 1 Non-underlying items £m	27 March 2025 ( restated) 1 Total £m
Revenue	1,469.6	-	1,469.6	1,481.7	-	1,481.7
Cost of sales	(797.6)	-	(797.6)	(787.0)	-	(787.0)
Gross profit	672.0	-	672.0	694.7	-	694.7
Selling and distribution expenses	(451.7)	-	(451.7)	(442.9)	(8.3)	(451.2)
Administrative expenses	(127.9)	(6.3)	(134.2)	(117.6)	(6.4)	(124.0)
Other income	16.8	-	16.8	14.6	2.3	16.9
Operating profit	109.2	(6.3)	102.9	148.8	(12.4)	136.4
Financial income	2.6	-	2.6	2.9	-	2.9
Financial expense	(19.0)	-	(19.0)	(18.7)	-	(18.7)
Net financing expense	(16.4)	-	(16.4)	(15.8)	-	(15.8)
Profit before tax	92.8	(6.3)	86.5	133.0	(12.4)	120.6
Taxation	(25.0)	1.6	(23.4)	(35.5)	3.1	(32.4)
Profit for the period	67.8	(4.7)	63.1	97.5	(9.3)	88.2
Attributable to
Equity shareholders of the parent	67.2	(4.7)	62.5	97.5	(9.3)	88.2
Non-controlling interests (NCI)	0.6	-	0.6	-	-	-

Source ↗

	26 March 2026 £m	27 March 2025 £m
Non-current assets
Property, plant and equipment	168.3	161.7
Right-of-use assets	283.0	284.6
Intangible assets	981.7	985.1
Other financial assets	13.5	15.0
Total non-current assets	1,446.5	1,446.4
Current assets
Inventories	107.5	106.9
Income tax receivable	-	0.2
Trade and other receivables	61.1	63.8
Cash and cash equivalents	39.6	39.5
Total current assets	208.2	210.4
Total assets	1,654.7	1,656.8
Current liabilities
Trade and other payables	(252.8)	(255.6)
Income tax payable	(3.1)	-
Other interest-bearing loans and borrowings	(4.7)	(4.7)
Lease liabilities	(76.1)	(78.5)
Provisions	(2.5)	(5.1)
Derivative financial liabilities	(0.5)	(1.7)
Total current liabilities	(339.7)	(345.6)
Non-current liabilities
Other interest-bearing loans and borrowings	(53.2)	(26.7)
Lease liabilities	(262.7)	(269.8)
Provisions	(5.5)	(3.9)
Deferred tax liabilities	(20.5)	(17.6)
Total non-current liabilities	(341.9)	(318.0)
Total liabilities	(681.6)	(663.6)
Net assets	973.1	993.2
Equity attributable to equity holders of the parent
Ordinary share capital	4.5	4.6
Consolidation reserve	(372.0)	(372.0)
Merger reserve	113.3	113.3
Translation reserve	(0.1)	(0.1)
Capital redemption reserve	0.5	0.4
Cash flow hedging reserve	0.8	(1.2)
Retained earnings	1,226.0	1,248.2
Non ‑ controlling interest reserve	0.1	-
Total equity	973.1	993.2

Source ↗

	26 March 2026 £m	27 March 2025 £m
Cash flows from operating activities
Profit for the period	63.1	88.2
Adjustments for
Depreciation and amortisation	102.7	102.2
Impairment of investments and capital contributions made to vet practices	5.7	-
Non underlying profit on disposal	-	(2.3)
Financial income	(2.6)	(2.9)
Financial expense	19.0	18.7
Share-based payment charges	4.5	5.9
Taxation	23.4	32.4
Total adjustments for	215.8	242.2
Decrease/(increase) in trade and other receivables	0.9	(0.9)
Increase in inventories	(0.6)	(9.4)
(Decrease)/increase in trade and other payables	(4.7)	10.7
Decrease in provisions	(4.2)	(3.7)
Movement in working capital	(8.6)	(3.3)
Tax paid	(16.2)	(20.9)
Net cash flow from operating activities	191.0	218.0
Cash flows from investing activities
Acquisitions of other investments	-	(1.0)
Proceeds from the sale of other investments	-	2.3
Investment capital contributions	-	(0.9)
Proceeds from repayment of initial partner loans	0.9	1.5
Interest received	2.5	3.0
Costs to acquire right-of-use assets	(1.1)	(0.4)
Acquisition of subsidiaries, net of cash acquired	(2.7)	(1.3)
Disposal of subsidiaries, net of cash disposed	(0.4)	(1.6)
Acquisition of property, plant and equipment and other intangible assets	(41.7)	(49.0)
Net cash used in investing activities	(42.5)	(47.4)
Cash flows from financing activities
Equity dividends paid	(58.7)	(59.7)
Dividends paid to non-controlling interests	(0.5)	-
Repayment of borrowings	(59.3)	(75.0)
Loan drawdown	85.0	60.0
Cash payments for the principal portion of the right-of-use lease liability	(66.7)	(66.5)
Purchase of own shares	(5.2)	(3.9)
Share buyback	(25.2)	(25.1)
Interest paid	(3.8)	(4.8)
Interest paid on lease obligations	(14.0)	(13.2)
Net cash used in financing activities	(148.4)	(188.2)
Net increase/(decrease) in cash and cash equivalents	0.1	(17.6)
Cash and cash equivalents at beginning of period	39.5	57.1
Cash and cash equivalents at end of period	39.6	39.5

Source ↗

	9 October 2025 Underlying trading £m	9 October 2025 Non-underlying items £m	9 October 2025 Total £m	10 October 2024 restated 1 Underlying trading £m	10 October 2024 restated 1 Non-underlying items £m	10 October 2024 restated 1 Total £m
Revenue	778.3	-	778.3	789.0 1	-	789.0 1
Cost of sales (423.9) 1 (423.9) 1	(424.4)	-	(424.4)	-	–	–
Gross profit	353.9	-	353.9	365.1	-	365.1
Selling and distribution expenses (239.2) 2 (240.9) 2	(243.3)	-	(243.3)	(1.7)	–	–
Administrative expenses (70.7) 2 (74.7) 2	(74.4)	-	(74.4)	(4.0)	–	–
Other income	8.5	-	8.5	7.9 1	2.3	10.2 1
Operating profit	44.7	-	44.7	63.1	(3.4)	59.7
Financial income	1.4	-	1.4	1.7	-	1.7
Financial expense	(9.9)	-	(9.9)	(10.3)	-	(10.3)
Net financing expense	(8.5)	-	(8.5)	(8.6)	-	(8.6)
Profit before tax	36.2	-	36.2	54.5	(3.4)	51.1
Taxation	(10.0)	-	(10.0)	(14.9)	1.4	(13.5)
Profit for the period	26.2	-	26.2	39.6	(2.0)	37.6

Source ↗

	9 October 2025 £m	10 October 2024 £m	27 March 2025 £m
Non-current assets
Property, plant and equipment	163.3	159.3	161.7
Right-of-use assets	280.4	305.4	284.6
Intangible assets	982.7	983.3	985.1
Other financial assets	19.1	11.3	15.0
Total non-current assets	1,445.5	1,459.3	1,446.4
Current assets
Inventories	110.2	114.1	106.9
Derivative financial assets	0.5	0.4	0.5
Income tax receivable	1.8	1.1	0.2
Trade and other receivables	77.2	64.2	63.3
Cash and cash equivalents	49.0	40.0	39.5
Total current assets	238.7	219.8	210.4
Total assets	1,684.2	1,679.1	1,656.8
Current liabilities
Trade and other payables	(290.1)	(272.8)	(255.6)
Interest-bearing loans and borrowings	(4.7)	(2.8)	(4.7)
Lease liabilities	(75.3)	(80.0)	(78.5)
Provisions	(4.2)	(6.4)	(5.1)
Derivative financial liabilities	(2.2)	(2.0)	(1.7)
Total current liabilities	(376.5)	(364.0)	(345.6)
Non-current liabilities
Interest-bearing loans and borrowings	(54.8)	(43.2)	(26.7)
Lease liabilities	(262.7)	(284.7)	(269.8)
Provisions	(2.0)	(5.4)	(3.9)
Deferred tax liabilities	(19.5)	(7.2)	(17.6)
Derivative financial liabilities	(0.1)	-	-
Total non-current liabilities	(339.1)	(340.5)	(318.0)
Total liabilities	(715.6)	(704.5)	(663.6)
Net assets	968.6	974.6	993.2
Equity attributable to equity holders of the parent
Ordinary share capital	4.5	4.6	4.6
Consolidation reserve	(372.0)	(372.0)	(372.0)
Merger reserve	113.3	113.3	113.3
Translation reserve	(0.1)	(0.1)	(0.1)
Capital redemption reserve	0.5	0.4	0.4
Cash flow hedging reserve	(1.3)	(1.4)	(1.2)
Retained earnings	1,223.7	1,229.8	1,248.2
Total equity	968.6	974.6	993.2

Source ↗

	9 October 2025 £m	10 October 2024 £m
Cash flows from operating activities
Profit for the period	26.2	37.6
Adjustments for
Depreciation and amortisation	55.9	54.2
Financial income	(1.4)	(1.7)
Financial expense	9.9	10.3
Non-underlying profit on disposal	-	(2.3)
Share based payment charges	3.9	3.2
Taxation	10.0	13.5
Total adjustments for	104.5	114.8
Increase in trade and other receivables	(16.1)	(2.3)
Increase in inventories	(3.3)	(16.7)
Increase in trade and other payables	34.4	23.3
Decrease in provisions	(2.8)	(0.9)
Movement in working capital	12.2	3.4
Tax paid	(9.6)	(12.5)
Net cash flow from operating activities	107.1	105.7
Cash flows from investing activities
Acquisitions of other investments	-	(1.0)
Proceeds from the sale of other investments	-	2.3
Investment capital contributions	-	(0.7)
Proceeds from repayment of initial partner loans	0.6	0.9
Interest received	1.4	1.7
Costs to acquire right-of-use assets	(0.8)	(0.3)
Acquisition of subsidiaries, net of cash acquired	(0.7)	(0.3)
Disposal of subsidiaries, net of cash disposed	(1.2)	(0.3)
Acquisition of property, plant and equipment and other intangible assets	(21.5)	(25.1)
Net cash used in investing activities	(22.2)	(22.8)
Cash flows from financing activities
Equity dividends paid	(37.7)	(38.4)
Repayment of borrowings	(22.3)	-
Loan drawdown	50.0	-
Cash payments for the principal portion of the right-of-use liability	(39.2)	(35.9)
Purchase of own shares	(4.2)	(2.9)
Share buyback	(12.6)	(12.5)
Interest paid	(2.1)	(3.2)
Interest paid on lease obligations	(7.3)	(7.1)
Net cash used in financing activities	(75.4)	(100.0)
Net increase/(decrease) in cash and cash equivalents	9.5	(17.1)
Cash and cash equivalents at beginning of period	39.5	57.1
Cash and cash equivalents at end of period	49.0	40.0

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	1,469.6	1,481.7
Gross profit	672.0	694.7
Adjusted operating profit	109.2	148.8
Operating profit	102.9	136.4
Share-based payments	4.5	5.9
Operating profit to net income
Profit before tax	86.5	120.6
Tax	(23.4)	(32.4)
Net income (owners)	62.5	88.2
Per share
EPS basic	13.8p	19.0p
EPS diluted	13.6p	18.8p
Dividend per share	7.4p	13.0p

	H2 Mar 26	H1 Oct 25	H2 Mar 25	H1 Oct 24
Revenue to operating profit
Revenue	691.3	778.3	692.7	789.0
Gross profit	318.1	353.9	329.6	365.1
Adjusted EBITDA	–	100.6	–	–
Operating profit	58.2	44.7	76.7	59.7
Share-based payments	0.6	3.9	2.7	3.2
Operating profit to net income
Profit before tax	50.3	36.2	69.5	51.1
Tax	(13.4)	(10.0)	(18.9)	(13.5)
Net income (owners)	36.3	26.2	50.6	37.6
Per share
EPS basic	8.1p	5.7p	11.1p	7.9p
EPS diluted	8.0p	5.6p	11.0p	7.8p
Dividend per share	2.7p	4.7p	8.3p	4.7p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	191.0	218.0
Interest paid	(3.8)	(4.8)
Tax paid	(16.2)	(20.9)
Financing activities
Lease principal paid	(66.7)	(66.5)
Lease interest paid	(14.0)	(13.2)
Dividends paid	(58.7)	(59.7)
Share buybacks	(25.2)	(25.1)

	H2 Mar 26	H1 Oct 25	H2 Mar 25	H1 Oct 24
Operating activities
Cash from operations	83.9	107.1	112.3	105.7
Interest paid	(1.7)	(2.1)	(1.6)	(3.2)
Tax paid	(6.6)	(9.6)	(8.4)	(12.5)
Investing activities
Capex (PP&E)	–	(21.5)	–	(25.1)
Financing activities
Lease principal paid	(27.5)	(39.2)	(30.6)	(35.9)
Lease interest paid	(6.7)	(7.3)	(6.1)	(7.1)
Dividends paid	(21.0)	(37.7)	(21.3)	(38.4)
Share buybacks	(12.6)	(12.6)	(12.6)	(12.5)

	26 Mar 26	27 Mar 25
Non-current assets
Goodwill	981.7	985.1
Property, plant & equipment	168.3	161.7
Other investments	–	15.0
Non-current assets	1,446.5	1,446.4
Current assets
Inventories	107.5	106.9
Trade receivables	61.1	63.8^r
Cash	39.6	39.5
Current assets	208.2	210.4
Total assets	1,654.7	1,656.8
Current liabilities
Trade payables	252.8	255.6
Borrowings, current	4.7	4.7
Lease liabilities, current	76.1	78.5
Current liabilities	339.7	345.6
Non-current liabilities
Borrowings, non-current	53.2	26.7
Lease liabilities, non-current	262.7	269.8
Non-current liabilities	341.9	318.0
Total liabilities	681.6	663.6
Equity
Total equity	973.1	993.2
Net cash and other figures
Net cash / (debt) ex leases	(19.4)	6.2

	26 Mar 26	9 Oct 25	27 Mar 25	10 Oct 24
Non-current assets
Goodwill	981.7	–	985.1	–
Property, plant & equipment	168.3	163.3	161.7	159.3
Other investments	–	19.1	15.0	11.3
Non-current assets	1,446.5	1,445.5	1,446.4	1,459.3
Current assets
Inventories	107.5	110.2	106.9	114.1
Trade receivables	61.1	77.2	63.8^r	64.2
Cash	39.6	49.0	39.5	40.0
Current assets	208.2	238.7	210.4	219.8
Total assets	1,654.7	1,684.2	1,656.8	1,679.1
Current liabilities
Trade payables	252.8	290.1	255.6	272.8
Borrowings, current	4.7	4.7	4.7	2.8
Lease liabilities, current	76.1	75.3	78.5	80.0
Current liabilities	339.7	376.5	345.6	364.0
Non-current liabilities
Borrowings, non-current	53.2	54.8	26.7	43.2
Lease liabilities, non-current	262.7	262.7	269.8	284.7
Non-current liabilities	341.9	339.1	318.0	340.5
Total liabilities	681.6	715.6	663.6	704.5
Equity
Total equity	973.1	968.6	993.2	974.6
Net cash and other figures
Net cash / (debt) ex leases	(19.4)	(12.0)	6.2	(8.3)

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