Pets at Home has once again raised its profit forecast as the group continues to see strong trading and rising demand in the pet sector.
In light of its trading year-to-date, it now anticipates full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9m, to be approximately £85m, ahead of its previous guidance of at least £77m.
In its previous trading update on 8 January 2021, its full-year profit guidance reflected a “number” of ongoing uncertainties over the near-term outlook.
This included renewed challenges from higher Covid infection rates, as well as continued restrictions on a national level. The group had also taken into account potential supply disruption relating to Brexit.
Despite these challenges, however, it said its performance over the last eight weeks has been ahead of expectations, with continued strong and broad-based growth across all of its channels and categories.
While recent positive progress around vaccinations for Covid-19 reduces the level of uncertainty ahead, it noted its priority remains “safeguarding the health, safety and wellbeing of all of our colleagues, partners and customers”.
The group is set to announce its FY21 preliminary results on 27 May 2021.