Pets at Home has flagged a sharp drop in first-half profit due to weaker retail trading, despite continued momentum in its vets business.
For the 28 weeks to the 9th October 2025, statutory profit before tax fell 29.1% to £36.2 million, down from £51.1m a year earlier.
Overall statutory revenue also dropped slightly from £789m to £778.3m.
Profit all but collapsed on the retail front, with underlying profit before tax (PBT) tumbling 84.1% to £3.5m.
Retail consumer revenue slipped 2.3% to £679.9m, leaving the division contributing far less to the bottom line than a year ago.
That slump overshadowed a solid showing from the vet group, as vet consumer revenue rose 6.7% to £375.9m and underlying PBT increased 8.3% to £44.9m
This is the Cheshire-based company’s first half-year results announcement since the departure of former CEO Lyssa McGowan, who left in September.
Current CFO Mike Iddon also announced that month that he would retire in spring 2026. He will be replaced by PZ Cussons CFO Sarah Pollard.
Upon McGowan’s departure, the business lowered profit expectations for FY26.
It now, and still despite the half-year profit decrease, expects underlying pre-tax profit in the range of £90m-£100m.
Management says retail is improving sequentially, helped by double-digit online growth in Q2, and expects a slightly stronger second half.
“Stepping into the role as interim CEO 10 weeks ago, I set out with a clear agenda – to establish a firm grip on the issues facing our retail business, whilst maintaining the positive results we’re seeing in areas such as vets,” said Ian Burke, who is serving as interim executive chair and CEO.
“For over 30 years, Pets at Home has been a business with a clear purpose, an established market and loyal customer base, but it’s clear that urgent and necessary action is needed to return the retail business to growth to meet both our own expectations and those of our investors.
“I’ve spent time visiting over 100 Pet Care Centres and engaging with colleagues at all levels of the business to establish where the challenges are isolated, resulting in the implementation of a retail turnaround plan with four clear priorities of product, price, execution and cost.
“We are returning to our retailing roots to stabilise and rebuild momentum in our retail business, and to lay the foundations for a new CEO in due course.
“At the heart of our business remains 17,000 trusted and passionate colleagues and vet partners, and it’s through them that we will deliver future growth.
“I am grateful to them all for their unwavering dedication and energy and together we’ll ensure the business can thrive again.”
Even though the company has reported a drop in both profit and revenue, its share price has increased from 212p to 220p in the first 20 minutes of trading today and its market cap sits at just under £1 billion.