Annual Report 2025

Bringing together the very best in pet care.

Annual Report 2025

We provide the best products, services and advice to guide pet owners through their pet journey.

Financial highlights

£ 1,482.1 m Group Statutory Revenue (+0.1%)
£ 1,961.9 m Group Consumer Revenue (+2.7%)
£ 120.6 m Group Statutory PBT (+14.1%)
£ 133.0 m Group Underlying PBT (+0.7%)
£ 83.8 m Free Cash Flow (+21.5%)
13.0 p Dividend Per Share (+1.6%)
Business model & strategy

Business model & strategy

Business model & strategy

Our business model underpins our clear and consistent strategic vision, which focusses on future growth and is guided and inspired by our powerful purpose - to create a better world for pets and the people who love them.

Business model

A unified blend of products, services and advice

Delivering economies of scope.

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Investment Case04
Business model

Seamlessly connected

Driving economies of scale and higher productivity.

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Investment Case02
Business model

An unrivalled experience

Fuelling consumer and revenue growth.

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Investment Case03

Strategic performance

8.2 m Number of active Pets Club members (+5.0%)
£ 175 Average consumer value (-2.4%)
13.0 % of consumer revenue from subscriptions (+30%)
3.5 k Clinical FTE (+6.0%)
Investment case

A clear and compelling investment case

Investment case

As we look forward, we have refined our medium-term framework reflecting the shape of growth and profits we expect to deliver over the medium term.

Winning market share through vets and omnichannel growth

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Investment Case01

Driving efficiency and operating leverage

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Investment Case02

Delivering cash profit growth on normalised capex

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Investment Case03

A clear and consistent capital allocation policy

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Investment Case04
Governance

Leadership and purpose

Our governance framework ensures effective oversight, accountability, and transparency, with the Board and its Committees playing a central role in setting the tone from the top, managing risk, and overseeing performance.

Read more in our Governance Report
Governance
Sustainability

Our sustainability strategy

Sustainability

Read more about how we are creating a better world for pets and the people who love them in our sustainability report.

Download links

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Annual Report 2025 (3.5MB)
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Strategic Report 2025 (1.8MB)
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Governance Report 2025 (936KB)
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Financial Statements 2025 (483KB)