Our competitive advantage
A clear and compelling investment case
Our competitive advantage
Our unique proposition of products, services and advice allows us to deliver complete pet care to consumers in a way competitors cannot easily replicate, and enables us to continue to take share across both our key markets of retail and veterinary.
- We have 24% share of a £7.2bn pet care market providing significant opportunity to take further share
- The pet care market is in structural growth underpinned by increasing humanisation, premiumisation, and penetration
- An expanding platform of pet care, combining product, services and expert advice from a trusted, well known brand
- Consumers who engage across all of our channels spend up to 9x more each year compared to those who shop solely in our stores
- Creating a proprietary digital platform where customers can access their entire pet care needs in one place
- Our telehealth business enhances our digital capabilities, providing trusted advice and even more convenient pet care services
- Largest branded veterinary business in the UK, with practices located in two-thirds of stores
- Practice maturity represents a significant future growth opportunity, with further upside from practice rollout, extension and productivity
- Unique VIP loyalty club, providing over 10 years’ worth of proprietary pet and customer data
- By leveraging our data insights, we can offer more personalised, targeted solutions, driving customer loyalty, retention and lifetime value
- Over 1.6 million pet care plan subscriptions across the Group, up 8% year-on-year
- Our existing three core plans generate over £150m of visible, repeatable consumer revenue per year, supporting further share of wallet gain
- Robust balance sheet with good liquidity, low leverage and significant headroom on banking covenants
- Highly cash generative with free cash flow of £98.2m and dividend per share increased to 12.8p
- Strong commitment to sustainability with a strategy designed to balance the interests of all stakeholders
- Balanced Board of Directors with a broad range of skills, experience, and expertise
A leading market position
£
1.96
bn
Group Consumer Revenue
8.2
m
Pet Club members
459
Pet care centres
£
133.0
m
Group Underlying PBT
13.0
%
% of Revenue from Subscriptions
343
Groom rooms
£
83.8
m
Group Free cash flow
1.7
m
Vet clients
448
Vet practices
