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
About Us
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A leading market position

£ 1.4 bn Revenue
7.7 m VIP members
457 Pet care centres
£ 136.4 m Profit before tax
1.6 m Subscriptions
339 Groom rooms
£ 98.2 m Free cash flow
1.7 m Vet clients
444 Vet practices


pdf Annual report 2023 (2.3MB)
pdf Sustainability report 2023 (1.7MB)