The chief executive of Pets at Home has credited Covid-19 restrictions for a jump in its revenues.
Peter Pritchard said there had been a pet ownership ‘baby boom’ because homeworking had led more people to acquire a dog or cat – prompting associated spending on pet food and vet care.
The company saw a 5 per cent jump in revenues – to £574.4 million – in the six months to October. Statutory pre-tax profits increased by 14.4 per cent to £38.9 million during the same period.
Pets shops were classed as essential retailers during lockdown, giving Pets at Home an advantage over some of its competitors.
Ross Hindle, an analyst at investment company Third Bridge, said Pets at Home was benefiting from a rise in pet ownership and a growing trend of ‘pet food premiumisation’ – in other words, demand for higher-margin pet foods.