Pets at Home’s vet business cushions FY26 profit decline

Pets at Home grew group consumer revenue 1.0% to £1.98 billion in fiscal 2026, but underlying profit before tax fell 30.2% to £92.8 million, reflecting continued pressure in its retail business even as veterinary operations improved. The UK pet care group said Vet Group consumer revenue rose 5.0% to £688.1 million, helped by strong Care Plan sign-ups and higher average transaction values. Pets at Home ended the year with 407 joint venture vet practices, up from 396, and said 70% of its 460 pet care centers now include a vet practice. The company also pointed to momentum in its newer insurance push, after previously targeting a 2026 launch for a Pets-branded proposition. (investegate.co.uk)

Why it matters: For veterinary professionals, the results reinforce how central clinical services have become to diversified pet care businesses. Pets at Home’s Vet Group delivered underlying profit growth of 10.4% to £83.8 million while retail profit fell 57.8%, underscoring the resilience of recurring-care models, mature practice networks, and joint venture structures in a softer consumer environment. The company also said the UK Competition and Markets Authority’s final veterinary market report recognized its joint venture model as differentiated, though the broader CMA reforms mean large veterinary groups will still face new transparency and compliance requirements. (investegate.co.uk)

What to watch: Watch whether Pets at Home can sustain vet-led growth in FY27 as CMA reforms begin to take effect and management signals more subdued near-term veterinary revenue growth. (marketbeat.com)