RE: Strong.22 Jan 2019 10:02
It's available on my Reuters terminal but there's no link .. to be honest the transcript isn't great - lots of (inaudible) etc.. here's a small section:
Andrew Ian Porteous, HSBC, Research Division - Analyst, European Retail
A few on the vet side as well to start off. To just over to clarify a few points on that front. Just when you're talking about taking fees down for some of the surgeries, (inaudible) of the maturity curve, can you just clarify would that be a temporary situation? I mean is your idea that profitable sides that pay roughly the same fee structure? And then related to that and just going sort of back to the industry cost pressures that the industry seeing, have you seen any signs that there, even if you're holding your own rates, the industry rates are starting to rise to reflect high cost structure? And then last one actually sort of switching back to the retail side of the business, on the sort of 4.7% like-for-like, could you sort of just give us some idea on what sort of advance efficiency within that. And sort of related to that, how sort of sustainable do you see that rate going? I mean what sort of a tail off do you see in that?
Peter Pritchard, Pets at Home Group Plc - Group CEO, Director & CEO of Vet Group
Well, I'll do the first question. Absolutely, around being a temporary place. The actual point of focus is how we help a partner get to (inaudible) being debt-free and at a point where in a position creating good profitability, and they have the ability to pay (inaudible). It's absolutely right that we (inaudible) the fees for the quarter we provide absolutely always our plan. I'll hand over to Mike for the second point.
Michael Iddon, Pets at Home Group Plc - Group CFO & Executive Director
I think the second point, Andrew, you picked up was on Advanced Nutrition growth. And in the quarter, it was 9.8% across dog and cat food, so continuing really strong growth we've seen in the first half. We don't actually see any slowdown in there. I think it's as structural shift as customers want to feed their pets a better diet, and we're continuing to, obviously, develop and -- our brands in that direction. So it's a good result. Mike already said I don't think we should be anticipating a particular slowdown in the growth of Advanced Nutrition because of the structural factors driving that growth.
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