Last checked at 12 Mar 2024 10:31
FOR IMMEDIATE RELEASE, 12 MARCH 2024
Pets at Home Group Plc: Response to CMA announcement
We note the CMA's announcement today that it will be consulting with a view to launching a full investigation into the UK vet sector, noting 5 areas of potential concern. While we are disappointed that the CMA fails to fully acknowledge the differences our differentiated model brings to our practice owners and consumers, we will continue to cooperate as they conduct their consultation up until 11 April 2024.
As outlined at our interim results in November 2023, we note that:
? | All of our c450 practices carry clear national branding and we welcome the CMA's acknowledgment of this. |
? | Our independent practice owners operate with complete clinical autonomy and set pricing at a local level. Our support frees them to deliver the best clinical outcomes for pets, something they excel at, resulting in us being the most trusted UK vet care brand by pet owners. |
? | We have no exposure to other verticals within the UK vet industry, having sold our specialist referral division in 2021. Where work is referred out by our vet partners, it is done so with complete freedom based on delivering the best clinical outcomes and with complete transparency for our clients. |
? | Our growth strategy is pro-competitive, introducing new competition and consumer choice into the UK vet sector. Our new practices will bring new capacity to many local areas that don't currently offer our services, our advanced capabilities introduce new competition for procedures that might otherwise be referred to external hospitals and we are looking to roll out 24-hour care to new catchments. |
We expect no impact on our growth strategy or ambitions where the strength of our consumer proposition is demonstrated by the high-quality growth the business is seeing.
Investor Relations Enquiries
Pets at Home Group Plc: |
|
Andrew Porteous, Director of Investor Relations | +44 (0) 7740 361 849 |
Chris Ridgway, Head of Investor Relations | +44 (0) 7788 783 925 |
Media Enquiries
Pets at Home Group Plc: | |
Natalie Cullington, Head of Communications | +44 (0) 7974 594 701 |
Citigate Dewe Rogerson: | |
Angharad Couch | +44 (0) 7507 643 004 |
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business, providing pets and their owners with the very best advice, products
and care. Pet products are available online or from over 450 pet care centres, many of which also have vet practices and grooming
salons. The Group also operates a leading small animal veterinary business, with over 440 veterinary general practices located both
in our pet care centres and in standalone locations. For more information visit: https://www.petsathomeplc.com/
Disclaimer
This trading statement does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Pets at Home Group Plc shares or other securities nor should it form the basis of or be relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which the Company's securities have been bought or sold in the past, is no guide to future performance and persons needing advice should consult an independent financial adviser. Certain statements in this trading statement constitute forward-looking statements. Any statement in this document that is not a statement of historical fact including, without limitation, those regarding the Company's future plans and expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this statement. As a result you are cautioned not to place reliance on such forward-looking statements. Nothing in this statement should be construed as a profit forecast.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (Regulation (EU) No.596/2014). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Andrew Porteous, Director of Investor Relations.