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Taking the lead in total pet care Pets at Home Group Plc Annual Report and Accounts 2020 Overview The year in review 4 At a glance 6 Investment case 8 Chairman’s statement 10 Market overview 12 Strategy Chief Executive’s statement 14 Strategy 20 Pet care in action 24 Performance Key performance indicators 30 Business model 34 Stakeholder engagement 36 Chief Financial Officer’s review 38 Operating review 44 Risk management 52 Risks and uncertainties 54 Corporate Social Responsibility 62 Governance report Governance report 82 Board of Directors 92 Directors’ Report 94 Statement of Directors’ Responsibilities 101 Audit and Risk Committee Report 102 Nomination and Corporate Governance Committee Report 107 Corporate Social Responsibility and Pets Come First Committee 110 Directors’ Remuneration Report 112 Financial statements Independent Auditor’s report 134 Consolidated income statement 142 Consolidated statement of comprehensive income 142 Consolidated balance sheet 143 Consolidated statement of changes in equity as at 26 March 2020 144 Consolidated statement of changes in equity as at 28 March 2019 144 Consolidated statement of cashflows 145 Company balance sheet 146 Company statement of changes in equity as at 26 March 2020 147 Company statement of changes in equity as at 28 March 2019 147 Company income statement 147 Company statement of cashflows 148 Notes (forming part of the financial statements) 149 Glossary – Alternative Performance Measures 220 Advisors and contacts 226 Our vision is to become the best pet care business in the world. We provide customers with everything they need to be the best pet owner they can be. Financial and operational highlights The year in review Operational highlights Our performance in the year reflects Growing our pet care ecosystem the success of our pet care strategy. The first full year of our pet care strategy has delivered The pet care market remained in strong results and we have made excellent progress across all four pillars. In doing so, we have taken market structural growth, and we continue to share across our chosen segments, and at the same take share across all channels and key time expanded in to attractive adjacencies. categories of our pet care ecosystem. Link to strategy: Our Retail business has traded Becoming the best pet care business in the world particularly well and delivered underlying profit1 growth, whilst the actions taken in our First Opinion vet business were delivered exactly as planned. In the closing weeks of FY20 we experienced exceptional levels of demand, both in-store and online, as the COVID-19 crisis developed; leading to incremental sales and profit. Whilst previous investments in omnichannel capacity meant we were Exceptional performance in Retail well equipped to meet this demand, Like-for-like1 revenue growth in Retail of 9.4%, or 15% the subsequent lockdown in the UK on a two-year basis, represents sustained momentum. In particular, previous investment in our online platform meant we had to take decisive action and automation enabled us to meet the exceptional to navigate the business through a demand seen in the closing weeks of the year due to the period of unprecedented uncertainty. coronavirus outbreak. Together with sustainable pricing For a detailed review of our response, and tight cost control, we grew both underlying profit refer to page 16. and free cashflow. Link to strategy: Bring the pet experience to life Set our people free to serve 1 Alternative Performance Measures (APMs) are defined and reconciled to IFRS information, where possible, on page 220. 4 Pets at Home Group Plc Annual Report and Accounts 2020 Strategic reportStrategic Financial highlights Governance reportGovernance Focus on recruitment of puppies and kittens Revenue (£m) Our active VIP loyalty club member base is now 5.6m, having grown 31% in the year. This has been driven by a focus on signing up even more of the UK’s puppy and kitten owners to our tailored £1,058.8m +10.2% programme of rewards and benefits in the Puppy and Kitten Clubs, and introducing them to all parts Underlying PBT 1 (£m) (pre-IFRS162) of our pet care ecosystem. Link to strategy: Use data and VIP to better serve customers £99.5m +11.0% Bring the pet experience to life Statutory PBT (£m) statementsFinancial First Opinion customer sales growing ahead of the market Like-for-like1 customer sales generated by all £85.9m +73.3% First Opinion vet practices grew 13.5%. Even those Joint Venture practices which are mature continue Underlying free cashflow 1 (£m) to grow ahead of the market, proving the value of our unique shared ownership model. Link to strategy: £89.6m +40.7% 50% of sales from pet services Statutory basic EPS (pence) Recalibration of First Opinion vet business complete Our plans to buy out and in some cases close a small number of Joint Venture practices, whilst 13.5p +121.0% at the same time making adjustments to the fee arrangements for ongoing Joint Ventures, are now Dividend per share (pence) complete and will provide a strong foundation to deliver sustainable profit and free cashflow growth over the longer term. 7.5p Link to strategy: 50% of sales from pet services 2 The impact of IFRS16 on the Group financial statements has been to decrease underlying PBT by £6.0m. Annual Report and Accounts 2020 Pets at Home Group Plc 5 At a glance Our pet care ecosystem A unique combination Retail of products and services Although we report our Retail and Vet Group businesses separately, in the eyes of our customers they are highly complementary to each other. This allows us to provide complete pet care to customers in a way competitors cannot replicate. Revenue and underlying EBIT1,2 contribution by segment Underlying Revenue (£m) EBIT1,2 (£m) Retail 937.6 81.7 Vet Group 121.2 30.2 A range of pet products is available both online and in our stores, which offer far more to the pet owner than just a place to buy food and accessories. Through our in-store experience and services, knowledgeable colleagues and award winning VIP loyalty club, we aim to make pet ownership affordable, convenient and rewarding. Operating review, Page 44 Vet Group 1 Alternative Performance Measures (APMs) are defined and reconciled to IFRS information, where possible, on page 220. 2 Central costs of £(8.6)m not shown above £6.5bn >5.6m We provide the full spectrum of veterinary services through UK pet care market, which Active VIP loyalty club members is resilient and in growth a network of First Opinion practices which handle all aspects of general veterinary care, and Specialist Referral centres which provide highly specialist services to pets referred from across the entire First Opinion market. c16% >8x Operating review, Page 48 Proportion of VIPs who purchase Annual spend by VIPs who shop both products and services across our ecosystem vs those from us who shop only in-store 6 Pets at Home Group Plc Annual Report and Accounts 2020 Strategic reportStrategic Governance reportGovernance A pet care destination Omnichannel capabilities Retail In addition to pet products, our stores also Our extended range of food and accessories Our locations allow customers to benefit from a range is available for customers to shop online 24 / 7, Our stores, Groom Room salons, First Opinion of pet care services such as dog and cat with multiple convenient delivery options vet practices and Specialist Referral centres grooming, subscription packages, educational to choose from, including collection in-store. are located nationwide, allowing us to offer workshops, events and access to expert Alternatively, colleagues can also place a convenient pet care to customers across pet knowledge and advice through our customer order from our extended range the UK. well-trained colleagues. whilst in-store using a dedicated PetPad app. We also offer subscription platforms for monthly flea & worm treatments and regular food deliveries, making pet care even more convenient and affordable. 453 55% Stores Of omnichannel1 revenues Financial statementsFinancial are assisted by a colleague 56% >9,600 Of stores have a vet practice and grooming salon Products in our extended online range First Opinion practices Specialist Referral centres Vet Group Our nationwide network of First Opinion Our Specialist Referral centres represent small animal veterinary practices mostly the cutting edge of veterinary care. operate under the Vets4Pets brand and in They provide medicine and surgery conjunction with our Joint Venture Partners, for the most complex cases, including providing the opportunity for entrepreneurial orthopaedic surgery, neurosurgery, vets to own their own business. This Joint oncology and state of the art Venture arrangement offers clinical and diagnostic imaging. operational freedom to veterinary surgeons, supported by our business expertise. We also operate a number of company managed First Opinion practices, which are owned in full by us. 396 4 Joint Venture First Opinion practices Specialist Referral centres • Stores with a vet and groomer • Standalone vets 45 c17,000 • Specialist Referral centres Company managed First Opinion practices Cases treated by our specialists Annual Report and Accounts 2020 Pets at Home Group Plc 7 Investment case The central tenets of a compelling business model 1 Strong position in a large, resilient market that is in structural growth – We have c19% share of a pet care market worth £6.5bn – Steady pet population of c18m dogs and cats, where there is increasing humanisation and premiumisation – Taking share across all
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