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Annual Report and Accounts 2015 ...We’Re Part of a Growing Family, Where Pets Come First

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Annual Report and Accounts 2015 ...We’Re Part of a Growing Family, Where Pets Come First Pets at Home Group Plc Pets at Home Group Plc Epsom Avenue Stanley Green Trading Estate Handforth Cheshire SK9 3RN Annual Report and Accounts 2015 More than just a pet shop... Visit our online Annual Report 2015: petsathome.annualreport2015.com Pets at Home Group Plc Annual Report and Accounts 2015 ...we’re part of a growing family, where pets come first. Pets at Home is the UK’s leading specialist omni-channel retailer of pet food, pet products and pet-related services. We run the UK’s largest small animal veterinary and grooming businesses, through our Vets4Pets, Companion Care and Groom Room brands. Our VIP club is the UK’s largest pet loyalty retail programme, with 3.2 million members and is driving revenue and customer engagement across the Group. Why we’re more than just a pet shop... We are a unique, standout We are a people business; leader in the pet care market our expert colleagues and engaged customers are vital to our success Find out more Find out more p22 p53 Printed by CPI Colour on Chorus Silk – an FSC® Mix certified grade and is produced at a mill that is certified to the ISO14001 and EMAS environmental management standards. Designed and produced by SampsonMay Telephone: 020 7403 4099 www.sampsonmay.com 1 Strategic report Overview Performance Key highlights 2 Chief Financial Officer’s review 36 At a glance 4 Operating review 40 Market overview 6 Risk management 44 Business model 10 Risks and uncertainties 46 Chairman’s statement 12 Corporate Social Responsibility 50 Strategy Chief Executive’s statement 14 Mission and strategy 18 Strategy in action 20 Key performance indicators 32 Visit our online Governance report Financial statements Annual Report 2015: Governance overview 64 Independent Auditor’s Report 105 petsathome.annualreport2015.com Board of Directors 66 Consolidated income statement 108 Executive Management Team 68 Consolidated statement of Directors’ Report 70 comprehensive income 108 Statement of Directors’ Responsibilities 75 Consolidated balance sheet 109 Governance Report 76 Consolidated statement of changes Audit & Risk Committee Report 82 in equity as at 26 March 2015 110 Nomination & Corporate Governance Consolidated statement of changes Committee Report 84 in equity as at 27 March 2014 111 Remuneration Report 86 Consolidated statement of cash flows 112 Company balance sheet 113 Company statement of changes in equity as at 26 March 2015 114 Company statement of changes in equity as at 27 March 2014 114 Company income statement 114 Company statement of cash flows 115 Notes (forming part of the financial statements) 116 Advisors and contacts 155 We have high growth, We have world class vets We have family values, high margin opportunities and groomers putting pets before profit Find out more Find out more Find out more p30 p26 p58 Pets at Home Group Plc 2 Annual Report and Accounts 2015 Key highlights Strong, consistent, financial and operational performance 13.5 pence 5.4 pence 2015 underlying earnings per share 2015 total dividend per share Financial highlights 517.8 544.3 598.3 665.4 729.1 Revenue (£m) 1.5 1.4 2.6 2.4 4.2 Like-for-like growth (%) £729.1m 4.2% +9.6% 2011* 2012 2013 2014 2015 2011* 2012 2013 2014 2015 53.2 53.7 54.1 53.8 54.2 Gross margin (%) 92.4 91.2 98.5 110.7 121.3 Underlying EBITDA (£m) margin (%) 54.2% +40bps 17.8 16.8 16.5 16.6 16.6 £121.3m +9.6% 2011* 2012 2013 2014 2015 2011* 2012 2013 2014 2015 77.4 78.7 96.8 92.4 92.8 Underlying free 83.8 86.3 98.2 83.5 76.5 Free cash flow cash flow (£m) conversion (%) £92.8m 76.5% +0.4% -697 bps 2011* 2012 2013 2014 2015 2011* 2012 2013 2014 2015 * 2011 represents a 53 week financial year Strategic report Governance report Financial statements 3 Overview | Strategy | Performance Operational highlights 3.2m £40.1m VIP club reached 3.2m +44.1% members, with 65% swipe Revenues from our rate at tills flagship Advanced Nutrition brand, Wainwright’s 94% 81% >40% Colleague engagement, Colleague retention, of website revenues up from 93% in 2014 maintained at the are delivery into store, prior year level up from 22% in 2014 25 61 50 stores vet practices grooming salons opened during the opened, bringing the total opened, bringing the year, bringing the total portfolio to 211 in-store and total portfolio to 179 portfolio to 400 127 standalone practices Pets at Home Group Plc 4 Annual Report and Accounts 2015 At a glance Extensive store and services portfolio with broad national coverage Pets at Home Vets4Pets Companion Care The Groom Room Pets at Home offers Our veterinary brand Our original veterinary brand Our dog and cat grooming the ultimate pet shop operated with the majority operated with our joint venture service, with 177 locations in experience, with a UK wide of our joint venture vet vet partners, numbering stores, plus two Groom Rooms network of 400 stores; partners, numbering 241 97 practices. 24 practices located in Vets Plus format 53% of stores have a vet practices. This will become rebranded during the year practices, where a Groom practice, whilst 44% have our primary vet brand to Vets4Pets. Room is located alongside a a Groom Room. going forward. standalone veterinary practice. >7,000 71% 53% 44% products available of practices are branded of stores have of stores have at an average store as Vets4Pets a vet practice a Groom Room Strategic report Governance report Financial statements 5 Overview | Strategy | Performance VIP case study on growing like-for-like strategy, page 22 Leveraging insight from the VIP club Our VIP club is the UK’s largest pet loyalty programme, with 3.2 million members and is driving revenue and customer engagement across the Group. Extensive UK stores and services Ride-away Barkers A specialist retailer of Our new format, dog focused equestrian supplies with a high street store. Offering superstore in York, as well premium products and as a website and catalogue. services targeted at highly engaged dog owners. 17,000 1 products available at Barkers trial store rideaway.co.uk in the UK 400 338 stores with vets practices 179 groomers Pets at Home Group Plc 6 Annual Report and Accounts 2015 Market overview The UK pet market is large, resilient and growing The pet care market has outgrown the Nearly half of households in the UK own a pet, with more than one pet per person UK retail market over the past six years. across the country as a whole. Within this population of pet owners, some are perceived to be more ‘engaged’ than others, based on whether they visit the vet regularly and whether they tell their pet that they love them twice a day. Engaged customers are our key focus and we believe they represent over 70% of the pet owning population1. Our customer research shows that the most highly valued aspects for customers with a high engagement score are a wide product range, high quality products Underlying market drivers and colleague advice and availability. Pet population Shift to Advanced Nutrition The UK pet care market was worth • The market is supported by a stable • Advanced Nutrition is a premium, approximately £6.1 billion in 2014. pet population high quality pet food diet Pet food and accessories accounted for • Around 9m dogs in the UK, broadly • Switching to Advanced Nutrition is approximately £3.3 billion, whilst services stable since 2008 driven by the superior nutritional value including small animal vet services, • Around 9m cats in the UK, stable and resultant health benefits to pets grooming and insurance totalled to slightly growing since 2008 • Advanced Nutrition market grew at approximately £2.8 billion. • Shift in dog breeds towards specialist a CAGR of 14.0% from 2012–14 The pet care market has grown at a and cross-breeds, which often require compared with grocery food at 0.4% compound annual growth rate (CAGR) of grooming and are more likely to be • The UK lags the US market in regard 3.5% each year since 2012, ahead of the fed on Advanced Nutrition to this trend, with 11% of the UK pet UK retail market which grew at approximately food market penetrated by Advanced 1.5% during the same period. Humanisation of pets Nutrition products, compared with 25% in the US • Treating pets as part of the family The higher growth segments in the market creates a market spend that is are Advanced Nutrition food, treats, and resilient Use of services pet services such as veterinary practices • Trends towards purchasing premium • Vet and grooming services grew at a and grooming salons. The potential for products CAGR of 4.1% from 2012–14, ahead of sustained future growth in two of these • A desire by owners for innovation, the general pet market growth of 3.5% segments can be referenced to trends in with continual product refreshment • Vet service spend will be driven the US, which are often reflected in the and change by increased availability of complex UK market. Advanced Nutrition is one such procedures, widening insurance segment, where participation of the total coverage and a desire by owners to US pet food market is at 25%, compared treat their pets’ health as they would with 11% in the UK. Pets at Home is the their own key driver of Advanced Nutrition growth in • Grooming will be driven by both the the UK market, as it is a product requiring pet humanisation trend, as well as advice and specialist knowledge to sell, the increasing popularity of specialist which we can provide through highly trained dog breeds that require grooming nutrition consultants in our stores.
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