Pets at Home Group PLC (LSE:PETS) reported record sales for the year ending 30 March 2023 and announced its intention to launch a share buyback.
Total revenue grew by 6.6% to £1.4bn, with the final quarter particularly strong, the company said in a statement.
The pet goods supplier said underlying profit before tax was £136.4mln, up 4.8%, and ahead of the guided range of between £126mln and £136mln.
The strong trading performance was partly offset by higher energy costs and increased investment in digital assets, it said.
The London-listed firm also said it attained a market share of 24%.
“Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers,” said Pets at Home chief executive Lyssa McGowan.
Pets at Home said it expects to finish the current financial year in a net cash position, which gives it the confidence to announce a £50mln buyback.
Looking ahead, the retailer said sales are forecasted to grow in line with its medium-term ambition of 7%.
The group is also “comfortable” with analyst consensus for an underlying profit before tax of roughly £136mln, with planned capital expenditure of £60mln.
“I am incredibly excited about the opportunity ahead, building on the tremendous success the business has enjoyed in recent years, and capitalising on our unique growth opportunity,” McGowan added.