TIDMPETS
RNS Number : 1305R
Pets At Home Group Plc
03 November 2021
FOR IMMEDIATE RELEASE, 03 November 2021
Pets at Home Group Plc: Directorate Change & Trading
Update
Chief Executive Officer to step down post successful
turnaround
Pets at Home Group Plc, the UK's leading pet care business,
announces that Peter Pritchard has, after eleven years in the
business, agreed with the Board that he intends to step down from
his role as Chief Executive Officer and director of the Company
next summer.
This follows the successful turnaround of the business, in which
he developed and implemented the Group's pet care strategy, in
support of its ambition to become the Best Petcare Business in the
World.
Peter will remain fully engaged in his role as Chief Executive
Officer until late May 2022, to oversee the presentation of the
Group's 2022 preliminary results to investors and to ensure a
smooth transition period to his successor. The search for his
suitable successor has commenced across internal and external
candidates, and a further announcement will be made in due
course.
Becoming the Best Petcare Business in the World
Pets at Home is thriving under Peter's leadership. In the four
years since his appointment as CEO, its share of the pet care
market has grown significantly and its market capitalisation has
increased almost fourfold, with the exceptional progress being made
recognised externally through numerous awards including
Transformation of the Year (PLC Awards 2020) and Best Place to Work
and Best Retailer (Retail Week Awards 2021).
His strategy to leverage the Group's capabilities, bringing
together joint venture veterinary services, grooming, product,
multi-channel, and subscriptions has transformed the business into
the UK's market leading omnichannel pet care provider focused on
serving the needs of the pet owner.
Underpinning this turnaround and Pets at Home's future growth
has been strong investment in capacity and capability, creating a
best-in-class data capability around an award-winning VIP loyalty
club of more than 6.5m active members and, more recently, the
GBP20m investment into building a unique, proprietary digital
interface that seamlessly connects the Group's ecosystem of
products and services for customers across all channels. The
opening of a purpose-built, highly automated warehouse in Stafford
in 2023 will enable a significant further increase in capacity and
productivity to serve the UK's growing pet population, and the
development of the new pet care centre format is the cornerstone of
the Group's revitalised physical estate.
Peter's tenure has embodied a firm commitment to responsible
leadership across the Group and a clear focus on values and
purpose. Since the onset of the Covid-19 pandemic, Pets at Home has
created a GBP1m colleague hardship fund, raised over GBP6m for pet
charities, implemented discounts for NHS workers and returned
GBP28m of business rates relief, all of which without Government
support. Last year, Pets at Home also launched a new social value
strategy and has made good progress against clearly defined targets
across the three pillars of Planet, People and Pets.
Ian Burke, Chairman of Pets at Home, said:
"On behalf of the Board and colleagues across the Group, I would
like to thank Peter for his significant contribution to Pets at
Home since becoming CEO in 2018. His tireless work and dedication
as leader of this great business has given it a very firm
foundation for growth long into the future, for which we are all
very grateful. We will all be very sorry to see Peter go, and he
will leave us next summer with all our best wishes."
Peter Pritchard said:
"I have loved my time at Pets at Home. It is a privilege to lead
such a talented and passionate group of colleagues on this journey
and I am incredibly proud of the results we have collectively
achieved. We are the market-leading pet care business which,
supported by a highly capable Executive Management Team, has really
good momentum and is primed to continue growing its share of market
for many years to come.
Having completed everything that I set out to achieve in 2018,
next summer is the right time to take well-earned rest and to hand
over the reins to a new leader who will continue this journey in
becoming the Best Petcare Business in the World. I would like to
thank the Board for their support, and I look forward to
maintaining the strong momentum in the business through the next
few months and working with them to find and appoint a suitable
successor."
Trading update
Pets at Home will announce its FY22 interim results on 23
November 2021. The UK pet market remains robust, and the strong
performance witnessed across both parts of the business during the
second half of last year has continued throughout the past six
months.
Based on trading year to date, the Board now anticipates that
Group underlying pre-tax profit for the 53 weeks to 31 March 2022
will be at the top end of the current range of analyst
expectations*, ahead of previous guidance.
*As at 2 November 2021, the company-compiled consensus estimate
of analyst expectations for the 53-weeks FY22 full-year post
IFRS-16 underlying pre-tax profit was GBP131m, with a range of
GBP128m to GBP135m.
- End of announcement -
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 Roger Tejwani, Director of
Investor Relations & External Communication.
Notes
(i) There is no further information to be disclosed in accordance with Listing Rule 9.6.13.
(ii) Peter Pritchard will receive his normal salary and
associated benefits until his leaving date. Peter will remain
entitled to any bonus payable for FY22 in accordance with the
remuneration policy (Policy). Any bonus for FY22 will be subject to
the normal assessment of performance achieved over the period and
will be subject to deferral in line with the Policy. Peter will not
be entitled to participate in the annual bonus scheme for FY23.
(iii) Peter will be treated as a good leaver for the purposes of
the outstanding tranches of the 2017 and 2018 restricted stock plan
(RSP) awards. He will also be treated as a good leaver for the
first tranche of the 2019 RSP award which is equal to 50% of the
total award. All of these awards will continue to vest on their
usual vesting dates. Good leaver treatment is being permitted
because the performance period in respect of all grants referenced
has, or will have, by the date of cessation, been completed. The
remaining outstanding awards under the RSP will lapse in their
entirety on cessation.
(iv) The save as you earn scheme maturing in 2021 will be exercisable as normal.
(v) Shares will continue to be subject to the post-cessation
shareholding requirement for a period of two years after
cessation.
(vi) The above remuneration arrangements are compliant with the
Group's Policy that was approved by shareholders in 2020.
Investor Relations Enquiries
Pets at Home Group Plc:
Roger Tejwani, Director of Investor Relations & External
Communication
+44 (0)1279 927022
Chris Ridgway, Head of Investor Relations
+44 (0)7788 783925
Media Enquiries
Pets at Home Group Plc:
Natalie Cullington, Head of Media & Corporate Affairs
+44 (0)7974 594 701
Maitland/AMO:
Clinton Manning
+44 (0)7711 972662
Joanna Davidson
+44 (0)7827 254567
Kate Pledger
+44 (0)7879117238
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business;
our commitment is to make sure pets and their owners get the very
best advice, products and care. Pet products are available online
or from our 453 stores, many of which also have vet practices and
grooming salons. Pets at Home also operates a UK leading small
animal veterinary business, with 442 First Opinion practices
located both in our stores and in standalone locations. For more
information visit: http://investors.petsathome.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.
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END
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