(Reuters) – Pets At Home Plc said on Thursday it would target a 10% profit growth in the medium term after it announced a share buyback programme worth 50 million pounds ($63.11 million) as Britons splurged on essentials and veterinary services for their furry companions.
The company plans to build a pet care platform to integrate its products and services, and invest further in its pet care centres, it added.
Pet ownership, which saw a surge during the pandemic, continues to rise as people opt to get a companion for their furry friends.
However, high household bills have limited customer spending on toys and accessories.
The company, which leads the 7.2-billion-pound UK pet care market with a 24% share, said it expects its 2024 underlying profit before tax to come in at 136 million pounds, in line with analysts’ consensus.
($1 = 0.7923 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatrman)
