Pretax profit for the fiscal year ended March 2026 was £92.8 million, down from £133 million in the prior year, and within the company’s previously stated range of £90‑100 million.
Retail division pretax profit declined 58% to £31 million, reflecting a soft market and weaker discretionary accessories sales (like‑for‑like sales down 3.5%).
Vet division pretax profit increased 10% to £84 million, and joint‑venture consumer revenues grew 6%.
Retail like‑for‑like sales growth accelerated to a mid‑single‑digit percentage rate from 2.2% in Q4, marking a fifth consecutive quarter of improvement; the comparative Q1 period was –2.8% versus –5.2% in Q4.
Volume growth is running ahead of sales growth; customer satisfaction improved by four percentage points, including value‑for‑money, and the group delivered £20 million in cost savings.
For fiscal 2027 the company is comfortable with consensus pretax profit of £98 million and forecasts retail like‑for‑like sales growth supported by 1%‑2% market growth and market‑share gains, with low‑single‑digit profit growth in the Vet division and momentum building throughout the year.
Robinhood UK lead analyst Dan Lane highlighted that the intact FY27 guidance is the central takeaway, noting the importance of the Retail division as the business side to watch.
Jefferies maintains a “buy” rating with a 265 pence price target, lowered its FY27 pretax profit estimate to £101 million from £106 million due to macro uncertainty and potential reinvestment by new CEO James Bailey, but still sees the estimate ahead of the £98 million consensus.
Jefferies’ FY27 earnings‑per‑share estimate is 17.28 pence (down from 17.84 pence), 8% above consensus for FY27 and 21% above consensus for FY28, and cites CMA findings that the Vet business remains market‑leading.
