Pet group to get change at the top
IAN Kellett is stepping down as chief executive of Pets at Home Group.
Kellett, who is leaving to ‘pursue his own personal business interests,’ will stand aside in May next year.
He will be replaced by Peter Pritchard, the chief executive of the group’s retail division.
It comes as the group, based in Handforth, reported a decline in growth in its half-year results for the period to October 12.
The trading report showed a 11.3 per cent decline in statutory pre-tax profit to £46m.
Group revenue rose six per cent to £468m. This includes the veterinary business which grew by 16.1 per cent to £28m.
In terms of merchandise, Pets at Home saw like-for-like sales grow by 5.1 per cent in the second quarter.
The group continued to reap the rewards of its omnichannel strategy with revenue up 81 per cent to £24m, driven by order In-Store and subscription plans.
It means investors can expect an interim dividend of 2.5 pence per share.
Commenting on the trading report Kellett, who joined Pets at Home as chief financial officer in 2006, said: “Our strategic progress and trading momentum have steadily improved through the first half of the financial year.
“In the merchandise business, our like-for-like sales grew by 5.1 per cent in the second quarter, driven by our pricing changes, omnichannel offer and product innovation.
“Our veterinary business is taking market share and hitting the revenue and profit growth levels expected from both the First Opinion practices and Specialist Referral centres.
“We see the potential for significant future profit growth in our Vet Group, where 75 per cent of practices are yet to mature.
“We are confident we are taking the right actions to reposition our Merchandise business and having seen the results from our initial investments, we are accelerating our plans.
“There remains much to do and we will continue to evolve our strategy and adapt to customers’ needs in what remains a competitive market place.”
In its trading report, the board of Pets at Home said Kellett ‘informed the board of his desire to step away from corporate life and pursue his own personal business interests’ and that he would remain until May 31 to ensure a smooth transition.
Incoming CEO Peter Pritchard joined Pets at Home in 2011 as commercial director and moved to the role of chief executive of retail in 2015.
Over this time, he has overseen the establishment of the sourcing office in China, the launch of the VIP club, the development of its omnichannel strategy and, more recently, the repositioning of its merchandise business.
Pets at Home operates 442 superstores, 447 animal veterinary practices under a joint venture model including the Vets4Pets and Companion Care brands, 301 pet grooming salons and seven high street dog stores, called Barkers.