’FUR BABIES’ IN BIG TURNAROUND
PET parents and their “fur babies” are helping to boost the profits of pet care specialist Greencross.
The company’s net profit for the year to June 30 rose 118 per cent to $19.1 million on revenue of $644 million, after a big loss of $128 million last year on revenue of $368 million.
The result was lapped up by the market with the shares closing up 86 or 14.4 per cent higher at $6.84. Greencross paid a fully franked final dividend up 2 to 9 .
Greencross’s aggressive rollout of more than 65 new retail outlets and 21 new vet clinics helped drive the turnaround, with plans to extend its share of the market further in this financial year.
“Pet parents are going to look for a group they can trust to meet the needs of their fur babies,” chief executive Jeffrey David said.
Greencross currently capture about 8 per cent of the total market but Mr David said the group planned to expand their reach to 20 per cent.