FY26 Preliminary Results

Pets At Home Group Plc

27 May 2026

 

Pets at Home Group Plc: FY26 Preliminary Results
for the 52-week period to 26 March 2026

Building momentum through our Retail Turnaround Plan and unique Vets business

Key financial results

Statutory Metrics	FY26	FY25	YoY
Group Statutory Revenue (£m)	1,469.6	1,481.71	(0.8)%
Group Statutory PBT (£m)	86.5	120.6	(28.3)%
Statutory Basic EPS (p)	13.8	19.0	(27.7)%
Dividend (p)	7.4	13.0	(43.1)%

Financial Performance Metrics		FY26	FY25	YoY %
Group Consumer Revenue# (£m)		1,981.0	1,961.5	1.0%
	- Retail	1,292.9	1,306.4	(1.0)%
	- Vet Group	688.1	655.1	5.0%
Group Underlying PBT# (£m)		92.8	133.0	(30.2)%
	- Retail	30.8	72.9	(57.8)%
	- Vet Group	83.8	75.9	10.4%
Free Cash Flow# (£m)		61.9	83.8	(26.1)%
	- Retail	2.7	30.6	(91.2)%
	- Vet Group	74.2	67.5	9.9%
Adjusted Net (Debt)/Cash# (£m)		(19.4)	6.2
Underlying Basic EPS# (p)		14.8	21.0	(29.7)%

1.         In the 52 week period ended 27 March 2025, £0.4m has been reclassified from cost of sales to revenue, this adjustment has been posted to aid comparability with the current year.

James Bailey, Chief Executive Officer:

"Pets at Home is a business with many strengths, a strong shared purpose and great potential and I am excited to lead it through its next chapter.

I have spent my early weeks immersing myself in the business, meeting colleagues and practice owners, understanding our customers and learning about the capabilities we have across the Group. I have found a business full of talented and committed people who want to do the best for our customers and their pets. This time in the business has increased my conviction on the opportunity to create value for customers, colleagues and investors of Pets at Home.

We are the clear leader in the growing UK pet care market with a unique set of highly complementary businesses. We have considerable, sustainable competitive advantages including our unrivalled reach through our 460 pet care centres, our sector leading Vet business, our large and loyal customer base and well invested infrastructure.

Material progress has been made over the past 6 months stabilising the Retail business, delivering improved satisfaction and better availability. We have the opportunity now to build momentum through profitable volume led growth in Retail while continuing to execute the proven growth levers of our Vet business and launch our Insurance offering.

We will not achieve this without the continued hard work, passion and dedication of our colleagues and partners. We have clear priorities for FY27 and from what I have seen so far, I am confident we can build a great future for Pets at Home, which I look forward to updating on later in the year."

Business Highlights

·      Launch of our Retail Turnaround Plan in Q3 brought improved focus and clear priorities to our Retail business and has driven improving sequential sales and volume growth through H2.

·      Customer satisfaction increased. Vets Satisfaction was up 1.5pts and Retail Satisfaction increased 4pts, driven by particularly strong improvement in value for money, product availability and promotional clarity.

·      Active Pets Club members³ of 7.4m with total Retail transactions down 1% but returning to growth in H2 and improving customer recruitment with Puppy & Kitten registrations averaging 15k a week, up 5%.

·      Pets Club average consumer value⁴ up 12% to £195 partly due to growth in our Vet consumer revenues and in part due to the change in methodology⁷ on Pets Club customers that shifted some lower frequency customers to non-Pets Club.

·      Vet Group space expansion accelerated with 8 new practice openings and 17 practice extensions in the period, clinical talent underpins our growth ambitions and we saw clinical talent grow 3.5% in FY26.

·      Subscription % of consumer revenues⁵ grew to 15.2%, up from 13.0% in the prior year. Care Plans grew strongly, with now well over 50% of Vet clients having a plan.

·      'Pets Insurance' progressing with FCA approval achieved and good progress building the required technology infrastructure. We remain on track for launch in 2026.

·      CMA - We welcome the Final Decision Report of the CMA's veterinary services market investigation which recognised that our practices offer competitive prices and strong customer outcomes while operating a differentiated Joint Venture(JV) model.

Financial Highlights

·      Total Group consumer revenue^# up 1.0% to £1.98bn

o  Vet Group consumer revenue^# up 5.0% to £688m, outperforming the market again with growth driven by strong Care Plan sign-ups and higher average transaction values. 

o  Retail consumer revenue^# down 1.0% to £1.29bn, against a subdued market backdrop. We saw the early impacts of our Retail Turnaround Plan drive better momentum in H2, delivering positive sales growth and faster volume growth. We remain focused on building further momentum and are encouraged by the early volume response to recent price investments.

·      Total Group statutory revenue down 0.8% to £1.47bn

·      Group gross margin 45.7% was down c120bps

o  Vet increased by c310bps due to the growing contribution of Joint Venture fee income.

o  Retail down c180bps, including c80bps from planned price investment.

·      Group operating costs grew 1.9% YoY, 1.1% excluding the impact of our Insurance start-up. Cost control remains strong with productivity measures almost fully offsetting underlying cost inflation, ahead of our plans.

·      Group underlying PBT^# of £92.8m down 30.2% YoY, underlying PBT margin^# of 6.3% down c270bps. Year on year profit growth improved in H2 across both Retail and Vets.

o  Vet Group underlying PBT^# £83.8m, up 10.4% YoY, with underlying PBT margin^# 47.4% driven by operating leverage of growing JV practice sales on a broadly flat cost base as well as strong profit conversion within our company managed practices.

o  Retail underlying PBT^# £30.8m, down 57.8% YoY, underlying PBT margin^# 2.4%. Profit came through in line with the revised plan announced in September 2025, with the decline for the full year reflecting operating leverage, with good cost control more than offset by sales and gross margin declines.

·      Group statutory PBT £86.5m down 28.3% YoY, statutory PBT margin of 5.9% down c230bps reflecting the fall in underlying PBT^# together with non-underlying costs of £6.3m which relates to the completion of restructuring the Group's Support Office functions, which are down from £12.4m last year.

·      Underlying EPS^# 14.8p, down 29.7% YoY with an underlying profit after tax decline of 31.1%, partially offset by share buyback accretion.

·      Free cash flow^# down 26.1% to £61.9m, including

o  Vet Group £74.2m up 9.9% YoY, reflecting the capital light nature of our JV model.

o  Retail £2.7m down from £30.6m in FY25 impacted mainly by the decline in PBT.

·      Balance sheet remains robust, adjusted net debt^# of £19.4m represents a leverage ratio of 0.1x underlying  EBITDA. Net debt^# increased £25.6m YoY due to lower Retail underlying PBT^#.

·      At our pre-close update we announced a refreshed capital allocation approach. In line with this policy we propose a total dividend per share of 7.4p, representing 50% of EPS, and a further £50m share buyback.

Strategic overview

Building on our unique strengths

We are the leader in an attractive pet care market which is resilient and benefits from unchanged structural trends towards premiumisation and humanisation, which we are well placed to capitalise on. As the only UK pet care specialist with highly complementary exposure across omnichannel Retail, Vets and soon Insurance, we have considerable advantages which are difficult for our competitors to replicate. Our compelling strengths across the business, give us confidence that with better execution, Pets at Home has a bright future ahead of it.

These unique strengths include:

·    Expert colleagues - 17,000 highly trained, passionate colleagues and clinicians. They play a pivotal role in advising and assisting consumers on how to take the best care of their pets.

·    Sector leading Vets - our Joint Venture model is a unique asset, operating some of the most productive assets in the industry through empowering our practice owning partners with our support and services. We have significant headroom for further growth leveraging proven growth levers of maturity, extensions and new practices.

·      Unrivalled reach - 460 pet care centres sit at the core of our business, bringing together products, grooming, and vets while enabling much of our digital revenue. We have a well located, well rented, and flexible estate with no long tail of unprofitable stores.

·     A large, engaged customer base - with 7.4m active Pets Club customers and many more Vet clients and non-Pets Club customers, we remain the leading UK pet specialist and the critical route to market for any pet brand. We have many opportunities to grow spend from our customers through better meeting their needs.

·    A trusted brand - with brand awareness of over 95% the Pets at Home brand is instantly recognisable and trusted by the nations pet owners.

·    Well-invested infrastructure - two major investments in our distribution and digital capabilities have been completed in recent years. We have a modern digital platform that will support profitable growth in our omnichannel sales and a distribution centre (DC) that is delivering structurally better levels of availability. They have required significant effort and resource to deliver but put the business in good shape for the future.

Progress against our Retail Turnaround Plan

At our FY26 interims, reflecting the disappointing trajectory in Retail sales and profits, we outlined a 'Retail Turnaround Plan' to address those shortcomings, centred around four priorities of Product, Price, Execution and Cost. This plan has brought clear focus and seen growth improve sequentially and we are confident these are the right priorities for the business in the near term. We finished the year with better momentum, delivering in line with our plan. While there is more we need to do, progress is being made in all areas.

Product

·    In food we have launched two new own brands, 'Ruff's Recipes' and 'Willows' and have brought one of the fastest growing US dog food brands, 'Nulo', to the UK with an exclusive agreement. We will continue to look for opportunities to enhance ranges where we see a clear consumer need.

·    In Accessories, we are on track with our turnaround having strengthened our team and progressed with our plans to introduce greater innovation and freshness to our ranges.

Price

·     In November we reduced prices on over 1,000 food products by an average of 12%, bringing us back to where we need to be. We have seen a good response with food volumes growing 3.7% in Q4.

Execution

·   Great execution determines how we show up for customers. We have high customer satisfaction which increased 4pts in FY26 and we are focused on improving further in the future as we improve execution. We have seen particularly strong improvement in value for money, product availability and promotional clarity.

·      Availability remains an area of strength. It has improved consistently since we brought our Stafford DC on line and in FY26 improved further, reducing store gaps by c20%.

Cost

·     At our interim results we announced an intention to deliver a £20m reduction in our Group overheads and this programme has been successfully completed. 

·     Our cost discipline has been strong in recent years in the face of multiple external headwinds and FY26 was further demonstration of this with Group operating costs increasing by just 1.9%. Productivity remains a key area of focus as we look to release efficiency to invest for our customers.

The Retail Turnaround is not complete, we have much more to do, but we are encouraged by the progress seen to date across our four key focus areas and by the improvement in our sales growth and volume trends.

Another year of progress in our Vet Group

Our unique Vet Group goes from strength to strength and has delivered another year of progress on customer KPIs, practice revenues, profits and cash.

·   Our Vet Group is a clear #2 in the UK First Opinion sector and is responsible for 35% of our consumer revenues and underpins our Group underlying PBT^# and Group Free Cash Flow^#.

·   The strengths of our model are based around delivering differentiated practice economics through consistently great consumer outcomes. In FY26:

·      We increased our brand awareness by a further 5pts and delivered a further 1.5pts increase in client satisfaction from already high levels.

·      Average practice revenues grew 3.9% to £1.5m.

·      Joint Ventures paid c£48.1m out to partners in dividends, up £2.3m YoY, averaging over £165k per debt-free practice. 71% of JV practices are now debt free (48% in FY22).

·   While the industry backdrop remains subdued given the natural aging of large pandemic pet cohorts, our Vet Group retains significant headroom to grow consumer revenues, profits and free cash flow further, leveraging the proven growth levers of:

·      Practice sales growth - Whilst we have driven out significant maturity-driven growth over the past 5 years, we still have plenty of opportunity to grow within our existing footprint through optimising practice operations and growing areas like Care Plans.

·      Practice rollout - in FY26 we accelerated our practice roll out, opening 8 new practices in the year. We continue to work to identify and partner with the best vet talent to open further practices and expect to accelerate openings further in FY27.

·      Extensions - we have a clear track record of growing practice revenues as they fill their original footprint through extensions. We completed 17 in FY26 and plan for a similar number in FY27.

·      Advanced capabilities - adding advanced capabilities enables our skilled practice owners to grow into adjacent areas, growing their revenues, leveraging their capability and delivering better customer outcomes.

·   We welcome the Final Decision Report of the CMA's veterinary services market investigation which found our practices offer competitive prices and great customer outcomes while delivering differentiated economics for our practice owners and shareholders.

Pets Insurance

·   In 2026, our new insurance venture will bring a disruptive, Pets branded proposition to the c£2bn pet insurance market. A market that is expected, by Mintel, to grow at c4% per annum reaching c£2.5bn by 2029.

·   Insurance is the largest adjacent growth opportunity available to us and highly complementary to our existing Retail and Vets exposure. We will leverage a number of core areas of competitive advantage including our trusted brand, large customer base and leading data.

FY27 Guidance

As we look to FY27, year to date, Retail sales growth has accelerated further against tougher comparatives with mid-single digit sales growth and faster volume growth, and we are comfortable with consensus expectations for Group underlying PBT^# (currently £98m). This view reflects:

·   In Vets we expect a further year of profit growth. We expect sales growth of low single digit with momentum likely to build through the year against a market backdrop which we expect to remain subdued. FY27 will also see a step up in the cost of our new practice management system as it is fully rolled out through our estate.

·   We expect to increase the rate of Vet developments through a further increase in practice rollout and in extending existing practices.

·   In Retail we expect:

·      Underlying market growth of 1-2%, against which we expect to outperform as we roll out more initiatives through FY27 as our turnaround plan progresses.

·      Progress in underlying PBT^#. Retail will also benefit from a one-off low single digit £m benefit from the exit of our PetPlan insurance agreement in FY27.

·   Insurance start-up investment costs are expected to be slightly higher in FY27.

·   Capex is expected to be c£50m with the biggest element being investment in maintaining our store estate.

·   Effective tax rate is expected to be 26%.

·   We will complete a £50m buyback over the next 12 months.

This guidance reflects no specific impacts for the geopolitical uncertainty in the Middle East, which we will continue to monitor closely. We are well hedged for FY27 with c90% of our USD requirements secured at 1.34 (1.28 in FY26) and c80% of our energy requirements secured.

# Alternative Performance Measures (APMs) are defined and reconciled to IFRS information, on pages 72-73

Key Performance Indicators²

Strategic KPIs	FY26	FY25	YoY
Number of active Pets Club members3 (m)	7.4	8.2	(10.5)%
Average Consumer Value4 (£)	195	175	11.7%
% of Consumer Revenue from Subscription5 (%)	15.2%	13.0%	16.8%
Clinical FTE Headcount6 (k)	3.6	3.5	3.5%

2.         KPIs represent those used by the business to monitor performance. Management recognise that as Alternative Performance Measures they differ to statutory metrics, but believe they represent the most appropriate KPIs.

3.         Retained consumers are active Pets Club members who transacted across the group in the last 365 days prior to the end of the reporting period for both the current and prior year.

4.         Average consumer value (ACV) is the average spend of active Pets Club members across the group over the last 365 days based on consumer revenue, rather than statutory revenue.

5.         Subscription revenue includes our Flea & Worm, Easy Repeat, Complete Care and Vac4Life plans and is divided by Group consumer revenue.

6.         Full time equivalent number of all vets and nurses working across the group, based on standard working hours.

7.         In April 2025 we implemented a change in how store colleagues are able to look up Pet Club member records in our till system. This resulted in a reduction in lower spending customers in our active Pets Club members base. Correspondingly, the number of non-Pets Club transactions have increased. It is not possible to restate prior quarters numbers to reflect this change.

Results presentation

An audio webcast and presentation of these results will be available on our website (https://stream.brrmedia.co.uk/broadcast/69ef43244057ae00129f8f80) from 07.00am on 27 May. Management will host a Q&A conference call for analysts and investors at 09.00am. To join the call in listen-only mode, please click on the following link (https://brrmedia.news/PETSFY26).

Our next scheduled update will be our Q1 trading update on 30 July 2026.

Investor Relations Enquiries
Pets at Home Group Plc: Andrew Porteous, Director of Investor Relations	[phone]
Aaron Wood, Head of Investor Relations	[phone]
Media Enquiries
Pets at Home Group Plc: Natalie Cullington, Head of Communications	[phone]
Citigate Dewe Rogerson: Angharad Couch	[phone]

About Pets at Home

Pets at Home Group Plc is the UK's leading pet care business, providing pets and their owners with the very best advice, products and care. Pet products are available online or from 460 pet care centres, many of which also have vet practices and grooming salons. The Group also operates a leading small animal veterinary business, with over 450 veterinary general practices located both in our pet care centres 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.

This announcement contains information that is inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (the Market Abuse Regulation ("MAR")). Upon the publication of this announcement, such information will no longer constitute inside information. Andrew Porteous, the Company's Director of Investor Relations, is the person responsible for making the notification for the purposes of Article 17 of MAR.

Chief Financial Officer's Review

The FY26 period represents the 52 weeks from 28 March 2025 to 26 March 2026. The comparative period represents the 52 weeks from 29 March 2024 to 27 March 2025.

The Group's results are shown as four segments that represent the size of the respective businesses and our internal reporting structures; Retail (includes products purchased online and in-store, pet sales, grooming services and legacy insurance commissions via our 3^rd party arrangement), Vet Group (includes general practices and our veterinary telehealth business), Central (includes Group costs and finance expenses) and our Insurance business (includes start-up costs).

	FY26	FY25	YoY
Group statutory revenue (£m)	1,469.6	1,481.71	(0.8)%
Retail	1,292.9	1,306.4	(1.0)%
Vet Group	176.7	175.3	0.8%
Group consumer revenue# (£m)	1,981.0	1,961.5	1.0%
Retail	1,292.9	1,306.4	(1.0)%
Vet Group	688.1	655.1	5.0%
Group gross profit margin	45.7%	46.9%	c(120)bps
Retail	44.4%	46.1%	c(180)bps
Vet Group	55.7%	52.6%	c310bps
Group statutory PBT (£m)	86.5	120.6	(28.3)%
Group statutory PBT margin	5.9%	8.1%	c(230)bps
Group underlying PBT# (£m)	92.8	133.0	(30.2)%
Retail	30.8	72.9	(57.8)%
Vet Group	83.8	75.9	10.4%
Insurance	(5.2)	(0.4)
Central	(16.6)	(15.4)	7.8%
Group underlying PBT margin#	6.3%	9.0%	c(270)bps
Retail	2.4%	5.6%	c(320)bps
Vet Group	47.4%	43.3%	c410bps
Statutory basic EPS (p)	13.8	19.0	(27.7)%
Underlying basic EPS# (p)	14.8	21.0	(29.7)%
Operating Costs (£m)	(569.1)	(558.3)	1.9%
Non-underlying items2 (£m)	(6.3)	(12.4)	(49.4)%
Free cash flow# (£m)	61.9	83.8	(26.1)%
Cash and cash equivalents (£m)	39.6	39.5	0.3%
Adjusted net (debt)/cash# (£m)	(19.4)	6.2
Dividend (p)	7.4	13.0	(43.1)%
Number of
Pet care centres	460	459	1
% of pet care centres with a vet practice	70%	68%
Joint Venture vet practices	407	396	11
Company managed vet practices	48	52	(4)
Grooming salons	339	343	(4)

1.         In the 52 week period ended 27 March 2025, £0.4m has been reclassified from cost of sales to revenue, this adjustment has been posted to aid comparability with the current year.

2.         FY26 non-underlying items of £6.3m relates to the completion of restructuring the Group's Support Office functions. FY25 non-underlying items of £12.4m. £7.3m relating to our distribution network optimisation program, £4.1m relating to restructuring of certain support functions, £3.3m relating to the CMA investigation. Alongside this we had a disposal on investment gain of £2.3m which relates to the disposal of Pure Pet Food.

Revenue

Group consumer revenue^# grew 1.0% to £1.98bn, with Group statutory revenue declining 0.8% to £1.47bn

Consumer Revenue YoY Growth#	Q1 25	Q2 25	H1 25	Q3 25	Q4 25	H2 25	FY 25
Retail	(0.8)%	1.1%	0.1%	(2.4)%	(5.2)%	(3.7)%	(1.8)%
Vet Group	13.3%	12.6%	13.0%	14.2%	11.9%	13.0%	13.0%
Group	3.6%	4.7%	4.1%	2.3%	0.2%	1.2%	2.7%
Consumer Revenue YoY Growth#	Q1 26	Q2 26	H1 26	Q3 26	Q4 26	H2 26	FY 26
Retail	(2.8)%	(1.7)%	(2.3)%	(1.1)%	2.2%	0.4%	(1.0)%
Vet Group	7.1%	6.2%	6.7%	5.0%	1.3%	3.1%	5.0%
Group	0.5%	1.0%	0.7%	0.8%	1.9%	1.3%	1.0%

Vet Group consumer revenue^# up 5.0% to £688.1m, with statutory revenue up 0.8% to £176.7m.

·   Joint Venture consumer revenues^# grew 6.3% to £619.8m with Joint Venture statutory revenues (fee income) up 4.9% to £108.4m.

·   Company managed practice revenues decreased 3.0% to £51.1m, as we had 4 fewer YoY due to conversions from being company managed to a Joint Venture practice.

·      The Vet Connection (our telehealth business), generated revenue of £3.8m, down 3.5%.

Retail revenue (consumer^# and statutory) down 1.0% to £1.29bn.

·   Food sales of £805.0m were flat, volume momentum built through the year in part supported by price investment. Our own brands continue to perform well, delivering sales growth of c3%.

·   Consumable accessories sales of £171.5m were down 1.6% as we saw a weak flea & worm season alongside annualising a very strong season in the prior year.

·     Discretionary accessories sales of £265.1m, down 3.5%, looking ahead we expect performance to improve as this plays a key area of the Retail Turnaround Plan.

Gross margin

Group gross margin³ decreased YoY by c120bps to 45.7%. Retail adversely contributed c160bps towards the Group movement, with Vets Group improving the Group position by c40bps.

·   Vet Group gross margin³ increased by c310bps to 55.7%. The main contributor being the growing contribution of Joint Venture fee income against a broadly fixed cost base, we also saw better profit conversion within our company managed practices even though sales declined in the period.

·      Retail gross margin³ was 44.4%, a c180bps decline YoY, including c80bps from targeted price investment.

Operating costs

Operating costs⁴ grew 1.9% YoY, when excluding insurance start-up costs, they only grew 1.1%. Well within our previously stated guidance for operating costs to grow by no more than 5% in FY26.

(£m)	FY26	FY25	YoY
Group statutory revenue	1,469.6	1,481.71	(0.8)%
Selling and distribution expenses	451.7	442.9	2.0%
Administrative expenses	127.9	117.6	8.7%
Other Income	(16.8)	(14.6)	15.2%
Underlying operating costs	562.8	545.9	3.1%
Non-underlying items2	6.3	12.4	(49.4)%
Operating costs	569.1	558.3	1.9%
Underlying operating costs to sales ratio	38.3%	36.8%	c150bps

3.         Gross margin is calculated as gross profit as a percentage of revenue.

4.         Operating costs are the sum of selling and distribution expenses, administrative expenses, other income and non-underlying items. These can be found on the consolidated income statement.

Cost remains a key pillar of our Retail Turnaround Plan, we successfully completed the program to reduce our Group overheads by c£20m as we simplify our business, FY27 will see a full year benefit from the program. Linked to this program £6.3m of non-underlying costs were incurred in FY26.

Alongside this we have ongoing productivity initiatives to help offset against external headwinds, productivity spans across procurement, lease renegotiations and distribution automation. We also implemented a leaner store operating model earlier in the year.

Finance expense

The net finance expense, including interest charged on lease liabilities, was £16.4m (FY25: £15.8m). Of this, £13.2m (FY25: £13.2m) related to interest expense on lease liabilities.

Profit before tax (PBT)

Group statutory PBT £86.5m decreased £34.1m with £6.3m of non-underlying costs incurred in the period vs £12.4m in the prior year.

Group underlying PBT^# £92.8m (FY25: £133.0m), with Group underlying PBT margin⁵ of 6.3%, down c270bps YoY due to a reduction in Retail profit conversion. Vet Group positively contributed through stronger profit conversion and a growing contribution to Group performance.

• Vet Group statutory PBT was £82.8m with underlying PBT^# of £83.8m which represents another year of strong profit growth (FY25: £75.9m) with underlying^# PBT margin⁵ of 47.4% (FY25: 43.3%), driven by the continued strong sales performance across Joint Venture practices, which are leveraging a broadly flat cost base.

• Retail statutory PBT was £26.8m (FY25: £66.9m). Retail underlying PBT^# was £30.8m (FY25: £72.9m) with underlying profit margin⁵ of 2.4% (FY25: 5.6%). Sales declined in the year with gross margins³ also reducing by c180bps YoY (see relevant section) against a broadly stable cost base.

• Underlying Central costs of £16.6m (FY25: £15.4m) includes payroll costs for Group functions, professional fees, and PLC related costs.

• Insurance start-up investment costs of £5.2m were incurred in period as we began building the team and the required technology infrastructure, set up costs are expected to be slightly higher in FY27.

(£m)	FY26	FY25	YoY
Group statutory PBT	86.5	120.6	(28.3)%
Retail	26.8	66.9	(59.9)%
Vet Group	82.8	75.9	9.1%
Insurance	(5.2)	(0.4)
Central	(17.9)	(21.8)	(17.9)%
Group statutory PBT margin	5.9%	8.1%	c(230)bps
Non-underlying items2	(6.3)	(12.4)	(49.4)%
Group underlying PBT#	92.8	133.0	(30.2)%
Retail	30.8	72.9	(57.8)%
Vet Group	83.8	75.9	10.4%
Insurance	(5.2)	(0.4)
Central	(16.6)	(15.4)	7.8%
Group underlying PBT margin5	6.3%	9.0%	c(270)bps

5.         Group underlying PBT margin is calculated as underlying profit before tax as a percentage of revenue.

Taxation, profit after tax & EPS

·      Total tax expense was £23.4m for the period. The effective tax rate for the period is 26.9% (FY25 26.7%), which is higher than the UK corporation tax rate due to expenditure not allowable for tax relief.

·      Statutory profit after tax decreased by 28.4% to £63.1m.

·      Statutory basic earnings per share (EPS) 13.8 pence (FY25: 19.0 pence) and underlying basic EPS^# 14.8 pence (FY25: 21.0 pence).

Working capital

The cash flow movement in working capital⁷ for FY26 was an outflow of £8.6m (FY25: £3.3m outflow).

·      Inventories increased by £0.6m YoY (outflow), stock levels comparable to last year to support the Retail sales plan.

·      Trade and other receivables decreased by £0.9m YoY (inflow) due to lower Retail debtors YoY.

·      Trade and other payables have decreased by £4.7m YoY (outflow) due to Retail trade creditors.

·      Provisions decreased by £4.2m YoY (outflow) due to the settlement of various property provisions.

Investment

Capex was £42.1m (FY25: £45.9m) down £3.9m YoY as capex investment remains at more normalised levels following peak investment in prior years. Investment remains focused on key areas of the business.

·      New pet care centres and refurbishments £30.6m (FY25: £27.9m)

·      IT & Digital £8.5m (FY25: £12.1m)

·      Vet Group investment £0.9m (FY25 £0.7m)

·      Distribution Centre £1.6m (FY25: £5.0m)

·      Pets Insurance £0.4m (FY25: £nil)

Free cash flow^#

Free cash flow^# (FCF) was £61.9m (FY25: £83.8m).

·      Vet Group FCF^# £74.2m up £6.7m YoY due to strong Joint Venture consumer revenue^# growth flowing into fee income.

·      Retail FCF^# £2.7m down £27.9m YoY due to lower underlying PBT^# (£42.1m) with a lower tax charge and lower capex partially offsetting as we return to a normalised level of investment.

Free cash flow (£m) FY26	Group	Retail	Vet Group	Insurance	Central		Group YoY
Underlying PBT#	92.8	30.8	83.8	(5.2)	(16.6)		(40.2)
Interest (underlying)	16.4	13.5	(0.7)	0.1	3.5		0.6
Depreciation (underlying)	102.7	98.3	3.9	-	0.5		3.9
Leases	63.3	62.1	1.2	-	-		1.1
PPE & amortisation of assets	39.4	36.2	2.7	-	0.5		2.8
Underlying EBITDA	211.9	142.6	87.0	(5.1)	(12.6)		(35.7)
Impairment of investments	5.7	3.0	2.7	-	-		5.7
Share-based payment charge	4.5	-	-	-	4.5		(1.4)
Non-underlying cash costs	(6.3)	(4.0)	(1.0)	-	(1.3)		5.0
Lease payments6	(81.8)	(81.0)	(0.8)	-	-		(1.7)
WCAP7	(8.6)	(10.1)	1.9	0.3	(0.7)		(5.3)
Operating cash flow	125.4	50.5	89.8	(4.8)	(10.1)		(33.4)
Capex8	(40.8)	(40.4)	-	(0.4)	-		7.6
Bank interest (net)	(1.3)	0.2	0.9	-	(2.4)		0.5
Tax	(16.2)	(7.6)	(16.5)	-	7.9		4.7
Purchase of own shares (employee share schemes)	(5.2)	-	-	-	(5.2)		(1.3)
Free Cash Flow	61.9	2.7	74.2	(5.2)	(9.8)		(21.9)

6.         Lease payments are cash payments for the principal portion of the right-of-use lease liability, they also include interest paid on lease obligations, costs to acquire right-of-use assets and the right-of-use asset.

7.         Working capital is the sum of YoY movements in trade and other receivables, inventories, trade and other payables, and provisions.

8.         Capex is the net proceeds from the sale of property, plant and equipment less acquisition of property, plant and equipment and other intangible assets. It also includes investment capital contributions and proceeds from repayment of partner loans.

The cash generation above enables us to invest to grow our business as well as fund our equity dividend and share buyback programme. Our balance sheet remains robust, our closing adjusted net debt position^# at the end of the period was £19.4m (cash £39.6m, debt £59.0m). This represents a leverage ratio of 0.1x underlying EBITDA.

Adjusted Net (Debt)/Cash (£m)	FY26	FY25
Opening adjusted net (debt)/cash#	6.2	8.8
Free cash flow#	61.9	83.8
Equity dividends paid	(58.7)	(59.7)
Equity dividends paid to non-controlling interests	(0.5)	-
Share buyback	(25.2)	(25.1)
Acquisitions	(2.7)	(2.3)
Disposals	(0.4)	0.7
Closing adjusted net (debt)/cash#	(19.4)	6.2
pre-IFRS 16 leverage	0.1x	0.0x

Capital allocation

Our capital allocation policy prioritises investing cash in areas that will expand the Group and deliver attractive returns, our dividend policy (targeting a payout of 50% of earnings per share over the medium term) and value-accretive opportunities including M&A (which are strategically aligned to expanding our platform in core and adjacent markets).

We will return to shareholders any surplus cash after these items, and it is the Board's intention to review this on an annual basis. We have completed £150m in share buybacks over the past four years, in total reducing the shares in issue by c10%. We are pleased to announce a further £50m buyback in FY27 which aligns to our refreshed capital allocation approach across buybacks and dividends.

Dividend

The Board has recommended a final dividend of 2.7 pence per share, taking the total dividend for the year to 7.4 pence per share (FY25 13.0 pence per share), which is rebased to 50% of EPS. The final dividend will be payable on 15 July 2026 to shareholders on the register at the close of trading on 5 June 2026.

Sarah Pollard

Chief Financial Officer

27 May 2026

Financial statements

Consolidated Income Statement

Consolidated Statement of Comprehensive Income            

Consolidated Balance Sheet 

Consolidated Statement of Changes in Equity as at 26 March 2026

Consolidated Statement of Changes in Equity as at 27 March 2025

Consolidated Statement of Cash Flows        

Notes to the consolidated financial statements

Parent Company Balance Sheet       

Parent Company Statement of Changes in Equity as at 26 March 2026     

Parent Company Statement of Changes in Equity as at 27 March 2025

Notes to the parent company financial statements   

Glossary - Alternative Performance Measures        

Section 435 statement

The financial information set out below does not constitute the company's statutory accounts for the periods

ended 26 March 2026 or 27 March 2025 but is derived from those accounts. Statutory accounts for 2025

have been delivered to the registrar of companies, and those for 2026 will be delivered in due course. The

auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to

any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did

not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

Consolidated Income Statement

	Note	52 week period ended 26 March 2026			52 week period ended 27 March 2025 (restated)1
		Underlying trading £m	Non-underlying items (note 3) £m	Total £m	Underlying trading £m	Non-underlying items (note 3) £m	Total £m
Revenue	2	1,469.6	-	1,469.6	1,481.7	-	1,481.7
Cost of sales		(797.6)	-	(797.6)	(787.0)	-	(787.0)
Gross profit		672.0	-	672.0	694.7	-	694.7
Selling and distribution expenses		(451.7)	-	(451.7)	(442.9)	(8.3)	(451.2)
Administrative expenses	3	(127.9)	(6.3)	(134.2)	(117.6)	(6.4)	(124.0)
Other income	3	16.8	-	16.8	14.6	2.3	16.9
Operating profit	2	109.2	(6.3)	102.9	148.8	(12.4)	136.4
Financial income	6	2.6	-	2.6	2.9	-	2.9
Financial expense	7	(19.0)	-	(19.0)	(18.7)	-	(18.7)
Net financing expense		(16.4)	-	(16.4)	(15.8)	-	(15.8)
Profit before tax		92.8	(6.3)	86.5	133.0	(12.4)	120.6
Taxation	8	(25.0)	1.6	(23.4)	(35.5)	3.1	(32.4)
Profit for the period		67.8	(4.7)	63.1	97.5	(9.3)	88.2
Attributable to:
Equity shareholders of the parent		67.2	(4.7)	62.5	97.5	(9.3)	88.2
Non-controlling interests (NCI)		0.6	-	0.6	-	-	-

¹In the 52 week period ended 27 March 2025, £0.4m has been reclassified from cost of sales to revenue, this adjustment has been posted to aid comparability with the current year.

Basic and diluted earnings per share attributable to equity shareholders of the Company:

	Note	52 week period ended 26 March 2026	52 week period ended 27 March 2025
Equity holders of the parent - basic	5	13.8p	19.0p
Equity holders of the parent - diluted	5	13.6p	18.8p

Dividends paid and proposed are disclosed in note 9.

Consolidated Statement of Comprehensive Income

	Note	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Profit for the period		63.1	88.2
Other comprehensive income
Items that are or may be recycled subsequently into profit or loss:
Foreign exchange translation differences		0.1	-
Effective portion of changes in fair value of cash flow hedges	22	2.6	0.6
Net change in fair value of cash flow hedges reclassified to profit or loss	22	(0.8)	0.1
Other comprehensive income for the period, before income tax		1.9	0.7
Deferred tax on other comprehensive income	15,22	(0.6)	-
Other comprehensive income for the period, net of income tax		1.3	0.7
Total comprehensive income for the period		64.4	88.9

The notes on pages 18 to 66 form an integral part of these consolidated financial statements.

Consolidated Balance Sheet

	Note	At 26 March 2026 £m	At 27 March 2025 £m
Non-current assets
Property, plant and equipment	11	168.3	161.7
Right-of-use assets	12	283.0	284.6
Intangible assets	13	981.7	985.1
Other financial assets	16	13.5	15.0
		1,446.5	1,446.4
Current assets
Inventories	14	107.5	106.9
Income tax receivable		-	0.2
Trade and other receivables	17	61.1	63.8
Cash and cash equivalents	18	39.6	39.5
		208.2	210.4
Total assets		1,654.7	1,656.8
Current liabilities
Trade and other payables	20	(252.8)	(255.6)
Income tax payable		(3.1)	-
Other interest-bearing loans and borrowings	19	(4.7)	(4.7)
Lease liabilities	12	(76.1)	(78.5)
Provisions	21	(2.5)	(5.1)
Derivative financial liabilities	16	(0.5)	(1.7)
		(339.7)	(345.6)
Non-current liabilities
Other interest-bearing loans and borrowings	19	(53.2)	(26.7)
Lease liabilities	12	(262.7)	(269.8)
Provisions	21	(5.5)	(3.9)
Deferred tax liabilities	15	(20.5)	(17.6)
		(341.9)	(318.0)
Total liabilities		(681.6)	(663.6)
Net assets		973.1	993.2
Equity attributable to equity holders of the parent
Ordinary share capital	22	4.5	4.6
Consolidation reserve		(372.0)	(372.0)
Merger reserve		113.3	113.3
Translation reserve	22	(0.1)	(0.1)
Capital redemption reserve		0.5	0.4
Cash flow hedging reserve	22	0.8	(1.2)
Retained earnings	22	1,226.0	1,248.2
Non‑controlling interest reserve		0.1	-
Total equity		973.1	993.2

The consolidated financial statements were authorised for issue by the Board of Directors on 27 May 2026.

On behalf of the Board:

Sarah Pollard

Chief Financial Officer

27 May 2026

Company number: 08885072

The notes on pages 18 to 66 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Equity

	Share capital £m	Consolidation reserve £m	Merger reserve £m	Cash flow hedging reserve £m	Translation reserve £m	Capital redemption reserve  £m	Retained earnings £m	Non-Controlling Interest reserve £m		Total equity £m
Balance at 27 March 2025	4.6	(372.0)	113.3	(1.2)	(0.1)	0.4	1,248.2	-		993.2
Total comprehensive income for the period
Profit for the period	-	-	-	-	-	-	62.5	0.6		63.1
Other comprehensive income (note 22)	-	-	-	1.3	-	-	-	-		1.3
Total comprehensive income for the period	-	-	-	1.3	-	-	62.5	0.6		64.4
Hedging gains and losses reclassified to inventory	-	-	-	0.4	-	-	-	-		0.4
Deferred tax on hedging gains and losses	-	-	-	0.3	-	-	-	-		0.3
Total hedging gains and losses reclassified to inventory	-	-	-	0.7	-	-	-	-		0.7
Transactions with owners, recorded directly in equity
Equity dividends paid	-	-	-	-	-	-	(58.7)	-		(58.7)
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	(0.5)		(0.5)
Share based payment charge	-	-	-	-	-	-	4.5	-		4.5
Deferred tax movement on IFRS 2 reserve	-	-	-	-	-	-	(0.1)	-		(0.1)
Share buyback	(0.1)	-	-	-	-	0.1	(25.2)	-		(25.2)
Purchase of own shares	-	-	-	-	-	-	(5.2)	-		(5.2)
Total contributions by and distributions to owners	(0.1)	-	-	-	-	0.1	(84.7)	(0.5)		(85.2)
Balance at 26 March 2026	4.5	(372.0)	113.3	0.8	(0.1)	0.5	1,226.0		0.1	973.1

	Share capital £m	Consolidation reserve £m	Merger reserve £m	Cash flow hedging reserve £m	Translation reserve £m	Capital redemption reserve  £m	Retained earnings £m	Total equity £m
Balance at 28 March 2024	4.7	(372.0)	113.3	(0.5)	(0.1)	0.3	1,242.8	988.5
Total comprehensive income for the period
Profit for the period	-	-	-	-	-	-	88.2	88.2
Other comprehensive income (note 22)	-	-	-	0.7	-	-	-	0.7
Total comprehensive income for the period	-	-	-	0.7	-	-	88.2	88.9
Hedging gains and losses reclassified to inventory	-	-	-	(1.6)	-	-	-	(1.6)
Deferred tax on hedging gains and losses	-	-	-	0.2	-	-	-	0.2
Total hedging gains and losses reclassified to inventory	-	-	-	(1.4)	-	-	-	(1.4)
Transactions with owners, recorded directly in equity
Equity dividends paid	-	-	-	-	-	-	(59.7)	(59.7)
Share based payment charge	-	-	-	-	-	-	5.9	5.9
Share buyback	(0.1)	-	-	-	-	0.1	(25.1)	(25.1)
Purchase of own shares	-	-	-	-	-	-	(3.9)	(3.9)
Total contributions by and distributions to owners	(0.1)	-	-	-	-	0.1	(82.8)	(82.8)
Balance at 27 March 2025	4.6	(372.0)	113.3	(1.2)	(0.1)	0.4	1,248.2	993.2

Consolidated Statement of Cash Flows

	Note	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Cash flows from operating activities
Profit for the period		63.1	88.2
Adjustments for:
Depreciation and amortisation	11,12,13	102.7	102.2
Impairment of investments and capital contributions made to vet practices	3	5.7	-
Non underlying profit on disposal		-	(2.3)
Financial income	6	(2.6)	(2.9)
Financial expense	7	19.0	18.7
Share-based payment charges	3	4.5	5.9
Taxation	8	23.4	32.4
		215.8	242.2
Decrease/(increase) in trade and other receivables		0.9	(0.9)
Increase in inventories		(0.6)	(9.4)
(Decrease)/increase in trade and other payables		(4.7)	10.7
Decrease in provisions		(4.2)	(3.7)
Movement in working capital		(8.6)	(3.3)
Tax paid		(16.2)	(20.9)
Net cash flow from operating activities		191.0	218.0
Cash flows from investing activities
Acquisitions of other investments		-	(1.0)
Proceeds from the sale of other investments		-	2.3
Investment capital contributions		-	(0.9)
Proceeds from repayment of initial partner loans		0.9	1.5
Interest received		2.5	3.0
Costs to acquire right-of-use assets		(1.1)	(0.4)
Acquisition of subsidiaries, net of cash acquired	10	(2.7)	(1.3)
Disposal of subsidiaries, net of cash disposed		(0.4)	(1.6)
Acquisition of property, plant and equipment and other intangible assets		(41.7)	(49.0)
Net cash used in investing activities		(42.5)	(47.4)
Cash flows from financing activities
Equity dividends paid	9	(58.7)	(59.7)
Dividends paid to non-controlling interests		(0.5)	-
Repayment of borrowings	23	(59.3)	(75.0)
Loan drawdown	23	85.0	60.0
Cash payments for the principal portion of the right-of-use lease liability		(66.7)	(66.5)
Purchase of own shares		(5.2)	(3.9)
Share buyback		(25.2)	(25.1)
Interest paid		(3.8)	(4.8)
Interest paid on lease obligations		(14.0)	(13.2)
Net cash used in financing activities		(148.4)	(188.2)
Net increase/(decrease) in cash and cash equivalents		0.1	(17.6)
Cash and cash equivalents at beginning of period	18	39.5	57.1
Cash and cash equivalents at end of period	18	39.6	39.5

The notes on pages 18 to 66 form an integral part of these financial statements.

Notes to the consolidated financial statements

Pets at Home Group Plc (the Company) is a company incorporated in the United Kingdom and registered in England and Wales and its registered office is Epsom Avenue, Stanley Green, Handforth, Cheshire, SK9 3RN.

1      Accounting policies

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these consolidated financial statements.

1.1    Basis of preparation

The Group financial statements of Pets at Home Group Plc have been prepared in accordance with UK-adopted international accounting standards (UK-adopted IFRS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

The Parent Company financial statements have been prepared in accordance with FRS 101 Reduced Disclosure Framework (FRS 101) for all periods presented, under the historical cost convention, and in accordance with the Companies Act and other applicable law.

As permitted by FRS 101, the Parent Company has taken advantage of the disclosure exemptions available under that standard in relation to standards not yet effective and presentation of a cash flow statement. The accounting policies adopted for the Parent Company are otherwise consistent with those used for the Group as set out within this note. The Company has also taken advantage of the following disclosure exemptions under FRS 101:

·      The requirement of paragraphs 91-99 of IFRS 13 'Fair Value Measurement'

·      The requirement of IFRS 7 'Financial Instruments: Disclosure'

·      The requirements of 45 (b) and 46-52 of IFRS 2 'Share-based payments'

·      The requirements in IAS 24 'Related Party Disclosures' to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

On publishing the Parent Company financial statements here together with the Group financial statements, the Company has also taken advantage of the exemption provided under section 408 of the Companies Act 2006 not to publish its individual income statement and related notes that form a part of these approved Financial Statements.

New standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) becoming effective during the 52 week period ended 26 March 2026 have not had a material impact on the Group's financial statements, these include IAS 8 amendments and IAS 1 amendments on current/non-current classification of liabilities.

The OECD Pillar Two GloBE model rules introduce a global minimum corporation tax rate of 15% applicable to multinational enterprise groups with global revenue over €750m. Pillar Two legislation was substantively enacted on 20 June 2023 in the UK, the jurisdiction in which the Group's ultimate Parent Company is incorporated and came into effect from 1 January 2024. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes and does not expect a material potential tax liability in respect of Pillar Two top up taxes. The Group applies the mandatory temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

1.2    Measurement convention

The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments, financial instruments classified as fair value through the profit or loss.

1.3    Going concern

The Group and Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The financial position of the Group and Company, its cash flows, liquidity position and borrowing facilities are described in the Chief Financial Officer's review. In addition, note 23 to the financial statements includes the Group and Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.

The Directors of the Group have prepared cash flow forecasts for a period of at least 12 months from the date of the approval of these financial statements which indicate that, despite taking account of reasonably possible downsides, the Group will have sufficient funds, through its revolving credit facility, to meet its liabilities as they fall due for that period.

In preparing the forecasts for the Group, the Directors have carefully considered the impact of market performance consumer confidence, climate change, geopolitical tensions and the actual and potential impact on supply chains, as well as energy cost inflation on liquidity and future performance.

The Group has access to a revolving credit facility of £300.0m which expires on 30 September 2028 and a £19.0m reducing asset backed loan which expires on 27 March 2030. The Group has £40.0m drawn down against the revolving credit facility at 26 March 2026 and cash balances of £39.6m. The lowest level of headroom forecast over the next 12 months from the date of signing of the financial statements is in excess of £282.3m in the base case scenario. On a sensitised basis, the lowest level of headroom forecast over the next 12 months from the date of approving of the financial statements is £212.2m due to the removal of the dividend payment and share buybacks in the second half of the year in scenario 3.

The Group has been in compliance with all covenants applicable to this facility within the financial year and is forecast to continue to be in compliance for 12 months from the date of signing of the financial statements.

A number of plausible downside scenarios of increasing severity were calculated compared to the base case forecast of profit and cash flow to assess headroom against facilities for the next 12 months. These scenarios included:

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.3    Going concern (continued)

-         Scenario 1: Reduction on Group like-for-like sales growth assumptions of 1% in each year throughout the forecast period, but ordinary dividends continue to be paid.

-         Scenario 2: Using scenario 1 outcomes and further impacted by a conflated risk impact of £81.3m on sales and £29.3m on PBT per annum (using specific financial risks taken from Group risk register with sales and PBT financial impact quantified), with dividends held at 7.4p per share per annum.

-          Scenario 3: Group like-for-like sales growth at 0% in each year and a conflated risk impact of £196.7m on sales and £71.0m on PBT is applied (using the top risks from Group risk register in addition to potential unmitigated risks associated with the current conflict in the middle east in addition to potential cyber incidents with sales and PBT impact quantified), with dividends cut to nil to conserve cash.

Against these negative scenarios, adjusted projections showed no breach of covenants however they do become significantly tighter under scenario 3 which is considered to be a very extreme scenario. Further mitigating actions could also be taken in such scenarios should it be required, including reducing capital expenditure and certain operating costs.

Despite net current liabilities of £131.5m in the Group and £759.5m in the Company, the Directors of Pets at Home Group Plc, having made appropriate enquiries including the principal risks and uncertainties on pages 21 to 25 of the Annual Report, consider that the Group and Company will have sufficient funds to continue to meet their liabilities for a period of at least 12 months from the date of approval of these financial statements and that, therefore, it is appropriate to adopt the going concern basis in preparing the Group consolidated financial statements and the Company only financial statements as at and for the period ended 26 March 2026.

1.4    Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.

The Group and Company operate an Employee Benefit Trust (EBT) for the purposes of acquiring shares to fund share awards made to employees. The EBT is deemed to be a subsidiary of the Group and Company as Pets at Home Group Plc is considered to be the ultimate controlling party for accounting purposes. The assets and liabilities of this trust have been included in the consolidated financial information. The cost of purchasing own shares held by the EBT is accounted for in retained earnings.

Investment in Joint Venture veterinary practices

The Group has a number of non-participatory shareholdings in veterinary practice companies, which are considered Joint Venture partnerships. The veterinary practices were established under terms that require mutual agreement between the Group and the Joint Venture Partner, and do not give the Group power over decision making, nor joint control, to affect its exposure to, or the extent of, the returns from its involvement with the practices and therefore are not consolidated in these financial statements. Further, the Group is not entitled to profits, losses, or any surplus on winding up or disposal of the Joint Venture veterinary practices, and as such no participatory interest is recognised. The Group's category of shareholding in the Joint Venture veterinary practices entitles the Group to charge management fees for support services provided. For further details see notes 1.22, 16, 17 and 27. The Group's shares are non-participatory, and therefore the Group does not share in any profits, losses or other distribution of value from the Joint Venture company; the investments are held at cost less impairment, which is deemed to be their carrying value as explained further in note 16.

1.5    Foreign currency

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group's presentational currency, sterling, at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this translation of foreign operations are reported as an item of other comprehensive income and accumulated in the translation reserve or non-controlling interest, as the case may be.

Functional currency

The consolidated financial statements are presented in sterling which is the functional currency of the Parent Company and the presentational currency of the Group and Company, these have been rounded to the nearest £0.1m.

1.6    Classification of financial instruments issued by the Group

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. These are recognised initially at fair value. Subsequent recognition is measured in accordance with the substance of the contractual agreement.

1.7    Non-derivative financial instruments

Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, other interest-bearing loans and borrowings, and trade and other payables.

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.7    Non-derivative financial instruments (continued)

Trade and other receivables

Trade receivables are recognised initially at their transaction price and other receivables are initially recognised at fair value. Subsequent to initial recognition they are both measured at amortised cost using the effective interest method, less any expected credit loss.

Trade and other payables

Trade payables and other payables are initially recognised at fair value. Subsequent to initial recognition they are both measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purposes of the cash flow statement and are only offset for balance sheet purposes where the offsetting criteria are met.

Other interest-bearing loans and borrowings

Interest-bearing borrowings are recognised initially at fair value, net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method.

Investments in equity

Investments in equity are initially and subsequently measured at fair value through profit or loss ('FVTPL'), with changes recognised in the profit or loss.

As disclosed in note 1.6: Classification of financial instruments issued by the Group.

1.8    Derivative financial instruments and hedging

Derivative financial instruments

Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below).

Cash flow hedges

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement.

If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss, i.e. when interest income or expense is recognised.

When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging is included directly in the initial cost of the non-financial item when it is recognised. For all other hedging forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect the profit or loss.

For cash flow hedges, other than those covered by the preceding two policy statements, the associated cumulative gain or loss is removed from equity and recognised in the income statement in the same period or periods during which the hedged forecast transaction affects profit or loss.

When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised in the income statement immediately.

1.9    Intra-group financial instruments

Financial guarantee contracts issued to guarantee the indebtedness of companies within the Group are accounted for in accordance with 'IFRS 9 - Financial Instruments'. These guarantees are initially recognised at fair value and subsequently measured at the higher of:

·      The amount of the expected credit loss ('ECL') determined in accordance with the ECL model under IFRS 9, and

·      The amount initially recognised, less any cumulative income recognised in accordance with IFRS 15.

1.10  Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land and assets under construction are not depreciated. The estimated useful lives are as follows:

Freehold property                                  - 50 years

Fixtures, fittings, tools and equipment  - 3 to 20 years

Leasehold improvements                      - the term of the lease

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

The impact of climate change, particularly in the context of risks identified in the TCFD scenario analysis have been considered and no material impact on the carrying value, useful lives or residual values have been identified.

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.11  Intangible assets

Intangible assets acquired in a business combination

Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

Customer lists are valued based on the forecast net present value of the future economic relationship with those customers, adjusted for forecast retention rates. Technology based 'know how' assets are valued based on the expected cost to reproduce or replace the asset, adjusted for the functional or economic obsolescence, if present and measurable. Software is stated at cost less accumulated amortisation.

Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of an asset. The estimated useful lives are as follows:

Software                                                 - 2 to 7 years

Customer lists                                        - 10 years

Technology based know-how                - 10 years

Amortisation methods, useful lives and residual values are reviewed at each balance sheet date.

Expenditure on Software as a Service ('SaaS') customisation and configuration that is distinct from access to the cloud software can only be capitalised to the extent it gives rise to an asset, i.e. where the Group has the power to obtain the future economic benefits and can restrict others' access to those benefits, otherwise such expenditure in relation to developing SaaS for use is expensed.

The impact of climate change, particularly in the context of risks identified in the TCFD scenario analysis have been considered and no material impact on the carrying value, useful lives or residual values have been identified.

1.12 Leases

On completion of a lease, the Group recognises a right-of-use asset, representing its right to use the underlying asset and a lease liability, representing its obligation to make lease payments. The lease liability is measured at the present value of the lease payments over the term of the lease, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. This rate is adjusted to take into account the risk associated with the length of the lease. Lease payments will include any fixed payments, including as a result of stepped rent increases.

The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the lease commencement date and any lease incentives received or premiums paid.

The Group has lease contracts in relation to property and equipment. There are recognition exemptions for low-value assets and short-term leases with a lease term of 12 months or less. Any leases under a short-term licence agreement are excluded as they fall into the lease term of 12 months or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the term of the lease. The total value of leases where the Group has taken a recognition exemption is disclosed in note 12.

The Group has a small number of leases where it is an intermediate lessor. For these leases, it accounts for the interest in the head lease and sub-lease separately. It assesses the lease classification of the sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.

The Group currently receives rental income from related Joint Venture veterinary practices which are located within the Group's retail stores. These rental incomes are disclosed in note 3. Under IFRS16, the lease classification of sub-leases is assessed by reference to the right-of-use asset under the head lease rather than the underlying asset. This rental income is presented in other income in the Consolidated Income Statement.

Right-of-use assets may be impaired if the lease becomes onerous. Impairment costs would be charged to administrative expenses if this occurred.

1.13 Business combinations

Business combinations are accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.

Acquisitions on or after 26 March 2010

For acquisitions on or after 26 March 2010, the Group measures goodwill at the acquisition date as:

the fair value of the consideration transferred; plus

the recognised amount of any non-controlling interests in the acquiree; plus

the fair value of the existing equity interest in the acquiree; less

the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred.

Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If contingent consideration is payable and is dependent on future employment, it is recognised as an expense over the relevant period as a cost of continuing employment. There can be significant timing difference between the charges that are recorded in the Consolidated Income Statement to reflect movements in the fair value of the liability and the actual cash payments made to settle the liability. 

On settlement of the liability, the part of each payment relating to the original estimate of the fair value of the contingent consideration on acquisition is reported within investing activities in the cash flow statement and the part relating to the increase in the liability since the acquisition is reported within operating cash flows. Any contingent deferred consideration receivable is recognised at fair value.

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.13 Business combinations (continued)

On acquisition, the identifiable assets acquired and liabilities assumed are recognised at their acquisition-date fair values. On consolidation, all intra-group balances, transactions, income and expenses are eliminated in full. Non-controlling interests represent the equity in subsidiaries not attributable to the owners of the parent.  Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests.

When the Group loses control of a subsidiary, it derecognises the assets and liabilities of the subsidiary, any non-controlling interests, and recognises any retained interest at fair value. Any resulting gain or loss is recognised in profit or loss.

Acquisitions prior to 26 March 2010 (date of adoption of IFRS)

IFRS1 grants certain exemptions from the full requirements of Adopted IFRS for first time adopters. In respect of acquisitions prior to 26 March 2010, goodwill is included on the basis of its deemed cost.

1.14  Investments

Investments in associates and joint ventures are carried in the Consolidated Balance Sheet at cost and of their post-acquisition retained profits or losses and other comprehensive income together with any goodwill arising on the acquisition. The Group recognises the assets, liabilities, revenue and expenses of joint operations in accordance with its rights and obligations.

Assessment of control with regard to Joint Ventures is disclosed in 1.22: Accounting estimates and judgements

1.15  Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost principle and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition, less rebates and discounts.

Provision is made against specific inventory lines where market conditions identify an issue in recovering the full cost of that Stock Keeping Unit ('SKU'). The provision focuses on the age of inventory and the length of time it is expected to take to sell and applies a progressive provision against the gross inventory based on the numbers of days' stock on hand. Where necessary, further specific provision is made against inventory lines, where the calculated provision is not deemed sufficient to carry the inventory at net realisable value.

To the extent that the ageing profile of gross inventory as calculated by this provision methodology results in a material provision, it will be disclosed as an estimate that may have an impact on subsequent periods. To the extent this is material, it will be disclosed in note 1.22.

1.16  Impairment excluding inventories

Financial assets (including receivables)

Measurement of Expected Credit Losses ('ECLs') and definition of default

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

The definition of default is applicable to intercompany and related party receivables but not relevant to trade receivables where the lifetime expected credit loss is considered. The Group considers Joint Venture receivables (operating loans) to be in default when the individual underlying veterinary practice is significantly under-performing against its business plan, assessed based on future cashflow forecasts for the individual practices which utilise consistent assumptions across all practices. These assumptions consider historical repayment performance, current financial position of the related parties, and forward‑looking macroeconomic information relevant to JV's ability to meet its obligations. Any shortfall in repayment of the Joint Venture loans and receivables following the 10-year forecast period are considered to be in default as repayment is expected during this time. Loss given default is also determined based on the forecast shortfall amount. Those within the performing credit risk category are deemed to have low credit risk. Practices categorised within the in default credit risk categories are those considered to be in default based on their cashflow forecast. Significant increase in credit risk is not applicable to Joint Venture operating loans due to the on-demand payment terms.

Initial set up loans are considered in default if they cannot be settled within one day of year end.  These loans have no set repayment date but are expected to be recovered within 15 years. There is no significant increase in credit risk of any practice which has an operating loan as these are considered to be on demand, as defined above. All other loans are considered to be performing and have low credit risk.

The Group considers other intercompany and related party assets to be in default when the entity does not have the forecast future funds available to repay the balance, if recalled.

Write-offs

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery indicated by JV practice performance or in advance of an acquisition of a veterinary practice. Details of these provisions are explained in note 16.

Non-financial assets

The carrying amounts of the Group's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each period at the same time.

The recoverable amount of an asset or cash-generating unit as defined by IAS 36 is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated post-tax future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the 'cash-generating unit').

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.16  Impairment excluding inventories (continued)

The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units ('CGUs'). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount.

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

1.17  Employee benefits

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees.

Short term benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Share-based payments

A number of employees of the Company's subsidiaries (including Directors) receive an element of remuneration in the form of share-based payments, whereby employees render services in exchange for shares in Pets at Home Group Plc or rights over shares.

Share-based payments are measured at fair value at the date of grant. The fair value of transactions involving the granting of shares is determined by the share price at the date of grant. The fair value of transactions involving the granting of share options is calculated based on a binomial model. In valuing share-based payments, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Pets at Home Group Plc ('market conditions').

The cost of share-based payments is recognised, together with a corresponding increase in equity, on a straight-line basis over the vesting period based on the Company's estimate of how many of the awards will eventually vest. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. Where the terms of a share-based payment award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of the modification.

Where a share-based payment award is cancelled, it is treated as if it had vested on the date of cancellation and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification to the original award, as described in the previous paragraph. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

Employee Benefit Trust

The assets and liabilities of the Employee Benefit Trust ('EBT') have been included in the Group and Company accounts.  The assets of the EBT are held separately from those of the Company. Neither the purchase nor sale of own shares leads to a gain or loss being recognised in the Group consolidated statement of comprehensive income. 

Investments in the Company's own shares held by the EBT are presented as a deduction from reserves and the number of such shares is deducted from the number of shares in issue when calculating the diluted earnings per share. The trustees of the holdings of Pets at Home Group Plc shares under the Pets at Home Group Employee Benefit Trust have waived or otherwise foregone any and all dividends paid.

1.18 Provisions

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, which can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

1.19 Revenue and cost of sales

Revenue represents the total amount receivable for goods and services, net of discounts, coupons, returns and excluding value added tax, sold in the ordinary course of business, and arises substantially from activities in the United Kingdom.

Revenue is recognised when the Group transfers control of goods or services to a customer at the amount to which the Group expects to be entitled, and substantially all of the Group's performance obligations have been fulfilled. Depending on whether certain criteria are met, revenue is recognised either over time, in a manner that best reflects the Group's performance, or at a point in time, when control of the goods or services is transferred to the customer. 

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.19 Revenue and cost of sales (continued)

Sale of goods in-store and online

Retail revenue from the sale of goods is recorded net of value added tax, colleague discounts, coupons, vouchers, returns and the free element of multi-save transactions. Sale of goods represents food and accessories sold in-store and online, with revenue recognised at the point in time the customer obtains control of the goods and substantially all of the Group's performance obligations have been fulfilled, which is when the transaction is completed in-store and at point of delivery to the customer for online orders. Revenue is adjusted to account for estimates for anticipated returns and a provision is recognised within trade and other payables. Estimates for anticipated returns are calculated using past data for both in-store and online transactions. No separate asset has been recognised (with no corresponding adjustment to cost of sales) in relation to the value of products to be recovered from the customer as the products are not always in a resaleable condition.

Gift vouchers and cards

Revenue from the sale of gift vouchers and cards is deferred until the voucher is redeemed, at which point performance obligations have been fulfilled. In line with IFRS 15 the value of revenue deferred is based on expected redemption rates. The Group continues to assess the appropriateness of the expected redemption rates against actual redemptions.

Pets Club loyalty scheme

Under the Pets Club loyalty scheme, points are earned by customers upon the purchase of goods and services. These points can be converted by nominated charities into gift cards for redemption against goods and services in-store and online. The sales value of the points earned under the Pets Club scheme are treated as deferred income; the sales are only recognised once the points have been redeemed by the charities, at which point performance obligations have been fulfilled. The points do not expire and have no value to the customer.

Subscription orders

Revenue for subscription orders is recognised at the point of delivery of each incremental order to the customer at which point performance obligations have been fulfilled. Subscription services primarily relate to the repeat order of products sold online and in-store.

Provision of services

Revenue from the provision of services is recorded net of value added tax, colleague discounts, coupons and discount vouchers. Provision of services represents veterinary group income, grooming revenue and insurance commissions, with revenue recognised upon provision of the service to the customer at the point at which the Group has substantially fulfilled its performance obligations.

i)       Veterinary Group income

Veterinary Group income represents revenue recognised at a point in time from the provision of veterinary services from Company Managed veterinary practices and income from the provision of administrative support services to Joint Venture veterinary practices. Revenue received for the provision of veterinary services is recognised at the point of provision of the service and is recognised net of value added tax, colleague discounts, coupons and vouchers. Fee income received from the Joint Venture veterinary practice companies for administrative support services is recognised in the period the services relate to and recorded net of value added tax. Fee income received from Joint Venture companies in relation to network purchasing arrangements is recognised as the contractual commitments are fulfilled to create an entitlement to the revenue. The Group also receives revenue in relation to business development for the Joint Venture companies and recognises this within operating income.

The Group launched the new 'Complete Care Health' plans in June 2023, which offered a more comprehensive package of services available to customers adding discretionary elements such as clinic visits and telehealth services. Now that sufficient data is available to assess the membership usage of the component parts of the health plans, we have reviewed the point at which we consider the treatment/services have been provided. Revenue is recognised in line with specific performance obligations of the plan as they are completed in line with the contract.  The majority of these are met at a point in time, with the remainder over time and have been assessed based on the nature of the individual components.

Under the previous application of the policy, revenue from care plans was deferred and recognised at the point at which treatment and/or services were provided against the plan at an amount that reflected the consideration to which the entity expected to be entitled in exchange for those goods or services.  Once the plan had expired, any unutilised deferred revenue was recognised as revenue.

Revenue from 'Vac4Life' plans is deferred when payment is received and then recognised in reducing proportions over the first three years of the plan when vaccinations/boosters are provided.

Revenue derived from the veterinary telehealth business ('TVC') is recognised over time on a pro-rated basis over the period the customers have access to the telehealth service through subscriptions.

Rental income received from in-store Joint Venture veterinary practices is disclosed within note 3 and is categorised as other income.

ii)      Grooming revenue

Grooming revenue is recognised net of value added tax, colleague discounts, coupons and vouchers, at the point of provision of the service to the customer. Deposits received are deferred until the grooming service has been performed. 

iii)     Insurance commissions

Insurance commissions are recognised over time on a pro-rated basis over the period the insurance policy relates to. 

Accrued income

Accrued income relates to income in relation to fees from Joint Venture veterinary practices, and supplier and promotional income from suppliers which has not yet been invoiced. Accrued income has been classified as current as it is expected to be invoiced and received within 12 months of the period end. Supplier income is recognised on an accruals basis, based on the expected entitlement that has been earned up to the balance sheet date for each relevant supplier contract.

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.19 Revenue and cost of sales (continued)

Cost of sales

Cost of sales includes costs of goods sold and other directly attributable costs, promotional income and rebate income received from suppliers, including costs to deliver administrative support services to Joint Venture veterinary practices and costs to deliver grooming services. Supplier early payment discounts are also included within cost of sales; these are offered from certain inventory suppliers based on payment of invoices within a certain time frame resulting in a percentage discount to reduce cost of sales.

Supplier and promotional income

A number of different types of supplier income are negotiated with suppliers via the joint business planning process in connection with the purchase of goods for resale, the largest of which being supplier income and promotional income, which are explained below. The supplier income arrangements are typically not coterminous with the Group's financial period, instead running alongside the calendar year. Such income is only recognised when there is reasonable certainty that the conditions for recognition have been met by the Group, and the income can be measured reliably based on the terms of the contract. Where the income is directly related to inventory, it is recognised as a credit within gross margin to cost of sales. To the extent that the rebate relates to unsold stock purchases it is recognised as a reduction in the cost of inventory. Where the income is in relation to a distinct service, it is recognised as other income.

Supplier and promotional income is recognised on an accruals basis, based on the expected entitlement that has been earned up to the balance sheet date for each relevant supplier contract. The accrued incentives, rebates and discounts receivable at period end are included within trade and other receivables.

Given the presence of the joint business plans, on the basis of the historic recoverability of accrued balances, and as amounts are typically agreed with suppliers prior to recognition, supplier income is not considered to be an area of significant estimation that could impact on the following financial year.

Supplier income

Supplier income comprises three main elements:

1.      Fixed percentage-based income: These relate largely to volumetric rebates based on the joint business plan agreements with suppliers. The income accrued is based on the Group's latest forecast volumes and the latest contract agreed with the supplier. Income is not recognised until the Group has reasonable certainty that the joint business agreement will be fulfilled, with the amount of income accrued regularly reassessed and remeasured throughout the contractual period, based on actual performance against the joint business plan.

2.      Fixed lump sum income: These are typically guaranteed lump sum payments made by the supplier and are not based on volume. Fixed lump sum income is usually predicated on confirmation of a supplier contract and typically includes performance conditions upon the Group, such as marketing and promotional campaigns. These amounts are recognised periodically when contractual milestones have been met such as the promotion being run or marketing in-store.

3.      Growth income: These are tiered volumetric rebates relating to growth targets agreed with the supplier in the joint business planning process. These are retrospective rebates based on sales volumes or purchased volumes. Income is recognised to the extent that it is reasonably certain that the conditions will be achieved, with such certainty increasing in the latter part of the calendar year.

Promotional income

Promotional income relates to supplier funded rebates specific to promotional activity run in agreement between the Group and its suppliers. Rebates are agreed at an individual inventory article level for agreed periods of time and are systemically calculated based on article sales information. No estimation is applied in calculating the promotional income receivable.

1.20  Finance income and expenses

Financing expenses

Financing expenses comprise interest payable under the effective interest rate method, incorporating amortisation of loan arrangement fees, interest on lease liabilities and non-underlying interest on lease liabilities.

Financing income

Financing income comprises interest receivable on funds invested and other interest receivable. Interest receivable is recognised in profit or loss as it accrues, using the effective interest method.

1.21 Taxation

Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous periods.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

Notes to the consolidated financial statements (continued)

1      Accounting policies (continued)

1.22  Accounting estimates and judgements

The preparation of consolidated financial statements in conformity with UK adopted IFRS requires management to make judgements, estimates and assumptions concerning the future that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. These judgements are based on historical experience and management's best knowledge at the time and the actual results may ultimately differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Critical accounting judgements

Assessment of control with regard to Joint Ventures

The assessment of control with regard to Joint Ventures is considered to be a critical accounting judgement. The Group has assessed, and continually assesses, whether the level of an individual Joint Venture veterinary practice's indebtedness to the Group, particularly those with high levels of indebtedness, implies that the Group has the practical ability to control the Joint Venture, which would result in the requirement to consolidate. In making this judgement, the Group reviewed the terms of the Joint Venture agreement and the question of practical ability, as a provider of working capital to control the activities of the practice. This included consideration of barriers to the Group's ability to exercise such practical or other control which include difficulty in replacing Joint Venture Partners due to the shortage of veterinarians in the UK and reputational damage within the veterinary network should the Group attempt to exercise control, as well as potential barriers to the Joint Venture Partner exercising their own power over the activities of the practice. We note that under the terms of the Joint Venture agreement, the partners run their practices with complete operational and clinical freedom. The Group is satisfied that on the balance of evidence from the Group's experience as shareholder and provider of working capital support to the practices, it does not have the current ability to exercise control over those practices to which operating loans are advanced, and therefore non-consolidation is appropriate.

Key sources of estimation uncertainty

Impairment of retail goodwill and other indefinite life intangibles

The carrying amount of goodwill allocated to the retail group of CGUs is assessed for impairment annually. The carrying amount is determined based on the value in use. Certain key assumptions and inputs within forecasted cash flows used to calculate the value in use of the retail group of CGUs are considered to be a key source of estimation uncertainty. The value in use of the retail group of CGUs is determined using cash flow projections from the approved business and strategic plans over a period of five years which are then extrapolated based on estimated long-term growth rates applicable to the markets in which the CGUs operate. The cash flow projections are discounted based on a post-tax weighted average cost of capital.

Estimation uncertainty arises due to changing economic and market factors as well as the business performance challenges being addressed in the ongoing Retail Turnaround Plan (as explained on page 4 of the Annual Report) which have resulted in increased forecasting uncertainty and sensitivity to reasonably possible changes in certain key assumptions. Refer to note 13 for further details on the key assumptions and sensitivities which are considered to be a key source of estimation uncertainty.

There are no other significant estimates or assumptions which would cause a material change to the carrying value of asset and liabilities within the next 12 months.

1.23  Dividends

Final dividends are recognised in the Group's financial statements as a liability in the period in which the dividends are approved by shareholders such that the Company is obliged to pay the dividend. Interim equity dividends are recognised in the period in which they are paid.

1.24 Non-underlying items

Income or costs considered by the Directors to be non-underlying are disclosed separately to facilitate year-on-year comparison of the underlying trade of the business. Non‑underlying costs are considered by the Directors to be those not arising from normal business operations, which are infrequent, not expected to recur in the foreseeable future, and significant in amount.

1.25 Alternative Performance Measures

The Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by UK-adopted IFRS. These Alternative Performance Measures may not be directly comparable with other companies' Alternative Performance Measures and the Directors do not intend these to be a substitute for, or superior to, IFRS measures. Further information can be found in the Glossary on page 72.

1.26 New standards and amendments issued but not yet effective

New standards and interpretations that are in issue but not yet effective are listed below:

IFRS 18: Presentation and Disclosure in Financial Statements.

Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments.

With the exception of the adoption of IFRS 18, the adoption of the above standards and interpretations is not expected to lead to any changes to the Group's accounting policies nor have any other material impact on the financial position or performance of the Group.

IFRS 18 'Presentation and Disclosure in Financial Statements' is effective from 1 January 2027. The standard will replace IAS 1 Presentation of Financial Statements and introduces changes to the presentation of financial performance. IFRS 18 introduces defined categories of income and expenses (operating, investing and financing), new mandatory subtotals and requirements for the disclosure of management‑defined performance measures (MPMs). While IFRS 18 is expected to affect future periods, the Group is still assessing its impact. There is no effect on current year presentation due to its future effective date. Adoption is planned for the 52 weeks ending 25 March 2027.

2      Segmental reporting

The Group has four strategic business units, Retail, Vet Group, Insurance and Central.  These business units, with the exception the of new Insurance segment, are consistent with those reported in the 52 week period ended 27 March 2025. The Group's operating segments are based on the internal management structure and internal management reports, which are reviewed by the Executive Directors on a periodic basis. The Executive Directors are considered to be the Chief Operating Decision Makers. The Group is a pet care business with the strategic advantage of being able to provide products, services and advice, addressing all pet owners' needs. The strategic business units offer different products and services, are managed separately and require different operational and marketing strategies.

Notes to the consolidated financial statements (continued)

2      Segmental reporting (continued)

The operations of the Retail reporting segment comprise the retailing of pet products purchased online and in-store, pet sales, grooming services and insurance commissions via our 3^rd party arrangement (these are separate from operations in the insurance segment). The operations of the Vet Group reporting segment comprise General Practice and the veterinary telehealth business. Insurance includes costs incurred as part of the Group's new insurance venture for pet insurance. Central includes group costs and finance expenses.

The following summary describes the operations in each of the Group's reportable segments. Performance is measured based on segment underlying operating profit, as included in the management reports that are reviewed by the Executive Directors. These internal reports are prepared in accordance with IFRS accounting policies consistent with these financial statements. All material operations of the reportable segments are carried out in the UK and all revenue is from external customers. A large proportion of revenue recognised within the Vet Group relates to fee income from Joint Venture veterinary practices which are considered to be related parties. Further information regarding these related party transactions is disclosed in note 27.

				52 week period ended 26 March 2026
Income statement			Retail £m		Vet Group £m	Insurance1 £m	Central £m	Total £m
Revenue			1,292.9		176.7	-	-	1,469.6
Gross profit			573.5		98.5	-	-	672.0
Depreciation and amortisation			(98.3)		(3.9)	-	(0.5)	(102.7)
Underlying operating profit/(loss)			44.3		83.1	(5.1)	(13.1)	109.2
Non-underlying items			(4.0)		(1.0)	-	(1.3)	(6.3)
Operating profit/(loss)			40.3		82.1	(5.1)	(14.4)	102.9
Net financing expense			(13.5)		0.7	(0.1)	(3.5)	(16.4)
Profit/(loss) before tax			26.8		82.8	(5.2)	(17.9)	86.5
Non-underlying items			4.0		1.0	-	1.3	6.3
Underlying profit/(loss) before tax			30.8		83.8	(5.2)	(16.6)	92.8
Attributable to:
Equity shareholders of the parent			30.8		83.0	(5.2)	(16.6)	92.0
Non-controlling interests			-		0.8	-	-	0.8

Non-underlying operating expenses in the periods ended 26 March 2026 and 27 March 2025 are explained in note 3.

						52 week period ended 27 March 2025
Income statement				Retail £m			Vet Group £m		Insurance1 £m		Central £m		Total £m
Revenue				1,306.4			175.3		-		-		1,481.7
Gross profit				602.4			92.3		-		-		694.7
Depreciation and amortisation				(97.4)			(4.3)		-		(0.5)		(102.2)
									-
Underlying operating profit/(loss)				85.8			75.1		(0.4)		(11.7)		148.8
Non-underlying items				(6.0)			-		-		(6.4)		(12.4)
Operating profit/(loss)				79.8			75.1		(0.4)		(18.1)		136.4
Net financing expense				(12.9)			0.8		-		(3.7)		(15.8)
Profit/(loss) before tax				66.9			75.9		(0.4)		(21.8)		120.6
Non-underlying items				6.0			-		-		6.4		12.4
Underlying profit/(loss) before tax				72.9			75.9		(0.4)		(15.4)		133.0
1The insurance business segment presented in the tables above relates to the Group's insurance venture and includes costs incurred in the periods ended 26 March 2026 and 27 March 2025. Expenses for the 52 week period ended 27 March 2025 have been reclassified from central costs. 52 week period ended 26 March 2026
Segmental revenue analysis by revenue stream								Retail £m		Vet Group £m			Total £m
Retail - Food								805.0		-			805.0
Retail - Accessories								436.6		-			436.6
Retail - Services								51.3		-			51.3
Vet Group - Joint Venture fee income								-		108.4			108.4
Vet Group - Company Managed veterinary practices								-		51.1			51.1
Vet Group - Other income								-		13.4			13.4
Vet Group - Veterinary telehealth services								-		3.8			3.8
Total								1,292.9		176.7			1,469.6

Notes to the consolidated financial statements (continued)

2      Segmental reporting (continued)

			52 week period ended 27 March 2025
Segmental revenue analysis by revenue stream			Retail £m	Vet Group £m		Total £m
Retail - Food			804.2	-		804.2
Retail - Accessories			449.2	-		449.2
Retail - Services			53.0	-		53.0
Vet Group - Joint Venture fee income			-	103.4		103.4
Vet Group - Company Managed veterinary practices			-	52.5		52.5
Vet Group - Other income			-	15.4		15.4
Vet Group - Veterinary telehealth services			-	4.0		4.0
Total			1,306.4	175.3		1,481.7

3     Expenses

Included in operating profit are the following:

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Non-underlying items
Costs relating to the implementation of the new Distribution Centre
Provisions for retention and relocation bonuses for colleagues at existing Distribution Centres	-	0.4
Dual running costs of operating new and existing Distribution Centres	-	1.9
Depreciation of right-of-use assets	-	3.4
Onerous lease provision	-	1.6
	-	7.3
Store redundancy costs	-	1.0
Total included within selling and distribution expenses	-	8.3
Group restructure and legal settlement costs	5.9	3.1
Property costs associated with group restructure	0.4	-
Legal costs associated with the CMA review	-	3.3
Total included within administrative expenses	6.3	6.4
Included within other income - disposal of investment	-	(2.3)
Total non-underlying cost within operating profit	6.3	12.4
Underlying items
Depreciation of property, plant and equipment	31.8	28.5
Amortisation of intangible assets	7.6	8.1
Depreciation of right-of-use assets	63.3	62.2
Share-based payment charges	4.5	5.9
Impairment of investments (note 16)	3.0	-
Impairment of capital contributions made to vet practices	2.7	-
Other income
Rental income from sub-leasing right-of-use assets to third parties	(0.1)	(0.2)
Rental and other occupancy income from related parties	(13.7)	(13.0)
Supplier funding and backhaul-related income	(3.0)	(1.6)

Non-underlying items in operating profit

Group restructure and legal settlement costs

On 25 November 2025, the Group announced a restructuring of its Support Office functions, the impact of which primarily relates to redundancy payments, notice period obligations, outplacement support and settlement agreements.

·      Non-underlying Group restructure costs in the 52 week period ended 26 March 2026 were £6.3m, primarily relating to redundancy payments and legal settlement costs of £5.9m, together with property costs from an office closure of £0.4m arising from a central one-off group-wide redundancy programme. The process was a significant operational change for the Group, outside of the ordinary course of business and has now concluded with no further costs expected.

Notes to the consolidated financial statements (continued)

3    Expenses (continued)

Non-underlying items in operating profit (continued)

Stafford Distribution Centre

During the 52 week period ended 27 March 2025, the Group incurred a number of costs in the process of bringing into operation a new Distribution Centre to replace the existing legacy Distribution Centres. The process was a significant operational change for the Group, outside of the ordinary course of business and has now concluded. As part of the transition, the Group incurred £7.3m operational costs which it has classified as non-underlying.

·      £0.4m relates to costs for retention bonuses for colleagues at the existing Distribution Centres to remain employed by the Group until the point at which the sites closed.

·      £1.9m relates to costs incurred whilst the legacy Distribution Centres and the new Distribution Centres were both in operation.

·      £3.4m in relation to depreciation of the right-of-use assets for the legacy which includes £1.7m in relation to accelerated depreciation of the legacy site.

·      All operations ceased at the legacy site before the 27 March 2025.  At this date the remaining right of use asset of the legacy site was fully impaired (£1.7m included in the number above) and an onerous lease provision of £1.6m was created in relation to the remaining lease associated costs.   

Additional non-underlying charges made during the 52 weeks ending 27 March 2025 related to:

o  Store redundancy costs of £1.0m related to the expected store redundancy costs following the announcement of the store colleague operating model simplification process.

o  Legal costs associated with the CMA review totalled £3.3m.

o  Disposal of investment in Pure Pet Food Limited resulted in a profit on disposal of £2.3m within retail which was recognised in other income.

Auditor's remuneration

	52 week period ended 26 March 2026 £m		52 week period ended 27 March 2025 £m
Audit of the Parent Company financial statements		-	-
Amounts receivable by the Company's auditor and its associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation1		1.8	1.5
Review of interim financial statements		0.1	0.1
Other assurance services (sustainability assurance)		-	0.1
		1.9	1.7

¹£0.1m in relation to audit of the financial statements from the 52 week period ended 26 March relates to additional costs for the audit of the financial statements for the 52 week period ended 27 March 2025..

4      Colleague numbers and costs

The average number of persons employed by the Group (including Directors) during the period, analysed by category, was as follows:

	52 week period ended 26 March 2026 Number	52 week period ended 27 March 2025 Number
Sales and distribution - FTE	6,237	6,830
Administration - FTE	1,121	1,075
	7,358	7,905
Sales and distribution - total	9,889	10,493
Administration - total	1,151	1,104
	11,040	11,597

The aggregate payroll costs of these persons were as follows:

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Wages and salaries	282.6	288.1
Social security costs	31.0	24.5
Contributions to defined contribution pension plans	9.8	10.9
	323.4	323.5

Notes to the consolidated financial statements (continued)

4      Colleague numbers and costs (continued)

Remuneration of Directors and Executive Management Team

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Executive Directors' short-term employee benefits	1.4	1.2
Non-Executive Directors' short-term employee benefits	0.5	0.5
Executive Directors' share-based payments	0.9	0.6
Executive Directors' post-employment benefits	-	0.1
Total Directors' remuneration	2.8	2.4
Executive Management Team short-term employee benefits	3.2	3.1
Executive Management Team share-based payments	1.1	0.9
Executive Management Team post-employment benefits	0.2	0.2
Total Executive Management Team remuneration	4.5	4.2

In the opinion of the Board, the key management as defined under revised IAS 24 Related Party Disclosures are the Executive Directors, Non-Executive Directors and the Executive Management Team. Executive Directors' emoluments are also included within the Executive Management Team emoluments disclosed above. There are no further amounts, other than those noted above, receivable under long term incentive schemes by the Directors or Executive Management team.

The number of directors who received pensions contributions in the 52 week period ended 26 March 2026 is four for executive directors (two in the 52 week period ended 27 March 2025) and nine in the executive management team (eight in the 52 week period ended 27 March 2025).

5      Earnings per share

Basic earnings per share is calculated by dividing the net profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is calculated by dividing the net profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

	52 week period ended 26 March 2026		52 week period ended 27 March 2025
	Underlying  trading	After non-underlying items	Underlying  trading	After non-underlying items
Profit attributable to equity shareholders of the parent (£m)	67.2	62.5	97.5	88.2
Basic weighted average number of shares	454.4	454.4	463.5	463.5
Dilutive potential ordinary shares	4.7	4.7	5.0	5.0
Diluted weighted average number of shares	459.1	459.1	468.5	468.5
Basic earnings per share	14.8p	13.8p	21.0p	19.0p
Diluted earnings per share	14.6p	13.6p	20.8p	18.8p

6      Finance income

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Interest receivable on loans to Joint Venture veterinary practices	0.3	0.5
Other interest receivable	2.3	2.4
Total finance income	2.6	2.9

7      Finance expense

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Bank loans at effective interest rate	4.2	4.7
Amortisation of debt issue costs	0.8	0.8
Underlying interest expense on lease liability	14.0	13.2
Total finance expense	19.0	18.7

Notes to the consolidated financial statements (continued)

8      Taxation

Recognised in the income statement

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Current tax expense
Current period	20.2	23.2
Adjustments in respect of prior periods	0.9	(3.9)
Current tax expense	21.1	19.3
Deferred tax expense
Origination and reversal of temporary differences	4.3	7.8
Adjustments in respect of prior periods	(2.0)	5.3
Deferred tax expense	2.3	13.1
Total tax expense	23.4	32.4

The UK corporation tax standard rate for the period was 25% (2025: 25%). Deferred tax at 26 March 2026 has been calculated based on the rate of 25% which is the rate at which the majority of items are expected to reverse.

Deferred tax recognised in comprehensive income

	52 week period ended 26 March 2026 £m	52 week period ended 27 March 2025 £m
Deferred tax on changes in fair value of cash flow hedges (note 22)	(0.6)	-

Reconciliation of effective tax rate

	52 week period ended 26 March 2026			52 week period ended 27 March 2025
	Underlying trading £m	Non-underlying items £m	Total £m	Underlying trading £m	Non-underlying items £m	Total £m
Profit for the period	67.8	(4.7)	63.1	97.5	(9.3)	88.2
Total tax expense/(credit)	25.0	(1.6)	23.4	35.5	(3.1)	32.4
Profit excluding taxation	92.8	(6.3)	86.5	133.0	(12.4)	120.6
Tax using the UK corporation tax rate for the period of 25%	23.2	(1.6)	21.6	33.3	(3.1)	30.2
Depreciation on expenditure not eligible for tax relief	0.5	-	0.5	0.8	-	0.8
Expenditure not eligible for tax relief	2.4	-	2.4	-	-	-
Adjustments in respect of prior periods	(1.1)	-	(1.1)	1.4	-	1.4
Total tax expense	25.0	(1.6)	23.4	35.5	(3.1)	32.4

The UK corporation tax standard rate for the 52 week period ended 26 March 2026 was 25% (52 week period ended 27 March 2025: 25%). The effective tax rate before non-underlying items for the 52 week period ended 26 March 2026 was 26.9% (52 week period ended 27 March 2025: 26.7%). The effective tax rate after non-underlying items for the 52 week period ended 26 March 2026 was 27.1% (52 week period ended 27 March 2025: 26.8%).

9      Dividends paid and proposed

	Group and Company
	52 week period ended  26 March 2026 £m	52 week period ended  27 March 2025 £m
Declared and paid during the period
Final dividend of 8.3p per share (2024: 8.3p per share)	37.7	38.4
Interim dividend of 4.7p per share (2025: 4.7p per share)	21.0	21.3
Proposed for approval by shareholders at the AGM
Final dividend of 2.7p per share (2025: 8.3p per share)	12.1	38.1

The trustees of the following holdings of Pets at Home Group Plc shares under the Pets at Home Group Employee Benefit Trust have waived or otherwise foregone any and all dividends paid in relation to the periods ended 26 March 2026 and 27 March 2025 and to be paid at any time in the future (subject to the exceptions in the relevant trust deed) on its respective shares for the time being comprised in the trust funds:

Computershare Nominees (Channel Islands) Limited (holding at 26 March 2026: 6,003,064 shares; holding at 27 March 2025: 5,670,000 shares).

Notes to the consolidated financial statements (continued)

10    Business combinations

In the 52 week period ended 26 March 2026, the Group has acquired 100% of the 'A' shares of ten veterinary practices which were previously accounted for as Joint Venture veterinary practices. These practices were previously accounted for as Joint Venture veterinary practices as the Group only held 100% of the non-participatory 'B' ordinary shares, equating to 50% of the total shares. Acquisition of all or the majority of the 'A' shares has led to the control and consolidation of these practices. The primary reason for the business combination is to hold these practices as company-owned until a suitable Joint Venture Partner is found at which point the intention is to convert them into Joint Venture partnerships. A detailed explanation for the basis of consolidation can be found in note 1.4.

Up to the date of acquisition and in the comparative period being the 52 week period ending 27 March 2025, these entities listed below were all accounted for as a Joint Venture veterinary practice where the Group held 100% of the non-participatory 'B' ordinary shares. Acquisition of the 'A' shares has led to the control and consolidation of these practices on the dates below, leading to control from the date of acquisition and consolidation from that date forward.

Subsidiaries acquired in the 52 week period ended 26 March 2026

	Principal activity	Date of acquisition	Proportion of voting equity instruments acquired	Total proportion of voting equity instruments owned following the acquisition	Cash consideration transferred £m
Companion Care (Stockport) Limited	Veterinary practice	03/04/2025	15%	65%	0.4
Walkden Vets4Pets Limited	Veterinary practice	29/05/2025	50%	100%	-
Rayleigh Vets4Pets Limited	Veterinary practice	09/06/2025	50%	100%	0.1
Companion Care (Cardiff) Limited	Veterinary practice	07/07/2025	50%	100%	-
Longton Vets4Pets Limited	Veterinary practice	08/08/2025	32%	82%	1.1
Watford Vets4Pets Limited	Veterinary practice	16/09/2025	50%	100%	0.1
Sheffield Wadsley Bridge Vets4Pets Limited	Veterinary practice	24/11/2025	50%	100%	0.1
Portishead Vets4Pets Limited	Veterinary practice	09/12/2025	50%	100%	0.1
Bristol Longwell Green Vets4Pets Limited	Veterinary practice	17/12/2025	25%	75%	-
Swinton Vets4Pets Limited	Veterinary practice	24/12/2025	50%	100%	0.8

In the 52 week period ended 27 March 2025, the Group acquired 100% of the 'A' shares of eight veterinary practices which were previously accounted for as Joint Venture veterinary practices. These practices were previously accounted for as Joint Venture veterinary practices as the Group only held 100% of the non-participatory 'B' ordinary shares, equating to 50% of the total shares. Acquisition of all or the majority of the 'A' shares has led to the control and consolidation of these practices. The primary reason for the business combination is to hold these practices as company-owned until a suitable Joint Venture Partner is found at which point the intention is to convert them into Joint Venture partnerships. A detailed explanation for the basis of consolidation can be found in note 1.4.

Assets acquired and liabilities recognised at the date of acquisition

On acquisition, assets and liabilities are revalued to fair value. Pre-existing arrangements between the Group and acquired Joint Venture veterinary practice are not considered part of the business combination and have been removed from the fair values of assets and liabilities recognised on acquisition. During the 52 week period ended 26 March 2026, £1.9m of operating loans which were deemed to be in default were written off as an expense in advance of the acquisition of the 'A' shares (52 week period ended 27 March 2025: £1.7m) which led to the control and consolidation of these practices. The group acquired £0.4m of cash and cash equivalents from the practices (52 week period ended 27 March 2025 debt of £0.5m).

The fair value of net assets of acquisitions during the year is shown below.

						26 March 2026 £m		27 March 2025 £m
Current assets
Cash and cash equivalents							0.4	0.2
Trade and other receivables							0.4	0.1
Inventories							0.1	0.2
Non-current assets
Tangible fixed assets							1.6	0.3
Current liabilities
Overdrafts							-	(0.7)
Bank loans							(0.3)	-
Trade and other payables							(0.8)	-
Net assets							1.4	0.1

Notes to the consolidated financial statements (continued)

10    Business combinations (continued)

Subsidiaries acquired in the 52 week period ended 27 March 2025

	Principal activity	Date of acquisition	Proportion of voting equity instruments acquired	Total proportion of voting equity instruments owned following the acquisition	Cash consideration transferred £m
Lichfield Vets4Pets Limited	Veterinary practice	04/04/2024	50%	100%	0.1
Bishop's Stortford Vets4Pets Limited	Veterinary practice	02/04/2024	50%	100%	-
Trafford Park Vets4pets Limited	Veterinary practice	04/04/2024	50%	100%	0.1
Merthyr Tydfil Vets4Pets Limited	Veterinary practice	17/10/2024	50%	100%	-
Llanrumney Vets4Pets Limited	Veterinary practice	25/10/2024	50%	100%	0.5
Companion Care (Scarborough) Limited	Veterinary practice	25/10/2024	50%	100%	0.2
Warminster Vets4Pets Limited	Veterinary practice	24/01/2025	50%	100%	0.2
Bath Vets4Pets Limited	Veterinary practice	24/01/2025	50%	100%	0.2

Goodwill arising on acquisition

	26 March 2026 £m	27 March 2025 £m
Consideration	3.1	0.8
Less: Fair value of assets acquired	(1.4)	(0.1)
Goodwill arising on acquisition	1.7	0.7
Carrying value of goodwill	1.7	0.7

The cash outflow on acquisition £3.1m (2025: £0.8m), net of cash acquired £0.4m (2025: net overdraft of £0.5m) amounted to £2.7m (2025: £1.3m) and is presented within investing activities in the consolidated cash flow statement.

The consideration shown within the table above relates to both consideration for the purchase of 'A' shares and cash settlement of 'A' shareholder Joint Venture Partner loans, which were repaid to the 'A' shareholder at the point of acquisition.

The goodwill acquired on the purchase of the ten (2025: eight) Joint Venture veterinary practices has been allocated to the Vet Group of CGUs and relates to expected future cashflows from combining operations.

Disposal of subsidiaries

In the 52 week period ended 26 March 2026, the Group has disposed of all held 'A' shares of thirteen veterinary practices which are now accounted for as Joint Venture veterinary practices. These practices are accounted for as Joint Venture veterinary practices as the Group holds 100% of the non-participatory 'B' ordinary shares, equating to 50% of the total shares. The group recognised a gain on disposal of these practices of £0.4m (2025: £0.7m loss) in cost of sales and disposed of cash and cash equivalents of £2.5m (2025: £2.2m).

11    Property, plant and equipment

	Freehold property £m	Leasehold improvements £m	Fixtures, fittings, tools and equipment £m	Assets under construction £m	Total £m
Cost
Balance at 27 March 2025	2.4	85.1	357.9	3.9	449.3
Additions	-	6.4	30.6	1.2	38.2
On acquisition (note 10)	0.1	1.1	0.4	-	1.6
Brought into use	-	-	3.9	(3.9)	-
Disposals	(0.2)	(2.8)	(2.7)	-	(5.7)
Balance at 26 March 2026	2.3	89.8	390.1	1.2	483.4
Depreciation
Balance at 27 March 2025	0.4	39.6	247.6	-	287.6
Depreciation charge for the period	-	5.6	26.2	-	31.8
Disposals	(0.1)	(2.0)	(2.2)	-	(4.3)
Balance at 26 March 2026	0.3	43.2	271.6	-	315.1
Net book value
At 27 March 2025	2.0	45.5	110.3	3.9	161.7
At 26 March 2026	2.0	46.6	118.5	1.2	168.3

Notes to the consolidated financial statements (continued)

11    Property, plant and equipment (continued)

	Freehold property £m	Leasehold improvements £m	Fixtures, fittings, tools and equipment £m	Assets under construction £m	Total £m
Cost
Balance at 28 March 2024	2.4	82.5	345.4	14.4	444.7
Additions	-	9.8	25.9	3.9	39.6
On acquisition (note 10)	-	1.2	0.8	-	2.0
Transfers1	-	-	(5.7)	-	(5.7)
Brought into use	-	-	14.4	(14.4)	-
Disposals	-	(8.4)	(22.9)	-	(31.3)
Balance at 27 March 2025	2.4	85.1	357.9	3.9	449.3
Depreciation
Balance at 28 March 2024	0.4	41.5	244.7	-	286.6
Depreciation charge for the period	-	5.3	23.2	-	28.5
Transfers1	-	-	1.7	-	1.7
On acquisition	-	0.8	0.9	-	1.7
Disposals	-	(8.0)	(22.9)	-	(30.9)
Balance at 27 March 2025	0.4	39.6	247.6	-	287.6
Net book value
At 28 March 2024	2.0	41.0	100.7	14.4	158.1
At 27 March 2025	2.0	45.5	110.3	3.9	161.7

¹ The transfers balance of £5.7m cost and £1.7m accumulated depreciation is in relation to assets previously categorised within fixtures, fittings, tools and equipment being transferred to software within intangibles.

Refer to Note 13 for details of impairment testing carried out over property, plant and equipment.

12    Leases

As lessee

The majority of the Group's trading stores, standalone veterinary practices, distribution centres and support offices are leased under operating leases with remaining lease terms of between 1 and 20 years. The Group also has a number of non-property operating leases relating to vehicle, equipment and material handling equipment with remaining lease terms of between 1 and 6 years.

Right-of-use assets

	Property £m	Equipment £m	Total £m
Cost
Balance at 27 March 2025	649.0	19.9	668.9
Additions	53.6	9.7	63.3
Disposals	(20.0)	(9.1)	(29.1)
Balance at 26 March 2026	682.6	20.5	703.1
Depreciation
Balance at 27 March 2025	373.6	10.7	384.3
Depreciation charge for the period	58.8	4.5	63.3
Disposals	(18.6)	(8.9)	(27.5)
Balance at 26 March 2026	413.8	6.3	420.1
Net book value
At 27 March 2025	275.4	9.2	284.6
At 26 March 2026	268.8	14.2	283.0

 The costs relating to leases for which the Group applied the practical expedient described in paragraph 5a of IFRS 16 (leases with a contract term of less than 12 months) amounted to £0.5m in the 52 week period ended 26 March 2026 (27 March 2025: £0.0m).

Notes to the consolidated financial statements (continued)

12    Leases (continued)

	Property £m	Equipment £m	Total £m
Cost
Balance at 28 March 2024	640.5	22.2	662.7
Additions	24.6	6.3	30.9
Disposals	(16.1)	(8.6)	(24.7)
Balance at 27 March 2025	649.0	19.9	668.9
Depreciation
Balance at 28 March 2024	327.8	15.6	343.4
Depreciation charge for the period1	61.9	3.7	65.6
Disposals	(16.1)	(8.6)	(24.7)
Balance at 27 March 2025	373.6	10.7	384.3
Net book value
At 28 March 2024	312.7	6.6	319.3
At 27 March 2025	275.4	9.2	284.6

¹The depreciation charge for the period includes £1.7m in relation to an impairment charge recognised during the year. See note 3 for further disclosure.

The following table sets out the maturity analysis of lease payments, showing the undiscounted lease payments to be paid after the reporting date:

Maturity analysis - contractual undiscounted cash flows

	At 26 March 2026 £m	At 27 March 2025 £m
Less than one year	76.1	78.5
Between one and three years	124.7	124.9
Between three and five years	79.3	77.8
Between five and ten years	92.5	83.1
More than ten years	30.5	35.7
Total undiscounted lease liabilities	403.1	400.0
Carrying value of lease liabilities included in the statement of financial position	338.8	348.3
Current	76.1	78.5
Non-current	262.7	269.8
Sublet leases (included in the above)
Less than one year	1.2	1.2
Between one and three years	2.4	2.4
Between three and five years	2.4	2.4
Between five and ten years	5.1	6.3
More than ten years	2.0	3.0
Total undiscounted lease liabilities	13.1	15.3

For the lease liabilities at 26 March 2026 a 0.1% change in the discount rate used would have increased the carrying value of lease liabilities by £1.1m (27 March 2025: £0.3m).

In relation to new leases and lease extensions entered into by the Group during the period, these are discounted at the rate implicit in the lease which ranges from 5.2% to 6.1% depending on the length of the lease and reflect the impact of increases to the Bank of England base rate during the period. 

Surplus and short term leases

The Group has a small number of surplus leases on properties from which it no longer trades. A small number of these properties are currently vacant or the sublet is not for the full term of the lease and there is deemed to be a risk on the sublet. These leases are included within the lease balances disclosed on the face of the balance sheet and a related provision has been made for other property costs relating to these properties in note 21.

The Group has a small number of short term leases on properties from which it no longer trades, or a subsection of a trading retail store. These properties are sublet to third parties at contracted rates and are accounted for within trade and other receivables.

In line with IAS 36, the carrying value of the right-of-use asset is assessed for indicators of impairment and an impairment charge will be recognised where management believes there is a risk of default or where the property remained vacant for a period of time. As part of this review the Group has assessed the ability to sub-lease the property and the right-of-use asset has been written down to £nil where the Group considered a sublease unlikely.  

Refer to Note 13 for details of impairment testing carried out over right-of-use assets.

Notes to the consolidated financial statements (continued)

13    Intangible assets

	Goodwill £m	Customer lists and 'know-how' £m	Software £m	Software under construction £m	Total £m
Cost
Balance at 27 March 2025	959.4	6.4	84.0	0.2	1,050.0
Additions	1.7	-	3.5	0.4	5.6
Disposals	(1.3)	(1.1)	-	-	(2.4)
Balance at 26 March 2026	959.8	5.3	87.5	0.6	1,053.2
Amortisation
Balance at 27 March 2025	0.1	1.8	63.0	-	64.9
Amortisation charge for the period	-	0.1	7.5	-	7.6
Disposals	-	(0.6)	(0.4)	-	(1.0)
Balance at 26 March 2026	0.1	1.3	70.1	-	71.5
Net book value
At 27 March 2025	959.3	4.6	21.0	0.2	985.1
At 26 March 2026	959.7	4.0	17.4	0.6	981.7

	Goodwill £m	Customer lists and 'know-how' £m	Software £m	Software under construction £m	Total £m
Cost
Balance at 28 March 2024	959.5	6.6	80.1	0.2	1,046.4
Additions	0.7	-	6.3	-	7.0
Transfers1	-	-	5.7	-	5.7
Impaired	(0.2)	-	-	-	(0.2)
Disposals	(0.6)	(0.2)	(8.1)	-	(8.9)
Balance at 27 March 2025	959.4	6.4	84.0	0.2	1,050.0
Amortisation
Balance at 28 March 2024	0.1	1.7	64.9	-	66.7
Amortisation charge for the period	-	0.2	7.9	-	8.1
Transfers1	-	-	(1.7)	-	(1.7)
Disposals	-	(0.1)	(8.1)	-	(8.2)
Balance at 27 March 2025	0.1	1.8	63.0	-	64.9
Net book value
At 28 March 2024	959.4	4.9	15.2	0.2	979.7
At 27 March 2025	959.3	4.6	21.0	0.2	985.1

¹ The transfers balance of £5.7m and £1.7m accumulated depreciation is in relation to assets previously categorised within fixtures, fittings, tools and equipment being transferred to software within intangibles.

Amortisation of intangible assets is posted within selling and distribution expenses and administrative expenses in the consolidated income statement.

Impairment testing

The Group reviews individual cash generating units ('CGUs') such as stores for indicators of impairment by comparing the net cash flows generated at a store level against the carrying value of assets including property, plant and equipment, right of use assets and other intangible assets. Key operational metrics are also considered as part of this review. As at the 26 March 2026, no material triggers of impairment have been identified at an individual CGU level, when considered either individually or combined.

Cash-generating units

For impairment testing of other intangible assets, property, plant and equipment and right of use assets, the Group treats each store as a separate cash-generating unit ('CGU') as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Distribution costs and online sales are apportioned to stores because there is a clear link between the costs and online sale and the store such as 'click and collect'.   Within the Vet Group, each Company Managed veterinary practice is considered to be a separate CGU in addition to the veterinary telehealth business, hereafter disclosed as The Vet Connection ('TVC').  The Joint Venture veterinary practices are collectively considered to be one CGU due to the structure of the agreements with the Company.

Goodwill generated from an acquisition is allocated to groups of CGUs at an operating segment level as shown in the table below as this represents the lowest level at which goodwill is monitored by management.

Notes to the consolidated financial statements (continued)

13    Intangible assets (continued)

Within the Retail operating segment, the group of CGUs comprises the body of stores, online operations and grooming operations. Within the Vet Group operating segment, the group of CGUs comprises the Joint Venture veterinary practices, Company Managed veterinary practices and TVC. 

Within the Vet Group goodwill balance shown below is £4.2m relating to the Company Managed veterinary practices.  The goodwill is allocated to individual practices and assessed annually for impairment. 

As at 26 March 2026 and 27 March 2025, the Group is deemed to have two groups of CGUs as follows:

	Goodwill
	At 26 March 2026 £m	At 27 March 2025 £m
Retail	586.1	586.1
Vet Group	373.6	373.2
Total	959.7	959.3

The recoverable amount of the CGU has been calculated with reference to its value in use. The key assumptions of this calculation are shown below:

	52 week period ended 26 March 2026					52 week period ended 27 March 2025
		Retail	Vet Group				Retail	Vet Group
Period on which management approved forecasts are based (years)		5	5				5	5
Growth rate applied beyond approved forecast period		2%	2%				2%	2%
Discount rate (pre-tax)		10%	14%				12%	13%
Revenue compound annual growth rate ('CAGR')		3%	4%				5%	5%
Gross profit margin (average over next 5 years)		43%	59%				45%	58%
Operating cost annual growth rate ('CAGR')		3%	3%				5%	4%

The goodwill is considered to have an indefinite useful economic life and the recoverable amount is determined based on 'value-in-use' calculations. The key assumptions used in estimating the value in use calculations were:

Forecasted cash flows - These calculations use a post-tax cash flow projection based on a five-year strategic plan approved by the Board, rebased to reflect the actual trading in the 52 week period ending 26 March 2026 and the detailed business plan for the 52 week period ending 25 March 2027. The model has been adjusted to remove all cash flows associated with business units which the Group has a strategic intention to invest capital in, but has not yet done so (for example stores or practices yet to open, but within the planning horizon), thus ensuring that the future cash flows used in modelling for the impairment review exclude any cash flows where the investment is yet to take place, in accordance with the requirements of IAS 36 to exclude capital expenditure to improve asset performance. Contributions from and costs associated with new stores and veterinary practices which are already operational at the impairment test date are included in the cash flows. Central costs relate to corporate costs associated with being a public listed company, finance expenses and costs which cannot be directly attributed to any division of the Group and have been allocated on an equal basis to the Vet Group and Retail segment. This is a change in allocation methodology since the prior reporting period, where costs were allocated proportionate to the asset base.  The previous allocation is no longer considered the most appropriate methodology to reflect the allocation of resources to which the central cashflows relate. Both divisions are deemed to carry equal weighting within the Group's strategic delivery and now share one combined support office.

Other than the change in allocation of central cash flows, this approach is consistent with impairment reviews carried out in the 2025 financial statements.

The Retail forecast assumptions reflect continual innovation and our deep understanding of our customers, incorporating assumptions based on past experience of the industry, products and markets in which the CGU or group of CGUs operate, in order to generate the detailed assumptions used in the annual budget setting process, and five year strategic planning process. The Vet Group forecast assumptions are based on a deep understanding of the maturity profile of the practices and their performance, incorporating assumptions based on past experience of the industry, services and markets in which the CGU operates in order to generate the detailed assumptions used in the annual budget setting process, and five year strategic planning process. The projections are based on all available information. The Group reviews individual CGUs such as stores and groups of veterinary practices for indicators of impairment.

A different set of assumptions may be more appropriate in future years depending on changes in the macro-economic environment and the sector in which each CGU operates. The Group has considered key risk factors such as the continuing issues throughout our global supply chains, geopolitical uncertainty, climate change, consumer confidence and disposable income. The Group has continued to assess the possible long term impacts of the likely levels of tariffs that may be applied by the USA and retaliatory measures from countries where our supply chains are located, as well as the reasonably possible impact on supply chains due to global conflict. 

Long-term growth rates - The Directors have assumed a growth rate projection beyond the projection period of 2% for both groups of CGUs, which is lower than market growth rates based on past experience within the Group, taking into account the economic growth forecasts within the relevant industries.

Discount rates - The discount rates for the two groups of CGUs have been estimated based on past experience and the weighted average cost of capital is adjusted to reflect a market participant view specific to the risk of the sectors in which the groups of CGUs operate in. A post tax discount rate was used within the value in use calculation and adjustments made to calculate the pre-tax discount rate which is disclosed above in line with IAS 36 requirements.

Outcome and sensitivity analysis - The total recoverable amount in respect of goodwill for the groups of CGUs as assessed by the Directors using the above assumptions is greater than the carrying amount and therefore no impairment charge has been recorded in each period.

As part of the assessment, the Directors consider the impact of reasonably possible changes in key assumptions, including on a combined basis. These sensitivities have been selected based on the inherent business and market risks, and reflect recent retail trading performance challenges linked to the subdued market backdrop.

Notes to the consolidated financial statements (continued)

13    Intangible assets (continued)

The results presented below show the decrease in the value in use and the impact this could have on the carrying value.

Given the key source of estimation uncertainty specifically relating to impairment of goodwill (see note 1.22), and specifically relating to the Retail CGUs, a further sensitivity has been applied to the Retail assumptions to identify a reasonably possible downside scenario in which an impairment could be triggered.

	Key assumption	Decrease in value in use £m	Impact on carrying value £m
		Retail	Retail
1	Reduction of 1% in the growth rate applied beyond approved forecast period	(93)	-
2	Increase of 1% to the discount rate (pre-tax)	(129)	-
3	Reduction of 3% to the compound annual growth rate (CAGR) in revenue derived cashflows over the forecasted period compared to plan	(190)	-
4	A £10m (50%) shortfall in the Retail budgeted cost saving initiatives, along with a shortfall of 1.5% vs the revenue CAGR in the Retail budgeted plan from FY27-FY31, offset in part by a 50% reduction in discretionary brand marketing but otherwise unmitigated	(237)	(25)
5	Sensitivity 4 above with mitigating actions being a 1% reduction in operating costs as a response to the reduced revenue CAGR	(188)	-

The Directors consider the fourth scenario in the table above, which could result in an impairment of the carrying value of Retail goodwill, to be a severe but reasonably possible downside if left unmitigated. The sensitivity assumes medium term revenue performance below forecast market growth rates and below the growth rate of 2.0% applied beyond the approved forecast period, and that not all costs savings assumed are achieved notwithstanding further mitigating actions that could be taken to reduce costs and expenditure. This scenario would be driven by failure to achieve the forecasted trading performance and cost control which underpins the Retail Turnaround Plan, however acknowledges the ongoing challenging trading environment.

The fifth scenario above includes additional mitigating actions within the control of the Directors which could be taken to reduce operating costs if the combined circumstances in scenario four were to arise. The Directors consider the fifth scenario to represent a reasonably possible set of assumptions in the event of scenario four.

Within Vet Group, the directors consider that it is not reasonably possible for the assumptions to change so significantly as to eliminate the excess of the recoverable amount over the carrying value.

14    Inventories

	At 26 March 2026 £m	At 27 March 2025  £m
Finished goods	107.5	106.9

The cost of inventories recognised as an expense and included in 'cost of sales' is £689.9m (52 week period ended 27 March 2025: £677.4m).

Inventory expensed to cost of sales includes the cost of the Stock Keeping Units ('SKUs') sold, supplier income, stock wastage and foreign exchange variances. At 26 March 2026 the inventory provision amounted to £4.3m (27 March 2025: £4.4m). The inventory provision is calculated by reference to the age of the SKU and the length of time it is expected to take to sell. The value of inventory against which an ageing provision is held is £10.7m (27 March 2025: £9.9m).

The provision percentages applied in calculating the provision are as follows:

Discontinued stock greater than 365 days: 100%

Current stock greater than 365 days with a use by date: 50%

Current stock within 180 and 365 days with a use by date: 25%

Greater than 180 days with no use by date: 25%

Included in the provision is an amount held to account for store stock losses during the period since which the SKU was last counted.

In the 52 week period ended 26 March 2026, the value of inventory written off to the income statement amounted to £9.1m (52 week period ended 27 March 2025: £10.1m).

Notes to the consolidated financial statements (continued)

15    Deferred tax assets and liabilities

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

	At 26 March 2026			At 27 March 2025
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Property, plant and equipment	-	(22.4)	(22.4)	-	(20.2)	(20.2)
Financial assets	0.1	(0.3)	(0.2)	0.4	-	0.4
Other short term temporary differences	1.6	(0.5)	1.1	2.9	(0.8)	2.1
Share based payments	1.0	-	1.0	0.1	-	0.1
Net deferred tax assets/(liabilities)	2.7	(23.2)	(20.5)	3.4	(21.0)	(17.6)

Movement in deferred tax during the period

	27 March 2025 £m		Recognised in income £m	Recognised in equity £m	26 March 2026 £m
Property, plant and equipment	(20.2)		(2.2)	-	(22.4)
Net financial assets/(liabilities)	0.4		-	(0.6)	(0.2)
Other short term timing differences	2.1		(1.0)	-	1.1
Share based payments	0.1		1.0	(0.1)	1.0
	(17.6)		(2.2)	(0.7)	(20.5)

Other short-term timing differences primarily relate to inventory provisions.

Movement in deferred tax during the prior period

	28 March 2024 £m		Recognised in income £m	Recognised in equity £m	27 March 2025 £m
Property, plant and equipment	(6.1)		(14.1)	-	(20.2)
Net financial assets	0.2		-	0.2	0.4
Other short term timing differences	1.1		1.0	-	2.1
Share based payments	0.1		-	-	0.1
	(4.7)		(13.1)	0.2	(17.6)

16    Other financial assets and liabilities

		At 26 March 2026 £m		At 27 March 2025 £m
Non-current - other financial assets
Investments in Joint Venture veterinary practices		-		2.7
Loans to Joint Venture veterinary practices - initial set up loans		3.2		3.9
Other investments		-		3.0
Deferred fee income rebate in Joint Venture veterinary practices		3.4		1.5
Deferred consideration for veterinary practices acquisitions		3.2		-
Other receivables		3.7		3.9
		13.5		15.0

Investments in Joint Venture veterinary practices

Investments in Joint Venture veterinary practices represents capital contributions made to these practices to fund extensions and improvements to their practice residences. The carrying value of these investments is £nil (2025: £2.7m) following full impairment during the 52 week period ended 26 March 2026.

Loans to Joint Venture veterinary practices - initial set up loans

Loans to Joint Venture veterinary practices of £3.2m (2025: £3.9m) are provided to Joint Venture veterinary practice companies trading under the Companion Care, Vets4Pets or VetsforPets brands, in which the Group's share interest is non-participatory. These loans support their initial set up and working capital, and are held at carrying value. Under the terms of the loans provided to veterinary companies trading under the Companion Care, Vets4Pets or VetsforPets brands the loans attract varying interest rates between 2% and 3%. There is no set date for repayment of the loans due to the Group. The balances are shown net of an expected credit loss ('ECL') of £0.2m (2025: £0.4m).

Notes to the consolidated financial statements (continued)

16    Other financial assets and liabilities (continued)

Loans to Joint Venture veterinary practices - initial set up loans (continued)

	Gross loan value  £m	Expected credit loss  £m	Carrying value of loan £m
As at 27 March 2025	4.3	(0.4)	3.9
Net repayment and further advances	(0.9)	-	(0.9)
Provisions released during the period	-	0.2	0.2
As at 26 March 2026	3.4	(0.2)	3.2

Analysis of expected credit loss by risk category

The following table presents an analysis of the credit risk and credit impairment of initial set up loans held at amortised cost. The loans are categorised as performing, or in default in accordance with the policy set out in note 1.16. The loss allowance is calculated depending on the credit risk of each loan, the Group's expectations of future cash flow recoverability and practice age in accordance with the policy set out in note 1.16.

Credit risk	At 26 March 2026 £m	At 27 March 2025 £m
Performing	3.3	4.2
In default	0.1	0.1
Gross carrying amount	3.4	4.3
Loss allowance	(0.2)	(0.4)
Net carrying amount	3.2	3.9

The presentation of performing and in default loans has been revised to better align with the requirements of IFRS 9. Initial set up loans are considered in default if they cannot be settled within one day of year end. This has no impact on the estimated credit loss which is made based on the 10-year cashflow forecast.

Other investments

In the 52 week period ended 26 March 2026, the investment balances of £3.0m (2025: £3.0m) in relation to investments in Good Dog Food Limited ('Meatly') and Project Blu Limited were fully provided against. The impairments were recognised due to insufficient evidence to support the fair value of future cash flows to the Group, using either the market or income valuation approaches under IFRS 13. The impairment charge was recognised in administrative expenses in the income statement.

Deferred fee income rebate in Joint Venture veterinary practices

The rebate of £3.6m (2025: £1.7m) will be released as a deduction to fee income over a period of up to 10 years which represents the period of time the Group expects to receive economic benefits from enhanced fee income.

17    Trade and other receivables

		At 26 March 2026 £m		At 27 March 2025 £m
Current assets
Trade receivables		16.7		13.2
Prepayments		14.1		12.1
Accrued income		15.4		16.2
Amounts owed by Joint Venture veterinary practices - operating loans		1.2		3.9
Amounts owed by Joint Venture veterinary practices - trading balances		6.7		14.3
Deferred fee income rebate in Joint Venture veterinary practices		0.1		0.2
Deferred consideration for veterinary practices acquisitions		2.6		3.2
Forward exchange contracts		0.9		-
Fuel forward contracts		0.6		0.2
Other receivables		2.8		0.5
		61.1		63.8

Trade and other receivables

The carrying amount of trade and other receivables approximates to the fair value. Supplier income is included within trade and other receivables; this has been invoiced where there is no legal right to offset.

The Group applied the simplified approach under IFRS 9 and default to lifetime expected credit loss based on historical data. The ECL is immaterial on the trade receivables balance for the 52 week period ended 26 March 2026 (52 week period ended 27 March 2025: immaterial).

Notes to the consolidated financial statements (continued)

17    Trade and other receivables (continued)

Amounts owed by Joint Venture veterinary practices

Amounts owed by Joint Venture veterinary practices represent trading balances and operating loans owed by Joint Venture veterinary practices to the Group.

The impairment of amounts owed by Joint Venture veterinary practices relating to trading balances are assessed in line with IFRS 9. As at 26 March 2026 and 27 March 2025, the impact of expected credit loss on these balances was deemed to be immaterial due to the short term nature of these balances and as such no provision has been made.

Operating loans are provided on a short-term monthly cycle to the extent that a practice requires additional funding above their external bank loan. Practices generate cash on a monthly basis which is applied to the repayment of brought forward operating loans. For immature practices, loan balances may increase due to operating requirements. Based on a projected cash flow forecast on a practice by practice basis, the funding is expected to be required for a number of years, however as cash is applied against opening loan balances, the Group's expectation is that the brought forward balance will be repaid in cash within 12 months. The loans have been classified as current on this basis and the Group has chosen not to charge interest on these balances, and they are initially recognised under IFRS 9 at their nominal value as the effect of discounting the expected cash flows based on the effective interest rate at the market rate of interest is not material. The loans advanced to the practices are interest free and either repayable on demand or repayable within 90 days of demand. No facility exists and the levels of loans are monitored in relation to review of the practices' performance against business plan and a number of financial and non-financial KPIs in accordance with the policy set out in note 1.16.

For those practices in default, a credit impairment charge is recognised under IFRS 9 taking into account the Group's expectations of future cash flow recoverability. For other practices, a credit impairment charge is recognised under IFRS 9, taking into account both the probability of loss and the loss proportion given default.

The balances above are shown net of allowances for expected credit losses held for operating loans of £0.4m (2025: £1.3m). The basis for this allowance and the movement in the period are set out below.

	Gross loan value £m	Expected credit loss  £m	Carrying value of loan  £m
As at 27 March 2025	5.2	(1.3)	3.9
Loans written off	(1.9)	-	(1.9)
Net repayment and further advances	(1.7)	-	(1.7)
Utilisation of provision	-	0.7	0.7
Provisions made during the period	-	0.2	0.2
As at 26 March 2026	1.6	(0.4)	1.2

During the 52 week period ended 26 March 2026, £1.9m of operating loans which were deemed to be in default were written off in advance of the acquisition of the 'A' shares (52 week period ended 27 March 2025: £1.7m) which led to the control and consolidation of these practices. Further details of these acquisitions are provided in note 10.

The Group continues to work with a number of Joint Venture Partners, where the partners choose to follow the Group's recommendations on remediation plans aimed at improving practice performance. Further details regarding credit risk are provided in note 1.16.

The following table presents an analysis of the credit risk and credit impairment of operating loans held at amortised cost. Based on their future cashflow forecast, loans are categorised as performing or in default. The loss allowance is calculated in accordance with the policy set out in note 1.16, depending on the credit risk of each loan.

Credit risk	At 26 March 2026 £m	At 27 March 2025 £m
Performing	-	-
In default	1.6	5.2
Gross carrying amount	1.6	5.2
Loss allowance	(0.4)	(1.3)
Net carrying amount	1.2	3.9

Operating loans are considered in default if they cannot be settled within one day of year end. This has no impact on the estimated credit loss which is made based on the 10-year cashflow forecast.

Should forecast cash flows, as defined by the risk criteria in note 1.16, decrease by 0.5% over the 10-year time horizon, this would lead to an increase in the required provision for operating loans of £nil (27 March 2025: £0.5m). This sensitivity is considered by management to represent a reasonably possible range of estimation uncertainty, based on the variance in current trading performance within these Joint Venture veterinary practices. The factors which give rise to the estimation uncertainty include macro-economic and industry specific factors, including the level of industry growth, as well as gross margin percentages achieved within the industry, which contain a number of factors including the availability of suitably qualified veterinary personnel. Further details are provided in note 27.

Notes to the consolidated financial statements (continued)

17    Trade and other receivables (continued)

Derivative financial assets and liabilities

Derivative financial assets and liabilities are held at fair value through profit or loss.

Current assets		At 26 March 2026  £m		At 27 March 2025 £m
Fuel forward contracts		0.6		-
Forward exchange contracts		0.9		0.2
		1.5		0.2
Current liabilities
Forward exchange contracts		(0.5)		(1.7)
		(0.5)		(1.7)

Accrued income

Accrued income relates to income in relation to fees to Joint Venture veterinary practices and supplier and promotional income from suppliers which have not yet been invoiced. Accrued income is classified as current as it is expected to be invoiced and received within 12 months of the period end date. Supplier income is recognised on an accruals basis, based on the expected entitlement that has been earned up to the balance sheet date for each relevant supplier contract. As detailed in note 1.19, supplier income is recognised as a credit within gross margin to cost of sales and is outside of the scope of IFRS 15. Further detail of the Group's revenue recognition policy is provided in note 1.19.

18    Cash and cash equivalents

		At 26 March 2026  £m		At 27 March 2025 £m
Cash at bank		39.6		39.5

19    Other interest-bearing loans and borrowings

		At 26 March 2026  £m		At 27 March 2025  £m
Non-current liabilities
Unsecured bank loans		38.9		8.1
Asset backed loans		14.3		18.6
Total		53.2		26.7

		At 26 March 2026 £m			At 27 March 2025 £m
Current liabilities
Asset backed loans		4.7			4.7

Terms and debt repayment schedule

	Currency	Nominal interest rate	Year of maturity	Face value at 26 March 2026 £m	Carrying amount at 26 March 2026 £m	Face value at 27 March 2025 £m	Carrying amount at 27 March 2025 £m
Revolving credit facility	GBP	SONIA +1.35%	2028	40.0	38.9	10.0	8.1
Asset backed loan	GBP	SONIA +1.50%	2030	19.0	19.0	23.3	23.3
Total				59.0	57.9	33.3	31.4

The drawn amount on the £300.0m revolving credit facility was £40.0m at 26 March 2026 (drawn amount on the £300.0m revolving credit facility was £10.0m at 27 March 2025) and this amount is reviewed each month. Interest is charged at SONIA plus a margin based on leverage on a pre-IFRS 16 basis (adjusted net debt: EBITDA). The loan also has environmental, social and corporate governance ('ESG') linked metrics which will be reflected in the margin payable, which is +/- 5bps. Face value represents the principal value of the revolving credit facility. The facility is unsecured.

The asset backed loan agreement is to fund the purchase of capital items. As at 26 March 2026, the Group pledged property, plant and equipment amounting to £23.3m (2025: £23.3m) as collateral for the asset finance loan held with HSBC. Interest is charged on the drawn amount at SONIA plus 1.5%. The loan will be repaid in monthly repayments until maturity on 27 March 2030.

Notes to the consolidated financial statements (continued)

19    Other interest-bearing loans and borrowings (continued)

Interest-bearing borrowings are recognised initially at fair value, being the principal value of the loan net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at a carrying value, which represents the amortised cost of the loans using the effective interest method.

The analysis of repayments on the loans is as follows:

	At 26 March 2026  £m	At 27 March 2025 £m
Within one year or repayable on demand	4.7	4.7
Between one and three years	49.3	9.3
Between three and five years	5.0	19.3
Greater than five years	-	-
	59.0	33.3

The £40.0m revolving credit facility at 26 March 2026 is held by the Company. The £19.0m of asset backed loan is held by Pets at Home Limited, a 100% owned subsidiary company.

The Group's policy with regard to interest rate risk is to hedge the appropriate level of borrowings by entering into fixed rate agreements. Where the Group's forecast gross debt at the balance sheet date is no more than £100m, no interest rate hedging is required.  Subsequently, as at 26 March 2026, there were no interest hedging derivatives held by the Group.

Analysis of changes in adjusted net cash/(debt)

	At 27 March 2025  £m	Cash flow £m	At 26 March 2026  £m
Cash and cash equivalents	39.5	0.1	39.6
Borrowings	(33.3)	(25.7)	(59.0)
Adjusted net cash/(debt)	6.2	(25.6)	(19.4)

20    Trade and other payables

		At 26 March 2026 £m		At 27 March 2025 £m
Current
Trade payables		127.4		138.5
Accruals		82.8		66.8
Deferred income		5.1		6.5
Amounts owed to Joint Venture veterinary practices		10.1		14.9
Other payables including tax and social security		27.4		28.9
		252.8		255.6

Amounts owed to Joint Venture veterinary practices that relate to trading balances are interest free and repayable on demand.

Within accruals and deferred income above, contract liabilities under IFRS 15 of £0.4m (27 March 2025 and 28 March 2024: £0.4m) relate to advanced consideration received from customers in relation to gift vouchers, cards and points redeemable by charities. This revenue will be recognised as the vouchers, cards and points are redeemed, which is expected to be over the next two years from the balance sheet date.

Within accruals above, contract liabilities under IFRS 15 of £2.8m (27 March 2025: £1.8m) relate to advanced consideration received from customers in relation to online orders which have not yet been delivered. This revenue will be recognised as the online orders are delivered to customers, which is expected to be in less than one week from the balance sheet date.

Notes to the consolidated financial statements (continued)

21    Provisions

	Dilapidation provision £m	Closed stores provision £m	Provisions for exit and closure costs relating to Joint Venture veterinary practices £m	Provisions for legacy distribution centres and support offices £m	Provisions for distribution centres and support office reinstatement costs £m	Total £m
Balance at 27 March 2025	3.4	0.2	3.8	1.6	-	9.0
Provisions made during the period	1.1	0.6	-	-	3.5	5.2
Provisions utilised during the period	(3.0)	-	(1.2)	(1.5)	-	(5.7)
Provisions released	(0.3)	(0.2)	-	-	-	(0.5)
Balance at 26 March 2026	1.2	0.6	2.6	0.1	3.5	8.0

	At 26 March 2026 £m	At 27 March 2025 £m
Current	2.5	5.1
Non-current	5.5	3.9
	8.0	9.0

The dilapidations provision relates to the expected cost of repairs on leased properties at future lease expiry dates, all of which are expected to be within two years of the 26 March 2026, therefore the provision is not discounted. The timing of the utilisation of these provisions is variable depending on the expiry dates of the property leases concerned.

The closed stores provision relates to the rates, service charge and utilities payable on vacant stores. The timing of the utilisation of these provisions is variable dependent upon the lease expiry dates of the properties concerned, which vary between one and three years. Market conditions have an impact and hence the assumptions on future cash flows are reviewed regularly and revisions to the provision made where necessary.

The provisions for exit and closure costs relating to Joint Venture veterinary practices relate to expenses for any Joint Venture veterinary practices that the Group has bought out or has offered to buy out from Joint Venture Partners, and therefore which have been provided for under IAS 37. The timing of the utilisation of these provisions is variable dependent upon the lease expiry dates of the properties concerned, which vary between 2 and 13 years. Market conditions have a significant impact and hence the assumptions on future cash flows are reviewed regularly and revisions to the provisions made where necessary.

Provisions for legacy distribution centres and support offices includes provisions for legacy distribution centres and support offices which are due to be settled within the next twelve months and are therefore not discounted.  In addition, provisions for distribution centres and support office reinstatement costs have been created for reinstatement costs which are expected to be due on exit of current leases for our existing distribution centre and support office.  These provisions have been calculated based on our best estimate of future costs to be paid, discounted by rates between 5.4% and 6.1% depending on the length of the lease and reflect the impact of changes to the Bank of England base rate during the period.

22    Capital and reserves

Share capital

	Ordinary shares of 1p each	Share capital £m
At 28 March 2024	467,911,542	4.7
At 27 March 2025	459,491,054	4.6
At 26 March 2026	448,284,594	4.5

In the 52 week period ended 26 March 2026, the Company bought back and cancelled 11,206,460 (2.4%) ordinary shares for total consideration including stamp duty of £25.2m, at an average market value of 223 pence per share.

	Share capital 26 March 2026 £m	Share capital 27 March 2025 £m
At beginning of period	4.6	4.7
Nominal value of shares cancelled in year following purchase by the Group	(0.1)	(0.1)
On issue at period end - authorised	4.5	4.6

In the 52 week period ended 27 March 2025, the Company bought back and cancelled 8,420,488 (1.8%) ordinary shares for total consideration including stamp duty of £25.1m, at an average market value of 297 pence per share.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

Notes to the consolidated financial statements (continued)

22    Capital and reserves (continued)

Consolidation and Merger reserves

The consolidation reserve and the merger reserve arose as a result of the creation of Pets at Home Group Plc ('Plc') and its purchase of the existing group of companies as part of the Initial Public Offering ('IPO') in 2014. As part of the IPO, a number of shares in Plc were issued in exchange for various instruments or cash. The premium arising on the issue was allocated between the share premium and merger reserve. A consolidation reserve was also created which reflected the difference between Plc reserves and the consolidated equity of PAH Lux S.a.r.l as part of the IPO in 2014.

Capital redemption reserve

The capital redemption reserve comprised the par value of shares purchased and cancelled as part of the share buyback programmes completed, this was 11.2m shares in the 52 week period ended 26 March 2026 (27 March 2025: 8.4m shares).

Translation reserve

The translation reserve comprises all foreign exchange differences arising since 21 November 2011, the date of incorporation of Pets at Home Asia Ltd where the functional currency differs from that of the rest of the Group.

Cash flow hedging reserve

The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred.

Non-controlling interest

Non‑controlling interest represents the portion of equity in certain veterinary practice subsidiaries that is not attributable to the equity shareholders of the parent.

Included within the Group retained earnings is the Pets at Home Employee Benefit Trust ('EBT'). The EBT purchases shares to fund the share option schemes. As at 26 March 2026, the EBT held: 6,003,064 ordinary shares (2025: 5,670,000) with a cost of £20,300,595 (2025: £20,268,243). The average purchase value of these shares as at 26 March 2026 was 338.2 pence per share (2025: 357.5 pence per share).

Other comprehensive income

26 March 2026

	Translation reserve £m	Cash flow hedging reserve £m	Total other comprehensive income £m
Other comprehensive income	0.1	-	0.1
Effective portion of changes in fair value of cash flow hedges	-	2.6	2.6
Net change in fair value of cash flow hedges reclassified to profit or loss	-	(0.8)	(0.8)
Deferred tax on changes in fair value of cash flow hedges	-	(0.6)	(0.6)
Total other comprehensive income	0.1	1.2	1.3

27 March 2025

	Translation reserve £m	Cash flow hedging reserve £m	Total other comprehensive income £m
Other comprehensive income	-	-	-
Effective portion of changes in fair value of cash flow hedges	-	0.6	0.6
Net change in fair value of cash flow hedges reclassified to profit or loss	-	0.1	0.1
Total other comprehensive income	-	0.7	0.7

23    Financial instruments

Financial risk management

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk.

Risk management framework

Risk management in respect of financial risk is carried out by the Group Treasury function under policies approved by the Board of Directors. The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Board provides written principles through its Group Treasury Policy for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

The main objectives of the Group Treasury function are:

·      To ensure shareholder and management expectations are managed on cash flow and earnings volatility resulting from financial market movements;

·      To protect the expected cash flow and earnings from interest rate and foreign exchange fluctuations to within parameters acceptable to the Board and shareholders; and

·      To control banking costs and service levels.

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

Market risk

Foreign currency risk

The Group sources a significant level of purchases in foreign currency, in the region of US$100m each financial year, and monitors its foreign currency requirements through short, medium and long-term cash flow forecasting. The value of purchases in US dollars fluctuates each year and the risk management policy has evolved with this increased risk.

At 26 March 2026, the Group's policy is to hedge up to 95% of the next 12 months and additionally up to 60% of the following six months out to 18 months forecast foreign exchange transactions, using foreign currency bank accounts and forward foreign exchange contracts. The transactions are deemed to be 'highly probable' and are based on historical knowledge and forecast purchase and sales projections.

The Group's exposure to foreign currency risk is as follows. This is based on the carrying amount for monetary financial instruments, except for derivatives which are based on notional amounts:

26 March 2026

	Euro £m	US Dollar £m	Total £m
Cash and cash equivalents	0.3	5.6	5.9
Trade payables	(1.0)	(4.5)	(5.5)
Forward exchange contracts (note 17)	(0.1)	0.5	0.4
Balance sheet exposure	(0.8)	1.6	0.8
27 March 2025	Euro £m	US Dollar £m	Total £m
Cash and cash equivalents	1.1	-	1.1
Trade payables	(2.4)	(4.1)	(6.5)
Forward exchange contracts (note 17)	-	(1.5)	(1.5)
Balance sheet exposure	(1.3)	(5.6)	(6.9)

Sensitivity analysis

A 5% weakening of the following currencies against the pound sterling at the period end date in both years would have increased profit or loss or equity by the amounts shown below. This calculation is following the impact of hedging and assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date.

This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant.

	Equity		Profit or loss
	26 March 2026 £m	27 March 2025 £m	26 March 2026 £m	27 March 2025 £m
US Dollar	-	0.1	(0.1)	0.2
Euro	-	-	-	0.1

A 5% strengthening of the above currencies against the pound sterling in any period would have had the opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

Interest rate risk

Cash flow and fair value interest rate risk

The Group's interest rate risk arises from long-term borrowings. As at 26 March 2026 the Group had a revolving credit facility with a face value totalling £40.0m (2025: £10.0m) and an asset backed loan with a face value of £19.0m (2025: £23.3m). The Group's borrowings as at 26 March 2026 incur interest at a rate of 1.35% to 1.50% plus SONIA at the leverage prevalent in the period, which exposes the Group to cash flow interest rate risk. The analysis of loan repayments is detailed in note 19.

The Group's policy with regard to interest rate risk is to hedge the appropriate level of borrowings by entering into fixed rate agreements. As at 26 March 2026, the Group held no fixed rate swap agreements since the forecast level of outstanding debt for the next year was below the de-minimis hedging requirements as set out in the Group's Treasury Policy.

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

Profile

At the balance sheet date the interest rate profile of the Group's interest-bearing financial instruments was:

		Book value At 26 March 2026 £m		Book value At 27 March 2025 £m
Variable rate instruments
Financial liabilities (note 19)		59.0		33.3
Total financial liabilities		59.0		33.3

All borrowings bear a variable rate of interest based on SONIA. Subject to a de-minimis level, the Group policy is to hedge at least 70% of forecast loan balances.

Sensitivity analysis

A change of 50 basis points in interest rates at the period end date would have increased/(decreased) profit or loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant and considers the effect of financial instruments with variable interest rates and financial instruments at fair value through profit or loss. The analysis is performed on the same basis for the comparative period.

	At 26 March 2026 £m	At 27 March 2025 £m
Equity
Increase	-	-
Decrease	-	-
Profit or loss
Increase	0.3	0.2
Decrease	(0.3)	(0.2)

Credit risk

Financial risk management

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers, investment securities and amounts due from Joint Venture veterinary practices. Credit risk also arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions. The Group ensures that the banks used for the financing of the revolving credit facilities and interest rate swap agreements have investment-grade credit ratings therefore there is low credit risk as there is low risk of lender default. This assessment of risk is performed on an ongoing basis.

The Group has in place certain guarantees over the bank loans taken out by a number of Joint Venture veterinary practice companies in which it holds an investment. Further details of these guarantees are disclosed in note 27. The performance of the Joint Venture veterinary practice companies is reviewed on an ongoing basis.

Exposure to credit risk

The Group's maximum exposure to credit risk, being the carrying amount of financial assets, is summarised in the table within the fair values section below.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Management prepares and monitors rolling forecasts of the Group's cash balances based on expected cash flows to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without risking damage to the Group's reputation. Covenants are monitored on a regular basis to ensure there is no risk or breach which would lead to an 'Event of Default' and compliance certificates are issued as required to the syndicate agent.

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

The following are the contractual maturities of financial liabilities including estimates of interest payable based on SONIA rates at the end of the financial period:

Group

26 March 2026

	Carrying amount £m	Contractual cash flows £m	1 year or less £m	1 to 3 years £m	3 to 5 years £m	5 years and over £m
Non-derivative financial liabilities
Bank loans (note 19)	57.9	59.0	4.7	49.3	5.0	-
Trade payables (note 20)	127.4	127.4	127.4	-	-	-
Lease liabilities (note 12)	338.8	403.1	76.1	124.7	79.3	123.0
Amounts owed to joint venture veterinary practices (note 20)	10.1	10.1	10.1	-	-	-
	534.2	599.6	218.3	174.0	84.3	123.0
27 March 2025	Carrying amount £m	Contractual cash flows £m	1 year or less £m	1 to 3 years £m	3 to 5 years £m	5 years and over £m
Non-derivative financial liabilities
Bank loans (note 19)	31.4	33.3	4.7	9.3	19.3	-
Trade payables (note 20)	138.5	138.5	138.5	-	-	-
Lease liabilities (note 12)	348.3	400.0	78.5	124.9	77.8	118.8
Amounts owed to joint venture veterinary practices (note 20)	14.9	14.9	14.9	-	-	-
	533.1	586.7	236.6	134.2	97.1	118.8

Liquidity risk and cash flow hedges

Cash flow hedges

The following table indicates the periods in which the cash flows associated with cash flow hedging instruments are expected to occur and to affect profit or loss:

Group

26 March 2026

	Carrying amount £m	Expected cash flows £m	1 year or less £m	1 to <2 years £m	2 to <5 years £m	5 years and over £m
Fuel exchange contracts
Current assets (note 17)	0.6	0.6	0.6	-	-	-
Forward exchange contracts:
Current assets (note 17)	0.9	0.9	0.9	-	-	-
Current liabilities (note 17)	(0.5)	(0.5)	(0.5)	-	-	-
	1.0	1.0	1.0	-	-	-

27 March 2025

	Carrying amount £m	Expected cash flows £m	1 year or less £m	1 to <2 years £m	2 to <5 years £m	5 years and over £m
Forward exchange contracts:
Current assets (note 17)	0.2	0.2	0.2
Current liabilities (note 17)	(1.7)	(1.7)	(1.7)	-	-	-
	(1.5)	(1.5)	(1.5)	-	-	-

Fair values of financial instruments

Investments

The fair values of investments are considered to be their carrying value as the impact of discounting future cash flows has been assessed as not material and the investment is non-participatory.

Trade and other payables and receivables

The fair values of these items are considered to be their carrying value as the impact of discounting future cash flows has been assessed as not material.

Cash and cash equivalents

The fair value of cash and cash equivalents is its carrying amount where the cash is readily available. The fair value of short term deposits approximates to the carrying amount because of the short maturity of these instruments.

Amounts owed to Joint Venture veterinary practices

The fair value of amounts owed to Joint Venture veterinary practices are considered to be their carrying value as the impact of discounting future cash flows has been assessed as not material.

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

Long term and short term borrowings

The fair value of bank loans and other loans approximates their carrying value as they have interest rates based on SONIA. The impact of credit risk has an immaterial impact on the fair value.

Short term deposits

The fair value of short term deposits is considered to be their carrying value as the balances are held in floating rate accounts where the interest rate is reset to market rates.

Derivative financial instruments

The fair values of forward exchange contracts and interest rate swap contracts are calculated by management based on external valuations received from the Group's bankers and are based on forward exchange rates and anticipated future interest yield respectively.

Fair values

The fair values of all financial assets and financial liabilities by class together with their carrying amounts shown in the balance sheet are as follows:

Fair value hierarchy

The table below shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

The following tables show the fair values and carrying amounts of financial assets and liabilities as well as their fair value hierarchy. The tables do not include fair value detail for financial assets and liabilities not measured at fair value if their carrying value is a reasonable approximation of fair value.

26 March 2026
Carrying amount	Fair value - hedging instruments  £m	Financial assets at amortised cost  £m	Other financial liabilities  £m	Total carrying amount  £m
Financial assets measured at fair value
Forward exchange contracts used for hedging (note 17)	0.9	-	-	0.9
Current fuel forward contracts used for hedging (note 17)	0.6	-	-	0.6
	1.5	-	-	1.5
Financial assets not measured at fair value
Current trade and other receivables (note 17)	-	23.4	-	23.4
Amounts owed by Joint Venture veterinary practices - trading balance and operating loans (note 17)	-	7.9	-	7.9
Cash and cash equivalents (note 18)	-	39.6	-	39.6
Loans to Joint Venture veterinary practices - initial set up loans (note 16)	-	3.2	-	3.2
Non-current other receivables (note 16)	-	10.3	-	10.3
	-	84.4	-	84.4
Financial liabilities measured at fair value
Forward exchange contracts used for hedging (note 17)	(0.5)	-	-	(0.5)
	(0.5)	-	-	(0.5)
Financial liabilities not measured at fair value
Current lease liabilities (note 12)	-	-	(76.1)	(76.1)
Non-current lease liabilities (note 12)	-	-	(262.7)	(262.7)
Trade payables (note 20)	-	-	(127.4)	(127.4)
Amounts owed to Joint Venture veterinary practices (note 20)	-	-	(10.1)	(10.1)
Other interest-bearing loans and borrowings (note 19)	-	-	(57.9)	(57.9)
	-	-	(534.2)	(534.2)

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

26 March 2026
Fair value	Level 1  £m	Level 2  £m	Level 3  £m	Total  £m
Financial assets and liabilities measured at fair value
Current fuel forward contracts used for hedging (note 17)		0.6		0.6
Current forward exchange contracts used for hedging (note 17)	-	0.9	-	0.9
Current Forward exchange contracts used for hedging (note 17)	-	(0.5)	-	(0.5)

27 March 2025
Carrying amount	Fair value - hedging instruments  £m	FVTPL - equity instruments  £m	Financial assets at amortised cost  £m	Other financial liabilities  £m	Total carrying amount  £m
Financial assets measured at fair value
Other investments (note 16)1	-	3.0	-	-	3.0
Forward exchange contracts used for hedging (note 17)	0.2	-	-	-	0.2
	0.2	3.0	-	-	3.2
Financial assets not measured at fair value
Investments in Joint Venture veterinary practices (note 16)	-	-	2.7	-	2.7
Current trade and other receivables (note 17)	-	-	19.4	-	19.4
Amounts owed by Joint Venture veterinary practices - trading balance and operating loans (note 17)	-	-	18.2	-	18.2
Cash and cash equivalents (note 18)	-	-	39.5	-	39.5
Loans to Joint Venture veterinary practices - initial set up loans (note 16)	-	-	3.9	-	3.9
Non-current other receivables (note 16)	-	-	5.4	-	5.4
	-	-	89.1	-	89.1
Financial liabilities measured at fair value
Forward exchange contracts used for hedging (note 17)	(1.7)	-	-	-	(1.7)
	(1.7)	-	-	-	(1.7)
Financial liabilities not measured at fair value
Current lease liabilities (note 12)	-	-	-	(78.5)	(78.5)
Non-current lease liabilities (note 12)	-	-	-	(269.8)	(269.8)
Trade payables (note 20)	-	-	-	(138.5)	(138.5)
Amounts owed to Joint Venture veterinary practices (note 20)	-	-	-	(14.9)	(14.9)
Other interest-bearing loans and borrowings (note 19)	-	-	-	(31.4)	(31.4)
	-	-	-	(533.1)	(533.1)

27 March 2025
Fair value	Level 1  £m	Level 2  £m	Level 3  £m	Total  £m
Financial assets and liabilities measured at fair value
Other investments (note 16)	-	-	3.0	3.0
Forward exchange contracts used for hedging (note 17)	-	0.2	-	0.2
Forward exchange contracts used for hedging (note 17)	-	(1.7)	-	(1.7)

Measurement of fair values

The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values at the balance sheet dates, as well as the significant unobservable inputs used.

Type	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement
Forward exchange contracts and interest rate swaps	Market comparison technique - the fair values are based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions on similar instruments.	Not applicable	Not applicable
Other investments	The fair values of investments are considered to be their carrying value.	Forecasted cashflows. Any changes to the unobservable input would have an immaterial impact on the valuation.	Not applicable

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

Changes in liabilities arising from financing activities

Group

		Loans and borrowings	Lease liabilities	Total
	£m		£m	£m
Balance at 27 March 2025 (note 12,19)	31.4		348.3	379.7
Changes from financing cash flows
Repayment of borrowings	(59.3)		-	(59.3)
Loan drawdown	85.0		-	85.0
Interest payment of borrowings	(3.8)		-	(3.8)
Payment of lease liabilities	-		(80.7)	(80.7)
Total changes from financing cash flows	21.9		(80.7)	(58.8)
Other changes
Interest expense on lease liabilities (note 7)	-		14.0	14.0
Interest expense on borrowings (note 7)	4.2		-	4.2
Amortisation of debt issue costs (note 7)	0.8		-	0.8
Additions to lease liabilities	-		57.2	57.2
Movement on accrued interest	(0.4)		-	(0.4)
Total other changes	4.6		71.2	75.8
Balance at 26 March 2026 (note 12, 19)	57.9		338.8	396.7

		Loans and borrowings	Lease liabilities	Total
	£m		£m	£m
Balance at 28 March 2024 (note 12,19)	45.5		380.8	426.3
Changes from financing cash flows
Repayment of borrowings	(75.0)		-	(75.0)
Loan drawdown	60.0		-	60.0
Interest payment of borrowings	(3.8)		-	(3.8)
Payment of lease liabilities	-		(79.7)	(79.7)
Total changes from financing cash flows	(18.8)		(79.7)	(98.5)
Other changes
Interest expense on lease liabilities (note 7)	-		13.2	13.2
Interest expense on borrowings (note 7)	4.7		-	4.7
Amortisation of debt issue costs (note 7)	0.8		-	0.8
Additions to lease liabilities	-		34.0	34.0
Movement on accrued interest	(0.8)		-	(0.8)
Total other changes	4.7		47.2	51.9
Balance at 27 March 2025 (note 12, 19)	31.4		348.3	379.7

					Cash flow hedge reserve
					2026	2025
					£m	£m
Foreign currency risk
Inventory purchases					0.3	(1.1)
Commodity price risk
Fuel purchases					0.5	-

	Commodity price risk		Foreign currency         risk		Interest rate risk
	Forward exchange contracts- fuel		Forward exchange contracts- inventory		Interest rate swaps
	2026	2025	2026	2025	2026	2025
	£m	£m	£m	£m	£m	£m
Nominal amount
Carrying amount- asset (note 17)	0.6	-	0.9	0.2	-	-
Carrying amount- liability (note 17)	-	-	(0.5)	(1.7)	-	-
	-
Changes in the value of hedging instrument recognised in OCI	-
Amount of hedging reserve transferred to cost of inventory	-	-	0.5	(1.6)	-	-
Net change in fair value of cash flow hedges reclassified to profit or loss	(0.7)	0.1	-	-	-	-

Notes to the consolidated financial statements (continued)

23    Financial instruments (continued)

The following table provides a reconciliation by risk category of hedging reserve and analysis of OCI items, net of tax, resulting from cash flow hedging accounting:

		26 March 2026	27 March 2025
	£m		£m
Balance brought forward	(1.1)		(0.5)
Changes in fair value
Foreign currency risk- inventory purchase	1.8		(0.7)
Commodity risk- fuel	0.7		(0.1)
Interest rate risk	-		-
Tax on movements on reserves during the year	(0.6)		0.2
Balance carried forward	0.8		(1.1)

Hedge accounting

Cash flow hedges

At 26 March 2026 and 27 March 2025, the Group held the following instruments to hedge exposures to changes in foreign currency. There were no instruments in relation to interest rate swaps as at 26 March 2026.

	Maturity
	1-6 months	6-12 months		1-6 months	6-12 months
	2026	2026		2025	2025
Foreign currency risk
Forward exchange contracts
Net exposure (£m)	38.6	30.4		51.4	33.0
Average GBP-USD forward contract rate	1.33	1.36		1.28	1.27
Average GBP-EUR forward contract rate	1.13	1.13		1.19	1.19
Interest rate risk
Interest rate swaps
Net exposure (£m)	-	-		-	-
Average fixed interest rate	-	-		-	-

Capital management

The Group's objectives when managing capital, which is deemed to be total equity plus total debt, are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, through the optimisation of the debt and equity balance, and to maintain a strong credit rating and headroom on financial covenants. The Group manages its capital structure and makes appropriate decisions in light of the current economic conditions and strategic objectives of the Group.

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the Group. The funding requirements of the Group are met by the utilisation of external borrowings together with available cash, as detailed in note 19.

A key objective of the Group's capital management is to maintain compliance with the covenants set out in the revolving credit facility and to maintain a comfortable level of headroom over and above these requirements.  Management have continued to measure and monitor covenant compliance throughout the period and the Group has complied with the requirements set.

Notes to the consolidated financial statements (continued)

24    Share-based payments

At 26 March 2026 and 27 March 2025, the Group has four share award plans, all of which are equity settled schemes.

1      Company Share Ownership Plan ('CSOP')

On 25 February 2014 the Company adopted the CSOP. Part I of the CSOP is tax approved under Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003 and provides for the grant of tax approved options. Part II of the CSOP provides for the grant of unapproved options.

The tax approved options under Part I of the CSOP will be exercisable between the third and tenth anniversary of the date of grant, subject to continued employment with the Group. These awards will be granted with an exercise price equal to the market value of the shares at the grant date (as agreed with HMRC). No options have been granted under the plan since June 2016.

A summary of the movements in the scheme and outstanding options is outlined below.

		26 March 2026		27 March 2025
	Number of options	Weighted average exercise price (p)	Number of options	Weighted average exercise price (p)
Outstanding at start of year	134,317	265.6	200,745	260.6
Exercised	(3,611)	265.6	(31,857)	262.6
Forfeit	(10,514)	260.3	(3,706)	265.2
Lapsed	(51,944)	274.4	(30,865)	236.0
Outstanding at end of year	68,248	259.7	134,317	265.6
Exercisable at the end of the year	68,248	259.7	134,317	265.6

For CSOP share options exercised during the period, the weighted average share price at the date of exercise was 269.8p (2025: 295.3p).

		26 March 2026		27 March 2025
Options granted	Number of options	Weighted average remaining contractual life (years)	Number of options	Weighted average remaining contractual life (years)	Option price (p)
December 2020	-	-	2,727	-	231.5
December 2021	-	-	49,630	-	274.8
December 2022	68,248	-	81,960	0.1	259.7
	68,248	-	134,317	0.1	-

2       Save As You Earn ('SAYE')

On 25 February 2014, the Company adopted the SAYE (which was registered with and self-certified with HMRC on 4 April 2015). The rules of the SAYE were adopted pursuant to Schedule 3 of the Income Tax (Earnings and Pensions) Act 2003 and provide for the grant of tax approved options. In previous years, the Company issued invitations under the rules of the SAYE which provided eligible colleagues with an opportunity to receive share options at a 20% discount to the market price. The maximum monthly savings were £500 per month. The options were granted once a year, and in normal circumstances they are not exercisable until completion of a savings period of 3 years, beginning on 1 December each year, and will then be exercisable for a period of six months following completion of the relevant savings period. During the 52 weeks ending 26 March 2026, SAYE was not offered to colleagues.

A summary of the movements in the scheme and outstanding options is summarised below:

		26 March 2026		27 March 2025
	Number of options	Weighted average exercise price (p)	Number of options	Weighted average exercise price (p)
Outstanding at start of year	3,074,578	263.4	3,396,644	267.9
Granted	-	-	1,027,701	250.9
Exercised	(7,850)	229.3	(181,206)	231.2
Forfeit	(1,260,915)	257.0	(1,093,642)	268.8
Lapsed	(231,282)	377.3	(74,919)	265.6
Outstanding at end of year	1,574,531	253.3	3,074,578	264.1
Exercisable at the end of the year	770,616	243.7	198,348	401.8

For SAYE share options exercised during the period, the weighted average share price at the date of exercise was 267.3p (27 March 2025: 287.3p).

Notes to the consolidated financial statements (continued)

24 Share-based payments (continued)

2       Save As You Earn ('SAYE') (continued)

		26 March 2026		27 March 2025
Options granted	Number of options	Weighted average remaining contractual life (years)	Number of options	Weighted average remaining contractual life (years)	Option price (p)
December 2020	-	-	9,420	(1.3)	229.3
December 2021	-	-	188,928	(0.3)	410.4
December 2022	770,616	(0.3)	1,292,468	0.7	243.7
December 2023	332,706	0.7	710,155	1.7	279.0
December 2024	471,209	1.7	873,607	2.7	250.9
	1,574,531	0.5	3,074,578	1.4	253.3

3       Restricted Stock Plan ('RSA')

On 20 July 2017 the Company adopted the RSA. Awards under the RSA were made on 20 July 2017 and annually thereafter and will be exercisable between the third and tenth anniversary of this date, subject to continued employment with the Group and the satisfaction of performance conditions. These awards are granted at nil cost.

Number of options	26 March 2026                        27 March 2025
Outstanding at start of year	4,889,939	4,286,190
Granted	3,598,514	2,098,492
Forfeit	(1,048,758)	(809,477)
Exercised	(2,342,170)	(633,437)
Lapsed	(58,297)	(51,829)
Outstanding at end of year	5,039,228	4,889,939
Exercisable at the end of the year	260,197	306,662

4       Deferred Share Bonus Plan ('DSBP')

On 24 March 2022 the Company adopted the DSBP. Awards under the DSBP represent the deferral of the discretionary bonus awarded to eligible colleagues into shares. Awards under the DSBP will be exercisable between the second anniversary of the first day following the end of the year in respect of which the bonus in question is earned or would have been earned notwithstanding that it was deferred and the tenth anniversary of the date of grant. These awards are granted at nil cost. No awards were granted under the plan during the financial year.

Fair value of share awards

The expected volatility is based on historical volatility of a peer group of companies over a relevant period prior to award. The expected life is the average expected period to exercise, which has been taken as three years. The risk free rate of return is the yield on zero-coupon UK government bonds with a life equal to this expected life.

Options are valued using a Black-Scholes option-pricing model for the non-market based (EPS element) performance conditions and a Monte-Carlo simulation for the market-based (TSR element) performance conditions. Special provisions allow early exercise in the case of death, injury, disability, redundancy, retirement or because the Company which employs the option holder ceases to be part of the Group or in the event of a change in control, reconstruction or winding up of the Company.

Summary of share-based payment plans

The key assumptions used in the fair value of the awards were as follows:

	RSA		SAYE
	2026	2025	2024
At grant date
Share price	200p	263p	314p
Exercise price	0p	0p	251p
Expected volatility	30%	30%	30%
Option life (years)	10	10	3
Expected dividend yield	2.00%	2.00%	2.00%
Risk free interest rate	n/a	n/a	4.00%
Weighted average fair value of options granted	200p	263p	112p

For both the RSA and DSBP awards, the fair value is the share price at the date of the grant so the risk free rate has no impact on the fair value calculation.

Notes to the consolidated financial statements (continued)

24 Share-based payments (continued)

Movements in awards under share-based payment schemes:

	CSOP 000	SAYE 000	RSA 000	DSBP                       000	Total 000
Outstanding at start of year	134	3,075	4,890	105	8,204
Granted	-	-	3,599	-	3,599
Exercised	(4)	(8)	(1,049)	(105)	(1,166)
Forfeit	(10)	(1,261)	(2,342)	-	(3,613)
Lapsed	(52)	(231)	(59)	-	(342)
Outstanding at end of year	68	1,575	5,039	-	6,682
Weighted average exercise price	2.60	2.53	-	-	NA

The Group income statement charge recognised in respect of share-based payments for the 52 week period ended 26 March 2026 is £4.5m (52 week period ended 27 March 2025: £5.9m).

25    Commitments

Capital commitments

At 26 March 2026, the Group is committed to incur capital expenditure of £1.6m (27 March 2025: £1.1m).  At 26 March 2026, the Group has a commitment to increase the loan funding to Joint Venture veterinary practices of £0.5m (27 March 2025: £0.2m). This increase in funding is written into the Joint Venture agreements and becomes payable when certain criteria are met.

26    Contingencies

Veterinary practices

During the period, the Group had in place certain guarantees over the bank loans taken out by a number of veterinary practice companies in which it holds an investment in non-participatory share capital. Under IFRS 9, the Group holds provision against a proportion of the guarantees where the practices are in default in accordance with the policy set out in note 1.16. At 26 March 2026, the total amount of bank overdrafts and loans guaranteed by the Group amounted to £4.9m (27 March 2025: £4.0m). The Group is a guarantor for the lease for veterinary practices that are not located within Pets at Home stores. The Group is also a guarantor to a small number of third parties where the lease has been reassigned.

Exemption from audit by parent guarantee

The wholly-owned subsidiaries with the exception of Pets at Home Limited, Companion Care (Services) Limited and Vets4Pets Limited are covered by a guarantee provided by Pets at Home Group Plc and are consequently entitled to an exemption under s479A from the requirement of the Act relating to the audit of individual accounts. Under this guarantee, the Group will guarantee all outstanding liabilities of these entities. No liability is expected to arise under the guarantee. The entities covered by this guarantee are disclosed in note 28.

27    Related parties

Key management personnel

Details of remuneration paid to key management personnel are set out in note 4.

Group ownership

The Group has no parent undertaking and is not controlled by another entity.

Joint Venture veterinary practice transactions

The Group has entered into a number of arrangements with third parties in respect of veterinary practices. These veterinary practices are deemed to be related parties due to the factors explained in note 1.4. Financial commitments provided to related party veterinary practices for funding are set out in note 25.

During the period, the Group had in place certain guarantees over the bank loans taken out by a number of veterinary practice companies in which it holds an investment in non-participatory share capital. At the end of the period, the total amount of bank overdrafts and loans guaranteed by the Group amounted to £4.9m (27 March 2025: £4.0m), as set out in note 26.

Notes to the consolidated financial statements (continued)

27    Related parties (continued)

The transactions entered into during the period and the balances outstanding at the end of the period are as follows:

	26 March 2026 £m	27 March 2025 £m
Transactions
- Fees for services provided to Joint Venture veterinary practices (note 2)	108.4	103.4
- Rental and other occupancy charges to Joint Venture veterinary practices (note 3)	13.7	13.0
Total income from Joint Venture veterinary practices	122.1	116.4
Balances - Consideration for Joint Venture veterinary practices acquired (note 10)	3.1	0.8
Included within investments
- Capital contributions for extensions and improvements of practices (note 16)	-	2.7
Included within trade and other receivables:
- Operating loans
- Gross value of operating loans	1.6	5.2
- Allowance for expected credit losses held for operating loans	(0.4)	(1.3)
Net operating loans (note 17)	1.2	3.9
Trading balances (note 17)	6.7	14.3
Deferred fee income rebate (note 16, note 17)	3.5	1.7
Deferred consideration (note 16, note 17)	5.8	3.2
Included within other financial assets and liabilities (note 16):
Loans to Joint Venture veterinary practices - initial set up loans
- Gross value of initial set up loans	3.4	4.3
- Allowance for expected credit losses held for initial set up loans	(0.2)	(0.4)
Net initial set up loans	3.2	3.9
Included within trade and other payables (note 20):
Trading balance	(10.1)	(14.9)
Total amounts receivable from veterinary practices (before provisions)	10.9	13.8

Fees for services provided to related party veterinary practices are included within revenue and relate to charges for support services offered in such areas as clinical development, promotion and methods of operation as well as service activities including accountancy, legal and property. In accordance with IFRS 15, revenue in the 52 week period ended 26 March 2026 and the 52 week period ended 27 March 2025 excludes irrecoverable fee income from Joint Venture veterinary practices.

Funding for new practices represents the amounts advanced by the Group to support veterinary practice opening costs. The funding is short term and the related party Joint Venture veterinary practice draws down their own bank funding to settle these amounts outstanding with the Group shortly after opening.

Trading balances represent costs incurred and income received by the Group in relation to the services provided to the Joint Venture veterinary practices that have yet to be recharged.

Operating loans represent amounts advanced to related party Joint Venture veterinary practices to support their working capital requirements and longer term growth. The loans advanced to the practices are interest free and either repayable on demand or repayable within 90 days of demand. No facility exists and the levels of loans are monitored in relation to review of the practice's performance against business plan. Based on the projected cash flow forecast on a practice by practice basis, the funding is often expected to be required for a number of years. As practices generate cash on a monthly basis it is applied to the repayment of brought forward operating loans.  For immature practices, loan balances may increase due to operating requirements. The balances above are shown net of allowances for expected credit losses held for operating loans of £0.4m (27 March 2025: £1.3m). 

Loans to Joint Venture veterinary practices - initial set up loans are provided to Joint Venture veterinary practice companies trading under the Companion Care and Vets4Pets brands, in which the Group's share interest is non-participatory. These loans represent a long-term investment in the Joint Venture veterinary practice, supporting their initial set up and working capital, and are held at amortised cost under IFRS 9. The balances above are shown net of allowances for expected credit losses held for initial set up loans of £0.2m (27 March 2025: £0.4m). 

In the 52 week period ended 26 March 2026, the value of loans written off recognised in the income statement amounted to £1.9m which relates to operating loans. In the 52 week period ended 27 March 2025 the value of loans written off recognised in the income statement amounted to £1.7m, which related to operating loans. At 26 March 2026, the Group had a commitment to increase the loan funding to Joint Venture veterinary practices of £0.5m (27 March 2025: £0.2m); this increase in funding is written into the Joint Venture agreements and becomes payable when certain criteria are met.

Deferred fee income rebate of £3.5m (25 March 2025: £1.7m) represents deferred rebates paid to JV practices to support their rebrand and expansion. The rebate will be released as a deduction to fee income over a period of up to 10 years which represents the period of time the Group expects to receive economic benefits from enhanced fee income.

The Group is a guarantor for the leases for veterinary practices that are not located within Pets at Home stores.

Notes to the consolidated financial statements (continued)

28    Investment in subsidiaries

	Investments in subsidiaries £m
Parent Company investments in subsidiaries at 26 March 2026 and 27 March 2025	936.2

Impairment testing

Management have conducted a full impairment review which has been undertaken on the Group's cash generating units of which the Company's investments form part. Management considers whether any impairment triggers existed by comparing the net assets value of the subsidiary to the carrying value of the investment. Management have concluded that under IAS 36, no impairment trigger has been identified with regard to the Company's investments in subsidiaries.

In the 52 week period ended 26 March 2026 the Group acquired 100% of the 'A' shares of 10 companies. These practices were previously accounted for as Joint Venture veterinary practices as the Group held 100% of the non-participatory 'B' ordinary shares. Acquisition of the 'A' shares has led to the control and consolidation of these companies. A detailed explanation for the basis of consolidation can be found in note 1.4. Further details of these acquisitions can be found in note 10.

Subsidiaries incorporated within the United Kingdom

The following subsidiaries, with the exception of Pets at Home Limited, Companion Care (Services) Limited and Vets4Pets Limited are covered by a guarantee provided by Pets at Home Group Plc and are consequently entitled to an exemption under s479A from the requirement of the Act relating to the audit of individual accounts. This exemption has been disclosed in note 26 above.

Registered office address

VetsDirect Limited: Dickson Minto, 16 Charlotte Square, Edinburgh, Scotland, EH2 4DF

The registered office of all the remaining companies incorporated within the United Kingdom for which the Group has an interest in the share capital is Epsom Avenue, Stanley Green, Handforth, Cheshire, England SK9 3RN.

Company	Registered number	Holding	Class of shares held	At 26 March 2026 %	At 27 March 2025 %
Brand Developments Limited	00039522	Indirect	Ordinary	100	100
Companion Care (Services) Limited	04141142	Indirect	Ordinary	100	100
Companion Care Management Services Limited	08878037	Indirect	Ordinary	100	100
Pets Insurance Services Limited	16039818	Indirect	Ordinary	80	80
Pet Advisory Services Limited	09180974	Indirect	Ordinary	100	100
Pet Investments Limited	04428715	Indirect	Ordinary	100	100
PAH Financial Services Limited	04635676	Indirect	Ordinary	100	100
Pets at Home Holdings Limited	03864149	Indirect	Ordinary	100	100
Pets at Home Limited	01822577	Indirect	Ordinary	100	100
Pets at Home No.1 Limited	08887355	Direct	Ordinary	100	100
Pets at Home Superstores Limited	03119594	Indirect	Ordinary	100	100
Pets at Home Vets Group Limited	08595290	Indirect	Ordinary	100	100
Pets at Home (ESOT) Limited	03911784	Indirect	Ordinary	100	100
Pet City Holdings Limited	02342109	Indirect	Ordinary	100	100
Pet City Limited	02466773	Indirect	Ordinary	100	100
Pet City Resources Limited	02634797	Indirect	Ordinary	100	100
Vets4Pets (Services) Limited	04317414	Indirect	Ordinary	100	100
Vets4Pets Services Limited	05055601	Indirect	Ordinary	100	100
Vets4Pets UK Limited	03940967	Indirect	Ordinary	100	100
Vets4Pets Limited	00038174	Indirect	Ordinary	100	100
Vets4Pets Veterinary Group Limited	04263054	Indirect	Ordinary	100	100
VetsDirect Limited	SC230445	Indirect	Ordinary	100	100
Abbotsinch V4P 1A Limited	16478932	Indirect	Ordinary	100	0
Aberdeen North Vets4Pets Limited	11024679	Indirect	Ordinary	100	100
Accrington Vets4Pets Limited	10015704	Indirect	Ordinary	100	100
Alton Vets4Pets Limited	09639868	Indirect	Ordinary	100	100
Andover Vets4Pets Limited	08132407	Indirect	Ordinary	100	100
Bangor Wales Vets4Pets Limited	08314827	Indirect	Ordinary	100	100
Bath Vets4Pets Limited	09639978	Indirect	Ordinary	100	100
Bearsden Vets4Pets Limited	07780175	Indirect	Ordinary	100	100
Bedminster Vets4Pets Limited	09267870	Indirect	Ordinary	100	100
Belfast Stormont Vets4Pets Limited	09022077	Indirect	Ordinary	100	100
Bicester Vets4Pets Limited	10285804	Indirect	Ordinary	100	100
Bonnyrigg Vets4Pets Limited	10757330	Indirect	Ordinary	100	100
Borehamwood Vets4Pets Limited	09319066	Indirect	Ordinary	100	100
Bourne Vets4Pets Limited	10200670	Indirect	Ordinary	100	100
Bracknell Vets4Pets Limited	10605544	Indirect	Ordinary	100	100
Bramley Vets4Pets Limited	04238788	Indirect	Ordinary	100	100
Bramley Vets4Pets (Newco) Limited	09772761	Indirect	Ordinary	100	100
Brighton Vets4Pets Limited	13539268	Indirect	Ordinary	100	100
Bristol Longwell Green Vets4Pets Limited	11023057	Indirect	Ordinary	75	50
Carmarthen Vets4Pets Limited	09498169	Indirect	Ordinary	100	100
Clitheroe Vets4Pets Limited	09878308	Indirect	Ordinary	100	100
Companion Care (Ballymena) Limited	08294444	Indirect	Ordinary	100	100
Companion Care (Banbury) Limited	08606393	Indirect	Ordinary	100	100
Companion Care (Barnsley Cortonwood) Limited	08314805	Indirect	Ordinary	100	100
Companion Care (Ely) Limited	04417089	Indirect	Ordinary	100	100
Companion Care (Exeter Marsh) Limited	08314727	Indirect	Ordinary	100	100
Companion Care (Kings Lynn) Limited	06797982	Indirect	Ordinary	100	100
Companion Care (Macclesfield) Limited	08285995	Indirect	Ordinary	100	100
Companion Care (Newport) Limited	08425358	Indirect	Ordinary	100	100
Companion Care (Nottingham) Limited	04289970	Indirect	Ordinary	100	100
Companion Care (Salisbury) Limited	06457719	Indirect	Ordinary	100	100
Companion Care (Scarborough) Limited	06555344	Indirect	Ordinary	100	100
Companion Care (Speke) Limited	07149744	Indirect	Ordinary	100	100
Companion Care (Stockport) Limited	04240547	Indirect	Ordinary	65	50
Craigavon Vets4Pets Limited	08846831	Indirect	Ordinary	100	100
Davidsons Mains Vets4Pets Limited	07726992	Indirect	Ordinary	100	100
Denbigh Vets4Pets Limited	10976376	Indirect	Ordinary	100	100
East Grinstead Vets for Pets Limited	16919619	Indirect	Ordinary	100	0
East Kilbride South Vets4Pets Limited	09628917	Indirect	Ordinary	100	100
Ellesmere Port Vets4Pets Limited	09725644	Indirect	Ordinary	100	100
Gamston Vets4Pets Limited	05665158	Indirect	Ordinary	75	75
Gillingham Vets4Pets Limited	10970617	Indirect	Ordinary	100	100
Haverfordwest Vets4Pets Limited	09485504	Indirect	Ordinary	100	100
Horsham Vets4Pets Limited	14345928	Indirect	Ordinary	100	100
Huddersfield Vets4Pets Limited	07207906	Indirect	Ordinary	100	100
Inverurie Vets4Pets Limited	11056047	Indirect	Ordinary	100	100
Kendal Vets4Pets Limited	10163314	Indirect	Ordinary	100	100
Larne Vets4Pets Limited	11121715	Indirect	Ordinary	100	100
Leeds Kirkstall Vets4Pets Limited	10291543	Indirect	Ordinary	100	100
Leicester St Georges Vets4Pets Limited	09881176	Indirect	Ordinary	100	100
Leigh Vets4Pets Limited	10601393	Indirect	Ordinary	100	100
Linlithgow Vets4Pets Limited	09966547	Indirect	Ordinary	100	100
Lichfield Vets4Pets Limited	11180484	Indirect	Ordinary	100	100
Liverpool OS Vets4Pets Limited	06959208	Indirect	Ordinary	100	100
Llanrumney Vets4Pets Limited	08291716	Indirect	Ordinary	75	75
Longton Vets4Pets Limited	06776686	Indirect	Ordinary	82	50
Malvern Vets4Pets Limited	10516552	Indirect	Ordinary	100	100
Market Harborough Vets4Pets Limited	10602806	Indirect	Ordinary	100	100
Marlborough Vets4Pets Limited	09869384	Indirect	Ordinary	100	100
Melton Mowbray Vets4Pets Limited	07893688	Indirect	Ordinary	100	100
Monmouth Vets4Pets Limited	10756991	Indirect	Ordinary	100	100
Musselburgh Vets4Pets Limited	10425760	Indirect	Ordinary	100	100
Newbury Vets4Pets Limited	04633009	Indirect	Ordinary	100	100
Newton Mearns Vets4Pets Limited	07957431	Indirect	Ordinary	100	100
Newtownards Vets4Pets Limited	10067571	Indirect	Ordinary	100	100
Northwich Vets4Pets Limited	11107287	Indirect	Ordinary	100	100
Portishead Vets4Pets Limited	10976532	Indirect	Ordinary	100	50
Prescot Vets4Pets Limited	08878815	Indirect	Ordinary	100	100
Rayleigh Vets4Pets Limited	07432838	Indirect	Ordinary	100	50
Redditch Vets4Pets Limited	05612150	Indirect	Ordinary	100	100
Runcorn Vets4Pets Limited	11446894	Indirect	Ordinary	100	100
Sheldon Vets4Pets Limited	08822150	Indirect	Ordinary	100	100
St Austell Vets4Pets Limited	09878373	Indirect	Ordinary	95	95
St Neots Vets4Pets Limited	09811640	Indirect	Ordinary	100	100
Sheffield Wadsley Bridge Vets4Pets Limited	08816819	Indirect	Ordinary	100	50
Stamford Vets4Pets Limited	14179951	Indirect	Ordinary	100	100
Sudbury Vets4Pets Limited	09916308	Indirect	Ordinary	100	100
Sutton Vets4Pets Limited	16604616	Indirect	Ordinary	100	0
Swinton Vets4Pets Limited	06547935	Indirect	Ordinary	100	50
Thamesmead Vets4Pets Limited	09881179	Indirect	Ordinary	100	100
Tilehurst Vets4Pets Limited	10573329	Indirect	Ordinary	100	100
Tiverton Vets4Pets Limited	11023079	Indirect	Ordinary	100	100
Uttoxeter Vets4Pets Limited	11145982	Indirect	Ordinary	100	100
Uxbridge V4P 1A Limited	16479366	Indirect	Ordinary	100	0
V4P Rayleigh Limited	16547262	Indirect	Ordinary	100	0
Wakefield Vets4Pets Limited	04262693	Indirect	Ordinary	100	100
Walkden Vets4Pets Limited	09416830	Indirect	Ordinary	100	50
Wallasey Bidston Moss Vets4Pets Limited	09190138	Indirect	Ordinary	100	100
Warminster Vets4Pets Limited	10067591	Indirect	Ordinary	76	76
Watford Vets4Pets Limited	08658295	Indirect	Ordinary	100	50
Wellingborough Vets4Pets Limited	07620413	Indirect	Ordinary	100	100
Wokingham Vets4Pets Limited	09869355	Indirect	Ordinary	100	100
Wrexham Vets4Pets Limited	07103838	Indirect	Ordinary	100	100

Subsidiaries and other investments incorporated outside of the United Kingdom

Registered office address

Les Boues Limited: Herald House, 8 Hill Street, St Helier, Jersey, JE4 9XB

PAH Pty Limited: Herbert Greer and Rundle, Level 21, 385 Bourke Street, Melbourne, VIC 3000, Australia

Pets at Home (Asia) Limited: Units 704 5A, 7/F, Tower B, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong

Vets4Pets Holdings Limited: Vets4pets, Support Centre, Les Merriennes, St Martins, Guernsey, GY4 6NS

Vets4Pets I.P. Limited: Vets4pets, Support Centre, Les Merriennes, St Martins, Guernsey, GY4 6NS

Vets4Pets Limited: Vets4pets, Support Centre, Les Merriennes, St Martins, Guernsey, GY4 6NS

Brand Developments Limited: Vets4pets, Support Centre, Les Merriennes, St Martins, Guernsey, GY4 6NS

Guernsey Vets4Pets Limited: Vets4pets, Support Centre, Les Merriennes, St Martins, Guernsey, GY4 6NS

Company	Holding	Country of incorporation	Class of shares held	At 26 March 2026 %	At 27 March 2025 %
Les Boues Limited	Indirect	Guernsey	Ordinary	100	100
PAH Pty Limited	Indirect	Australia	Ordinary	100	100
Pets at Home (Asia) Limited	Indirect	Hong Kong	Ordinary	100	100
Vets4Pets Holdings Limited	Indirect	Guernsey	Ordinary	100	100
Vets4Pets I.P. Limited	Indirect	Guernsey	Ordinary	100	100
Vets4Pets Limited	Indirect	Guernsey	Ordinary	100	100
Brand Developments Limited	Indirect	Guernsey	Ordinary	100	100
Guernsey Vets4Pets Limited	Indirect	Guernsey	Ordinary	50	50

Investments in Joint Venture veterinary practices and other investments

Registered office address

VetsDirect Limited: Dickson Minto, 16 Charlotte Square, Edinburgh, Scotland, EH2 4DF

Project Blu Limited: 34 Cardiff Road, Dinas Powys, Wales CF64 4JS

Good Dog Food Limited ('Meatly'): Hill Dickinson Llp, The Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW

The registered office of all the remaining companies in which the Group has an interest in the share capital is Epsom Avenue, Stanley Green, Handforth, Cheshire, England SK9 3RN.

The Group holds an indirect interest in the share capital of the following companies:

Company	Holding	Country of incorporation	Class of shares held	At 26 March 2026 %	At 27 March 2025 %
Aberdeen Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Abingdon Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
ABTW Limited	Indirect	United Kingdom	Ordinary	50	50
Airdrie Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Alsager Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Altrincham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Amesbury Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bagshot Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bangor Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Barnsley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Barnstaple Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Barnwood Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Barry Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Beckenham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bedford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bedlington Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Beeston Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Beverley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Biggleswade Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bishop Auckland Cockton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bishop's Stortford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
Bishopston Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bitterne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Blackburn Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Blackheath Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Blackpool Squires Gate Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Blackpool Warbreck Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Blackwood Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bodmin Launceston Road Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bolton Central Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bolton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bracknell Peel Centre Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bradford Idle Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Brighouse Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bristol Emerson Green Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bristol Imperial Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bristol Kingswood Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bromsgrove Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Buckingham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bulwell Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Burscough Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Burton-On-Trent Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bury St Edmunds Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Bury Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Byfleet Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Caerphilly Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Camborne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cannock Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Canterbury Sturry Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cardiff Ely Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cardiff Newport Road Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Carlisle Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Carrickfergus Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Castleford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Catterick Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Chadwell Heath Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cheadle Hulme Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Chester Caldy Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Chester Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Chesterfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cirencester Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Clacton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Clevedon Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cleveleys Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Clifton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Clowne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Coalville Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Colchester Vets4Pets Advanced Practice Limited	Indirect	United Kingdom	Ordinary	50	50
Colne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Aintree) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Andover) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Ashford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Ashton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Aylesbury) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Ayr) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Basildon Pipps Hill) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Basildon) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Basingstoke) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Beckton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bedford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Belfast) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bishopbriggs) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bletchley) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bolton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bournemouth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Braintree) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Brentford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bridgend) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bridgwater) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Brislington) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Bristol Filton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Broadstairs) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Burgess Hill) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cambridge Beehive) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cambridge) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cannock) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Canterbury) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cardiff) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Charlton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chatham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chelmsford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cheltenham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chesterfield) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chichester) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chingford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Chippenham) Limited	Indirect	United Kingdom	Ordinary	50	100
Companion Care (Christchurch) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Colchester) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Corstorphine) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Coventry Walsgrave) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Cramlington) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Crawley) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Crayford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Croydon) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Derby Kingsway) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Derby) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Dunstable) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Eastbourne) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Enfield) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Exeter) Limited	Indirect	United Kingdom	Ordinary	50	100
Companion Care (Farnham) Limited	Indirect	United Kingdom	Ordinary	50	100
Companion Care (Falmouth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Fareham Collingwood) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Fareham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Farnborough) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Folkestone) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Fort Kinnaird) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Friern Barnet) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Gloucester) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Harlow) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Hatfield) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Hemel Hempstead) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (High Wycombe) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Hove) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Huddersfield) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Huntingdon) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Ilford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Ipswich Martlesham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Keighley) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Kidderminster) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Kirkcaldy) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Leicester Beaumont Leys) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Leicester Fosse Park) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Leighton Buzzard) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Llantrisant) Limited	Indirect	United Kingdom	Ordinary	50	100
Companion Care (Linwood) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Lisburn) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Liverpool Penny Lane) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Livingston) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Maidstone) Limited	Indirect	United Kingdom	Ordinary	50	100
Companion Care (Merry Hill) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Milton Keynes) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (New Malden) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Newbury) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Newcastle Kingston Park) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Northampton Nene Valley) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Norwich Hall Road) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Norwich Longwater) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Norwich) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Oldbury) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Oldham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Orpington) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Oxford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Perth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Peterborough Bretton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Peterborough) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Plymouth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Poole) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Portsmouth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Preston Capitol) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Pudsey) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Reading) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Redditch) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Redhill) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Romford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Rotherham) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Rustington) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Slough) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Southampton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Southend-On-Sea) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Stevenage) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Stirling) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Stoke Festival Park) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Stratford-Upon-Avon) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Swansea) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Swindon) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Tamworth) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Taunton) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Telford) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Truro) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Tunbridge Wells) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Wakefield) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Weston-Super-Mare) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Winchester) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Winnersh) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Woking) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Woolwell) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Worcester) Limited	Indirect	United Kingdom	Ordinary	50	50
Companion Care (Wrexham Holt Road) Limited	Indirect	United Kingdom	Ordinary	50	50
Corby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Craigleith Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Crescent Link Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Crewe Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cross Hands Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Cumbernauld Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dagenham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Darlington Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Daventry Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Denton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dewsbury Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Didcot Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Doncaster Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dorchester Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dover Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Droitwich Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Drumchapel Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dudley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dumbarton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Dunfermline Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Durham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
East Kilbride Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Eastleigh Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Eastwood Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Eccleshill Vets4Pets (Newco) Limited	Indirect	United Kingdom	Ordinary	50	50
Epsom Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Evesham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Falkirk Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Feltham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Filton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Gateshead Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Giltbrook Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	0
Glasgow Forge Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Glasgow Pollokshaws Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Glossop Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	0
Goldenhill Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Good Dog Food Limited	Indirect	United Kingdom	Ordinary	9	9
Gosport Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Grantham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Gravesend Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Greasby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Greenford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Grimsby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Guildford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
Halesowen Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Halifax Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Handforth Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hamilton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Harrogate New Park Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Harrogate Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hartlepool Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hastings Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Havant Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Haverhill Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hayling Island Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Heanor Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hedge End Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hemel Hempstead Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hendon Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hereford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hertford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
High Wycombe Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hinckley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hucknall Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hull Anlaby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hull Stoneferry Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Hull Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Ilkeston Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Isle of Man Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Ipswich Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Irvine Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Kettering Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Kidderminster Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Kilmarnock Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Kirkby in Ashfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Lancaster Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Launceston Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leamington Spa Myton Road Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leeds Birstall Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leeds Colton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leeds Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leigh-On-Sea Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Letchworth Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Leyland Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Lincoln South Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Lisburn Longstone Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Llandudno Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Llanelli Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Loughborough Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Loughton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Luton Gipsy Lane Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Luton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Lytham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Maidenhead Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Maidstone Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Maldon Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Manchester Fort Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Mansfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Mapperley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Merthyr Tydfil Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
Middlesbrough Cleveland Park Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Middlesbrough Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Middleton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Millhouses Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Morpeth Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
New Milton Vets4pets Limited	Indirect	United Kingdom	Ordinary	50	50
Newcastle-Upon-Tyne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Newmarket Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Newport Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Newton Abbot Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Newtownabbey Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
North Tyneside Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Northallerton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Northampton Riverside Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Northampton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Nottingham Chilwell Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Nottingham Netherfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Nuneaton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Oadby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Old Kent Road Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Oxford Cowley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Paisley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Penrith Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Pentland Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Penzance Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Peterborough Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Pontypridd Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Poole Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Portsmouth Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Prenton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Preston Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Prestwich Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Project Blu Limited	Indirect	United Kingdom	Ordinary	9	9
Quinton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rawtenstall Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
Rhyl Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Richmond Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rochdale Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rotherham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rugby Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rugby Central Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Ruislip Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Rushden Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Saffron Walden Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Salford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Selly Oak Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sevenoaks Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sheffield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sheffield Drakehouse Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Shelfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Shrewsbury Meole Brace Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Shrewsbury Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sidcup Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sittingbourne Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Solihull Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Somercotes Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
South Shields Quays Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
South Shields Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Southampton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Southend Airport Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Southend-On-Sea Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Southport Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Spalding Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Speke Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
St Albans Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
St Helens Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Stafford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Staines Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	100
Stechford Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Stockton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Stourbridge Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Street Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sunderland South Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sunderland Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sutton Coldfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sutton In Ashfield Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Swindon Bridgemead Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Sydenham Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Telford Madeley Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Thurrock Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Trafford Park Vets4pets Limited	Indirect	United Kingdom	Ordinary	50	100
Torquay Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Tottenham Hale Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Totton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Trowbridge Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
V4P Coventry Canley Limited	Indirect	United Kingdom	Ordinary	50	50
V For P Stocksbridge Limited	Indirect	United Kingdom	Ordinary	50	0
Walsall Reedswood Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Waltham Abbey Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Walton on Thames Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Walton Vale Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Warrington Riverside Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Warrington Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Washington Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Waterlooville Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
West Bromwich Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Weymouth Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Whetstone Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Whitstable Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Widnes Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Wigan Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Wimbledon Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Wolverhampton Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Worksop Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Worthing Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
WSM Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Yate Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
Yeovil Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
York Clifton Moor Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50
York Vets4Pets Limited	Indirect	United Kingdom	Ordinary	50	50

During the 52 week period ended 26 March 2026, the Group has sold 100% of the 'A' shares in thirteen companies which were previously classified as subsidiaries, and subsequent to sale of the 'A' shares, have been accounted for as Joint Venture veterinary practices, which has led to the reduction in the holding in thirteen entities listed above to 50% investment.

Parent Company Balance Sheet

	Note	At 26 March 2026 £m	At 27 March 2025 £m (restated)1
Non-current assets
Investments in subsidiaries	C4	936.2	936.2
Deferred tax asset	C5	1.1	1.6
Trade and other receivables	C6	583.0	596.0
Other financial assets	C9	7.2	-
		1,527.5	1,533.8
Current assets		-	-
Total assets		1,527.5	1,533.8
Current liabilities
Trade and other payables	C7	(759.5)	(796.2)
		(759.5)	(796.2)
Non-current liabilities
Other interest-bearing loans and borrowings	C8	(38.9)	(8.1)
		(38.9)	(8.1)
Total liabilities		(798.4)	(804.3)
Net assets		729.1	729.5
Equity attributable to equity holders of the parent
Ordinary share capital	C10	4.5	4.6
Merger reserve		113.3	113.3
Capital redemption reserve		0.5	0.4
Retained earnings		610.8	611.2
Total equity		729.1	729.5

¹The 52 week period ended 27 March 2025 has been restated to offset £145.0m of trade and other receivables against £145.0m of trade and other payables to reflect the intercompany agreement that existed at the balance sheet date to settle such balances on a net basis.

As permitted by section 408 of the Companies Act 2006, the Company's income statement has not been included in these financial statements. The Company's profit for the 52 week period ended 26 March 2026 was £84.3m (profit for the 52 week period ended 27 March 2025 was £50.4m).

On behalf of the Board:

Sarah Pollard
Chief Financial Officer

27 May 2026

Company number: 08885072

The notes on pages  69 to 71 form an integral part of these financial statements.

Parent Company Statement of Changes in Equity

	Share capital £m	Merger reserve £m	Capital redemption reserve  £m	Retained earnings £m	Total equity £m
Balance at 27 March 2025	4.6	113.3	0.4	611.2	729.5
Total comprehensive income for the period
Profit for the period	-	-	-	84.3	84.3
Total comprehensive income for the period	-	-	-	84.3	84.3
Transactions with owners, recorded directly in equity
Equity dividends paid	-	-	-	(58.7)	(58.7)
Share-based payment charge (note 24)	-	-	-	4.5	4.5
Deferred tax movement on IFRS 2 reserve	-	-	-	(0.1)	(0.1)
Share buyback	-	-	-	(25.2)	(25.2)
Purchase of own shares	(0.1)	-	0.1	(5.2)	(5.2)
Total contributions by and distributions to owners	(0.1)	-	0.1	(84.7)	(84.7)
Balance at 26 March 2026	4.5	113.3	0.5	610.8	729.1

	Share capital £m	Merger reserve £m	Capital redemption reserve  £m	Retained earnings £m	Total equity £m
Balance at 28 March 2024	4.7	113.3	0.3	643.6	761.9
Total comprehensive income for the period
Profit for the period	-	-	-	50.4	50.4
Total comprehensive income for the period	-	-	-	50.4	50.4
Transactions with owners, recorded directly in equity
Equity dividends paid	-	-	-	(59.7)	(59.7)
Share-based payment charge (note 24)	-	-	-	5.9	5.9
Share buyback	(0.1)	-	0.1	(25.1)	(25.1)
Purchase of own shares	-	-	-	(3.9)	(3.9)
Total contributions by and distributions to owners	(0.1)	-	0.1	(82.8)	(82.8)
Balance at 27 March 2025	4.6	113.3	0.4	611.2	729.5

Notes the parent company financial statements

C1.  Accounting policies

The principal activities of the Company and the nature of the Company's operations is as a holding entity.

The Company's accounting policies are consistent with those disclosed in note 1 to the Group financial statements, except where otherwise stated below.

The Parent Company financial statements of Pets at Home Group Plc have been prepared in accordance with the Companies Act 2006 as applicable to companies using Financial Reporting Standard 101 'Reduced disclosure framework' ('FRS 101'). FRS 101 enables the financial statements of the Parent Company to be prepared in accordance with IFRS but with certain disclosure exemptions. The main areas of reduced disclosure are in respect of equity-settled share-based payments, financial instruments, the Cash Flow Statement, related party transactions with Group companies and IAS 1 requirements for capital risk management. The accounting policies adopted for the Parent Company, Pets at Home Group Plc, are otherwise consistent with those used for the Group which are set out on pages 18 to 26.

Critical accounting judgements or key sources of estimation uncertainty

There were no critical accounting judgements that would have a significant effect on the amounts recognised in the Parent Company financial statements or key sources of estimation uncertainty at the balance sheet date that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The consolidated financial statements of the group may be obtained from Chester House, Epsom Avenue, Handforth, Wilmslow, SK9 3RN, or via https://www.petsathomeplc.com/annual-report-2026/.

C2. Profit for the year

As permitted by s408 of the Companies Act 2006, no separate profit and loss account or statement of comprehensive income is presented in respect of the Parent Company. The profit attributable to the Company is disclosed in the footnote to the company's balance sheet.

The auditor's remuneration for the audit and other services is disclosed in note 3 to the consolidated financial statements.

C3. Colleague numbers and costs

The number of people employed by the Company during the year was five (2025: three) and relates to Directors. The costs associated with them were borne by a subsidiary undertaking and included in the disclosure in note 4 on pages 29 to 30.

The Company participates in a defined contribution scheme in which the assets are held independently. The total net defined contribution costs of this fund are borne by a subsidiary undertaking and therefore in accordance with IAS 19, no net defined contribution costs are recognised in the Company's financial statements. Note 4 to the consolidated financial statements provides further details regarding the pension costs incurred during the year. 

C4. Investment in subsidiaries

Management have conducted a full impairment review which has been undertaken on the Group's cash generating units of which the Company's investments form part. Management considers whether any impairment triggers existed by comparing the net assets value of the subsidiary to the carrying value of the investment. Management have concluded that under IAS 36, no impairment trigger has been identified with regard to the Company's investments in subsidiaries.

The impairment assessment is disclosed in note 28 to the consolidated financial statements.

C5. Deferred tax

Movement in deferred tax during the period

	27 March 2025 £m		Recognised in income £m	Recognised in equity £m	26 March 2026 £m
Other short term timing differences	1.5		(0.4)	-	1.1
Share based payments	0.1		-	(0.1)	-
	1.6		(0.4)	(0.1)	1.1

The rate used to calculate deferred tax assets and liabilities is 25% based on a blended rate at which the majority of items are expected to reverse.

	28 March 2024 £m		Recognised in income £m	27 March 2025 £m
Other short term timing differences	0.8		0.7	1.5
Share based payments	0.1		-	0.1
	0.9		0.7	1.6

The rate used to calculate deferred tax assets and liabilities is 25% based on a blended rate at which the majority of items are expected to reverse.

Notes the parent company financial statements (continued)

C6. Trade and other receivables

		At 26 March 2026 £m		At 27 March 2025  £m
Non-current assets
Amounts owed by Group undertakings		583.0		596.0
		583.0		596.0

Amounts owed by Group undertakings are repayable to the Parent Company on demand bearing no interest and with no expectation that it will be settled within the next 12 months. The Expected Credit Loss ('ECL') calculated under IFRS 9 is not material.

		At 26 March 2026 £m		At 27 March 2025 £m
Amounts owed by Group undertakings
Companion Care (Services) Limited		-		5.7
Newco 18102024 Limited		1.0		-
PAH Financial Services Limited		3.7		3.7
Pets at Home Holdings Limited		1.5		1.5
Pets at Home No.1 Limited		576.8		576.8
Pets at Home Limited		-		8.3
		583.0		596.0

C7. Trade and other payables

		At 26 March 2026 £m		At 27 March 2025 £m
Current
Accruals and deferred income		3.1		2.7
Amounts owed to Group undertakings		756.4		793.5
		759.5		796.2

Amounts owed to Group undertakings are repayable to the Parent Company on demand bearing no interest and with no expectation that it will be settled within the next 12 months.

		At 26 March 2026 £m		At 27 March 2025 £m
Amounts owed to Group undertakings
Companion Care (Services) Limited		209.9		-
Pets at Home Limited		546.5		793.5
		756.4		793.5

C8. Other interest-bearing loans and borrowings

		At 26 March 2026 £m			At 27 March 2025 £m
Non-current liabilities
Unsecured bank loans		38.9			8.1
Total		38.9			8.1

Interest-bearing borrowings are recognised initially at fair value, being the principal value of the loan net of attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at a carrying value, which represents the amortised cost of the loans using the effective interest method.

Notes the parent company financial statements (continued)

C8. Other interest-bearing loans and borrowings (continued)

Terms and debt repayment schedule

	Currency	Nominal interest rate	Year of maturity	Face value at 26 March 2026 £m	Carrying amount at 26 March 2026 £m	Face value at 27 March 2025 £m	Carrying amount at 27 March 2025 £m
Revolving credit facility	GBP	SONIA +1.35%	2028	40.0	38.9	10.0	8.1
Total				40.0	38.9	10.0	8.1

The drawn amount on the £300.0m revolving credit facility was £40.0m at 26 March 2026 (drawn amount on the £300.0m revolving credit facility was £10.0m at 27 March 2025) and this amount is reviewed each month. Interest is charged at SONIA plus a margin based on leverage on a pre-IFRS 16 basis (adjusted net debt: EBITDA). The loan also has environmental, social and corporate governance ('ESG') linked metrics which will be reflected in the margin payable, which is +/- 5bps. Face value represents the principal value of the revolving credit facility. The facility is unsecured.

The analysis of repayments on the loans is as follows:

	At 26 March 2026 £m	At 27 March 2025 £m
Within one year or repayable on demand	-	-
Between one and three years	40.0	-
Between three and five years	-	10.0
Greater than five years	-	-
	40.0	10.0

C9. Other financial assets

		At 26 March 2026 £m		At 27 March 2025 £m
Non-current
Loans to Group undertakings		7.2		-
		7.2		-

Amounts owed by Group undertakings are repayable to the Parent Company on demand bearing 8% interest and with no expectation that they will be settled within the next 12 months. The ECL calculated under IFRS 9 is not material.

C10. Capital and reserves

As disclosed in note 22: capital and reserves in the notes to the consolidated financial statements.

Glossary - Alternative Performance Measures

Guidelines on Alternative Performance Measures ('APMs') issued by the European Securities and Markets Authority came into effect for all communications released on or after 3 July 2016 for issuers of securities on a regulated market.

In the reporting of financial information, the Directors have adopted various APMs of historical or future financial performance, position or cash flows other than those defined or specified under International Financial Reporting Standards ('IFRS').

The Directors measure the performance of the Group based on the following financial measures which are not recognised under UK-adopted international accounting standards and consider these to be important measures in evaluating the Group's strategic and financial performance. The Directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group.

APMs are also used to enhance the comparability of information between reporting periods by adjusting for non-underlying items, to aid the user in understanding the Group's performance.

Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive setting purposes and have remained consistent with prior year. These APMs may not be directly comparable with other companies' APMs and the Directors do not intend for these to be considered superior to, or a substitute for, IFRS measures.

All APMs relate to the current period results and comparative period where provided.

Several APMs exclude non-underlying items (see definition below) in order to reflect management's view of the performance of the business. Due to this, APMs should not be regarded as a complete picture of the Group's financial performance, which is presented in its financial statements. The exclusion of non-underlying items may result in adjusted earnings being materially higher or lower than total earnings.

References to Underlying GAAP measures and Underlying APMs throughout the financial statements are measured before the effect of non-underlying items.

APM	Definition		Reconciliation
Consumer revenue	Consumer revenue being statutory Group revenue, less Joint Venture veterinary practice fee income (which forms part of statutory revenue within the Vet Group), plus gross consumer sales made by Joint Venture veterinary practices (unaudited). This is an important measure as it includes the revenue from all vet practices whether they be under the Joint Venture or Company Managed model which is used in the assessment of market share.		Consumer revenue (£m) FY26        FY25          (1restated) Note Statutory Group revenue 1,469.6 1,481.7              CIS Joint Venture fee income (108.4) (103.4) 2 Revenue by Joint Venture veterinary practices                 619.8 583.2 Consumer revenue2  1,981.0 1,961.5 1 See note to consolidated income statement for the prior year restatement. 2Consumer revenue cannot be directly referenced in the financial statements as revenue by all veterinary practices relates to all Joint Venture customer revenue. CIS = Consolidated income statement
Like-for-like revenue growth	Like-for-like revenue growth comprises total revenue in a financial period compared to revenue achieved in a prior period for stores, online operations, grooming salons and veterinary practices that have been trading more than 52 weeks prior to both the current and prior period reporting date, excluding fee income from Joint Venture veterinary practices where the Group has bought out the Joint Venture Partners. The measure is used widely as an indicator of sales performance.		Like-for-like revenue (£m) FY26 FY25 Growth Note Retail revenue 1,292.9 1,306.4 -1.0% 2 New stores and grooming salons (5.8) (7.8) Retail like-for-like revenue 1,287.1 1,298.6 -0.9% Vet Group revenue 176.7 175.3 0.8% 2 New practices (15.5) (16.0) Vet Group other income (13.4) (15.4) Vet Group like-for-like revenue 147.8 143.9 2.7% Statutory Group revenue 1,469.6 1,481.7 -0.8% CIS New stores, grooming salons and practices (21.3) (23.8) Vet Group other income (13.4) (15.4) Group like-for-like revenue 1,434.9 1,442.5 -0.5% CIS = Consolidated income statement
Underlying profit before tax	Underlying profit before tax attributable to equity shareholders of the parent ('PBT') is based on pre-tax profit before the impact of certain costs or incomes that are excluded as they are not generated from ordinary business operations, infrequent in nature and unlikely to reoccur in the foreseeable future in order to reflect management's view of the performance of the Group. The underlying profitability of the Group is an important measure of delivery against strategic objectives.		Underlying PBT (£m) FY26 FY25 Note Underlying PBT 92.8 133.0 CIS Attributable to: Equity shareholders of the parent 92.0 133.0 2 Non-controlling interests 0.8 - 2   Underlying PBT (£m) FY26 FY25 Note Underlying PBT attributable to equity shareholders of the parent 92.0 133.0 2 Non-underlying items (6.3) (12.4) CIS,3 Profit before tax attributable to equity shareholders of the parent 85.7 120.6 CIS = Consolidated income statement
Underlying basic EPS	Underlying basic earnings per share ('EPS') is based on earnings per share before the impact of certain costs or incomes that derive from events or transactions that fall outside the normal activities of the Group and are excluded by virtue of their size and nature in order to reflect management's view of the performance of the Group.		Underlying basic EPS (p) FY26 FY25 Note Underlying basic EPS 14.8 21.0                  5 Non-underlying items (1.0) (2.0) Basic earnings per share 13.8 19.0                  5
Free cash flow	Net increase/(decrease) in cash before the impacts of dividends paid, share buybacks, investment movements, acquisition and disposal of subsidiaries, proceeds from new loans and repayment of borrowings.  This measure shows the cash generated by the Group during the year that is available for strategic investments or returning to shareholders.		Free cash flow (£m) FY26 FY25 Note Net increase/(decrease) in cash 0.1 (17.6) CFS Remove effects of: Equity dividends paid 58.7 59.7 CFS, 9 Dividends paid to non-controlling interests 0.5 - CFS Net repayment of borrowings (25.7) 15.0 CFS Share buyback 25.2 25.1 CFS Investment movements - (1.3) CFS Acquisition of subsidiaries 2.7 1.3 CFS Disposal of subsidiaries 0.4 1.6 CFS Free cash flow 61.9 83.8 CFS = Consolidated statement of cash flows
Adjusted net (debt)/cash	Cash and cash equivalents less the face value of loans and borrowings.  Lease liabilities are excluded.		Adjusted (debt)/net cash (£m) FY26 FY25 Note Cash and cash equivalents 39.6 39.5 CBS Loans and borrowings (face value) (59.0) (33.3) 19 Adjusted (debt)/net cash (19.4) 6.2 CBS = Consolidated balance sheet

Pre IFRS 16 leverage

Adjusted net (debt)/cash (above) divided by underlying earnings before interest, taxes, depreciation and amortisation ('EBITDA') less expected rental charges.  Figures have been presented on a rolling 52 week proforma basis. This measure is important because it is a covenant metric.

Pre IFRS 16 leverage (£m) FY26 FY25 Note Adjusted (debt)/net cash (above) (19.4) 6.2 Statutory operating profit 102.9 136.4 CIS Underlying depreciation of property, plant and equipment 31.8 28.5 3 Depreciation of right-of-use assets 63.3 62.2 3 Amortisation of intangible assets 7.6 8.1 3 Non-underlying depreciation of right-of-use assets - 3.4 3 Other non-underlying items in EBITDA 6.3 9.0 3 Underlying EBITDA 211.9 247.6 Less: Proforma rental charges pre IFRS 16 (76.0) (78.1) Underlying EBITDA (pre IFRS 16) 135.9 169.5 Pre IFRS 16 leverage                 0.1x (0.0)x

 

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