Repayment of business rates relief
FOR IMMEDIATE RELEASE, 04 December 2020
Pets at Home Group Plc: Repayment of business rates relief
Pets at Home Group Plc, the UK's leading pet care business, announces today its decision to repay in full the £28.9m of business rates relief received across the business during the Covid-19 pandemic.
This decision reflects the company's guiding principle of treating all stakeholders fairly and is supported by the continuing strong performance of the business.
We remain extremely grateful for the financial support provided in March as we rapidly adapted our operations to be able to continue, as an "essential" retailer, meeting the needs of the nation's pets while keeping colleagues, customers, suppliers and, of course, pets as safe as possible in unprecedented circumstances. Our priority then, and ever since, has been the safety and wellbeing of all of our stakeholders.
The aggregate result of Covid-specific costs and restrictions means that the financial impact of the pandemic on our business this year, currently estimated at over £35m, will no longer be offset by the rates relief received.
Nevertheless, ten months into this unprecedented and challenging environment, our adaptability and recent sustained performance across the business means that we are now, more than ever, confident in the strength and longevity of our pet care platform and proud to be repaying the business rates relief in full from this position of strength.
Peter Pritchard, Group Chief Executive Officer, commented:
"I continue to be immensely proud of the tireless efforts of my colleagues across the business and the work they are doing to meet the needs of our nation's pets week after week in the pandemic.
"We were very grateful for the rates relief provided back in March during a time of significant uncertainty, which helped us to take the decision to keep our stores, online operations and veterinary practices open. Recent positive news around the launch of vaccinations for Covid-19 has led us to reassess the level of uncertainty ahead.
"Pets at Home is a robust business, both operationally and financially, with amazing colleagues, great operations, good liquidity and a strong balance sheet. Our decision today demonstrates our clear commitment to acting responsibly and treating all of our stakeholders fairly."
- End of announcement -
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (Regulation (EU) No.596/2014). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Roger Tejwani, Director of Investor Relations & External Communication.
Investor Relations Enquiries
Pets at Home Group Plc:
Roger Tejwani, Director of Investor Relations & External Communication
+44 (0)1279 927022
Chris Ridgway, Head of Investor Relations
+44 (0)7788 783925
Media Enquiries
Pets at Home Group Plc:
Gillian Hammond, Head of Media & Corporate Affairs
+44 (0)7442 500138
Maitland/AMO:
Clinton Manning
+44 (0)7711 972662
Frederica Bendit
+44 (0)7557 833442
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business; our commitment is to make sure pets and their owners get the very best advice, products and care. Pet products are available online or from our 451 stores, many of which also have vet practices and grooming salons. Pets at Home also operates a UK leading small animal veterinary business, with 440 First Opinion practices located both in our stores and in standalone locations, as well as five Specialist Referral centres. 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.
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