FOR
IMMEDIATE RELEASE, 12 MARCH 2024
Pets at Home Group Plc: Response to
CMA announcement
We note the CMA's announcement today
that it will be consulting with a view to launching a full
investigation into the UK vet sector, noting 5 areas of potential
concern. While we are disappointed that the CMA fails to fully
acknowledge the differences our differentiated model brings to our
practice owners and consumers, we will continue to cooperate as
they conduct their consultation up until 11 April 2024.
As outlined at our interim results
in November 2023, we note that:
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All of our c450 practices carry clear
national branding and we welcome the CMA's acknowledgment of
this.
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Our independent practice owners
operate with complete clinical autonomy and set pricing at a local
level. Our support frees them to deliver the best clinical outcomes
for pets, something they excel at, resulting in us being the most
trusted UK vet care brand by pet owners.
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We have no exposure to other
verticals within the UK vet industry, having sold our specialist
referral division in 2021. Where work is referred out by our vet
partners, it is done so with complete freedom based on delivering
the best clinical outcomes and with complete transparency for our
clients.
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Our growth strategy is
pro-competitive, introducing new competition and consumer choice
into the UK vet sector. Our new practices will bring new capacity
to many local areas that don't currently offer our services, our
advanced capabilities introduce new competition for procedures that
might otherwise be referred to external hospitals and we are
looking to roll out 24-hour care to new catchments.
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We expect no impact on our growth
strategy or ambitions where the strength of our consumer
proposition is demonstrated by the high-quality growth the business
is seeing.
Investor Relations
Enquiries
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Pets at Home Group Plc:
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Andrew Porteous, Director of
Investor Relations
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+44 (0) 7740 361 849
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Chris Ridgway, Head of Investor
Relations
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+44 (0) 7788 783 925
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Media Enquiries
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Pets at Home Group Plc:
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Natalie Cullington, Head of
Communications
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+44 (0)
7974 594 701
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Citigate Dewe Rogerson:
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Angharad Couch
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+44 (0)
7507 643 004
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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 over 450 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 440 veterinary
general practices located both
in our pet care centres and in
standalone locations. For more information visit:
https://www.petsathomeplc.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 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 Andrew
Porteous, Director of Investor Relations.