Pets at Home Group's (LSE:PETS) results, for the year ended 31 March, show the retail business starting to demonstrate visible turnaround momentum; that's the view of analysts at Panmure Liberum.
The broker, in a note reacting to this morning's numbers, repeated a 'Buy' rating and a 300p price target.
Panmure Liberum reckons the mix of a high‑margin, fast‑growing Vet division and improving Retail operation supports the positive outlook.
It also notes management is "comfortable" with consensus FY27 underlying PBT of £98m.
Panmure highlights Vet underlying PBT of £84m, up 10% year‑on‑year and accelerating to +13% in H2, while Retail underlying PBT was £31m with the H2 decline narrowing to 46% from an 85% fall in H1, Retail like‑for‑like sales improving to -0.9% and Q4 consumer revenue turning +2.2%.
And, it looks to the upcoming H1 trading update, the pace of retail sales recovery, and continued Vet momentum, as the near‑term catalysts to watch as Pets at Home targets mid‑single‑digit retail sales growth and a further year of Vet profit growth.
