Pets at Home has launched a bid to buy back £50m worth of its shares.
The Cheshire-headquartered group first announced the move last month when it revealed its latest full-year financial results.
Pets at Home has appointed Numis Securities to conduct the share buyback programme on its behalf and to make trading decisions independently.
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The first tranche will be for maximum aggregate consideration of £25m and will start today (June 26) and end on or before September 29.
Pets at Home said the only purpose of the move is to reduce its share capital. The shares it purchases are to be cancelled.
The second tranche of the programme is expected to be undertaken by HSBC.
In May, Pets at Home said it has targeted becoming the “world’s best” after seeing its sales jump during its latest financial year.
The business posted a revenue of £1.4bn for the 12 months to March 30, 2023, up from £1.3bn.
Its underlying pre-tax profits increased by 4.8% to £136.4m but they fell on a statutory basis by 17.7% to £122.5m.
Pets at Home said the fall in its statutory profits reflected the gain on the sale of its specialist group and the costs of opening its new distribution centre.
It added that its strong trading performance was partly offset by higher energy costs and increased investment in digital assets.
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