Specialist retailer Pets at Home (PETS) fell 2.8% to 485.2p as the market reacted with disappointment to news of the departure of chief executive Peter Pritchard.
This took the shine off a brief trading update which guided for underlying pre-tax profit for the year through March was now expected to be at the top end of current analysts’ expectations that range between £128 million and £135 million.
The pet products seller and veterinary group said Pritchard would step down next summer having overseen a successful turnaround of the business.
Under Pritchard’s tenure, which began in March 2018, the financial and operating performance of the business has improved and the shares have increased nearly three-fold.
SEARCH FOR SUCCESSOR IS ON
‘The search for his suitable successor has commenced across internal and external candidates, and a further announcement will be made in due course,’ Pets at Home said.
Numis commented: ‘Peter is very well regarded and has been instrumental in the turnaround of both the retail and vet operations over the past few years, leaving the business well positioned to continue to capitalise on its unique positioning in the pet care ecosystem.’
Shore capital analyst Eleonora Dani said: ‘The business has built some attractive assets (i.e., loyalty club, own labels, and the store locations), which set them apart from the competition, all underpinned by data and digital capability.
‘It is sad to see Mr Pritchard depart and, undoubtedly, investors will follow with the interest the process for the new CEO appointment.’
