Investors' Chronicle 25 years of volatility, Pets at Home & BT: The Companies and Markets Show
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May 30, 2025 Mark Robinson and Julian Hofmann, both financial experts at Investors' Chronicle, dive into the fascinating world of market movements. They discuss Pets at Home, revealing how its veterinary services are outshining retail amid changing consumer behaviors. Julian reflects on 25 years of market volatility, highlighting crucial lessons for investors. Finally, they analyze BT's strategic shifts, including a rise in cash flow despite revenue declines, and what this means for future growth. It's a captivating exploration of resilience in a shifting economic landscape.
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Pets at Home's Vet Services Lead
- Pets at Home's veterinary services segment now generates more profit than its retail side.
- Veterinary care is less discretionary and higher margin, so it supports robust cash flow even when retail struggles.
CMA Vet Pricing Investigation
- A CMA investigation into vet service pricing aims for more pricing transparency and contract fairness.
- Pets at Home might be less impacted due to joint ventures giving vets autonomy over pricing.
Pets at Home's Capex Normalizes
- Pets at Home's capex spending has normalized, and they target 50 million annually.
- Their logistics centralization and digital investments align with evolving retail and service strategies.