VetPlus announces record £5.6m profits

VetPlus, the veterinary division of Lytham-based Tangerine Group, has recorded pre-tax profits of £5.6m for the period ending 30th June 2020, up from £4.3m in 2019 and representing its best ever trading year.

The family-owned company, which specialises in nutrition for animals and pets, includes five wholly owned subsidiaries in the USA, Ireland Spain, Portugal and Germany, and a regional support office in Singapore as well as 38 exclusive partners around the world.

Total turnover for VetPlus rose by 17 per cent from £21.4m to £25.0m. The company announced that it will maintain its tradition of reinvesting 90 per cent of the profits back into the business to support innovation and growth.

Lisa Minton, the group’s COO, said: "Despite the pandemic it’s been another very strong year for the group. The sale of our Equine Division in February last year has allowed us to further focus on developing and fine tuning the VetPlus business model and the results speak for themselves.

"The business continues to show great resilience as people’s love affair with their pets has grown even stronger over the last year. The first six months of the new financial year ending 31st December show no signs of slowing as the upward spiral continues with sales up by 29 per cent from £11.7m to £15.2m.”

David Haythornthwaite, who founded the business in 1997, said: "These figures are a result of many years of hard work, meticulous planning and unstinting belief in our concept and approach to the market. Since the pandemic first appeared in March, we have not missed a day’s work at our manufacturing plant in Lytham which is an achievement in itself.

"This was due to taking every possible measure to protect our employees and their families whilst still operating which included moving to two shifts and a lot of weekend working. Everyone on the team has responded magnificently at all levels and as you would imagine I’m immensely proud of them all."

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