Pets at Home's profits fall as CMA investigation heats up

A cloud has gathered over Pets at Home (PETS) in the form of the Competition and Markets Authority's (CMA) full investigation into the UK veterinary market amid concerns that consumers are being poorly served. This has created some uncertainty over the shares, despite the company looking little exposed to the threat given the relative size of its vet business and potential review outcomes. The pet food and accessories supplier and vet practice operator maintained that its vet growth plan "is not threatened" by the CMA's move as it delivered full-year results in line with its guidance statement in March.