Good morning. I hope you're all safe and well. Thank you for joining our Financial Year 2021 results. I'm Peter Pritchard, the Group CEO, and with me today is Mike Iddon, our Group CFO. I'm sure I'm not alone in characterizing the past year as one of the most challenging environments in living memory. I can clearly recall standing here one year ago, early into a new financial year, with the world looking a very unfamiliar place. COVID has been disruptive, destructive, and for some, life-changing. Even in tough times, positive things happen. This last year has seen the role pets have played in our lives. More people than ever have become pet owners and are experiencing the highs and the lows of being a pet owner. It's a life-enriching experience which, as many pet owners will testify, has provided comfort and companionship in such challenging times. The U.K. has always been a nation of pet lovers, and this last year, more people than ever have enjoyed this uniquely rewarding experience. As such, our market has fundamentally changed, not just through COVID, but for many, many years to come, and we're looking to the future. As we look forward, we are optimistic about our plans and ambitions for our business. Our strategy is really simple, to grow our share of the pet care wallet by meeting all of the pet owners' needs. We aspire to be the best pet care business in the world. There are four messages to take away from today's announcement, and they underpin the opportunity for Pets at Home. First, the pet care market has grown, driven by the growth in pets and owners. The market was strong pre-COVID, and we now believe the market will accelerate around 4.5% CAGR for the foreseeable. Second, we have a plan that will drive a 600 million customer revenue opportunity over the medium term, continuing to grow our share of the growing pet care market. Third, we are cementing our position as the U.K.'s leading omni-channel pet care business, executing our transformational plan. We're investing in transforming our shops into pet care centers, investing GBP 20 million into Project Polestar, our 18-month plan to create our pet care digital platform. As previously announced, we'll also deliver our new single distribution center in 2023. That will increase our capacity, our speed, and our efficiency to serve our growing business. Finally, we will continue to leverage our investment into our data capabilities as we build our pet care subscriptions volumes and continue to personalize our customer experience. Our track record shows great progress, and the latest results are further evidence of the achievements that we've made despite the incredibly difficult backdrop. Speaking of results, I'll hand you over to Mike, who will run you through the headlines for FY 2021. Thanks, Peter. We are very pleased with our full-year results, especially in the context of a year dominated by the COVID pandemic. These really positive results demonstrate the resilience of the pet care market, the strength of our business model, and the relevance of our strategy. Just before I run through our headline numbers, it's worth pulling out four standout highlights from our results. We delivered GBP 87.5 million of profit before tax. That exceeds market expectations, and we've built strong momentum in our sales with second half group like-for-like growth of over 12%. Secondly, over the last 12 months, we've gained a significant number of new customers, and we've grown our market share from 20%-23%. We benefited from a step change in the growth of the market with the overall number of pets increasing by about 8%. Our unique pet care ecosystem means we are really well-placed to benefit from this in the coming years. Finally, we exit the year with our strongest ever balance sheet, and that gives us both the confidence and the capacity to step up our investment across our strategic growth areas. Turning now to the full-year numbers and looking first at our strong revenue performance. Total group revenue increased by 7.9% with like-for-like growth of 8.7%. That's 17% on a two-year like-for-like basis. This reflects the acceleration in our momentum across all channels as the year progressed with our group like-for-like increasing by 12.4% in the second half. In our retail business, like-for-like revenues grew by 8.8%, and our total revenue exceeded £1 billion for the first time. That was despite a 29% decline in revenue from our grooming operations, which were impacted by COVID restrictions for much of the year. Within the overall retail performance, omni-channel revenues grew by almost 72% year-on-year, and its participation in total retail revenue increased from 10%- 15.8%. Our stores also benefited from strong growth with second half like-for-like of 4.9%, and this clearly demonstrates the key role our stores play within our pet care ecosystem. Category-wise, food revenue grew by just under 7% in the year, well in excess of the underlying market. We saw strong growth in new customers. Accessories revenues, including consumables such as litter and bedding, grew 15% as more pets came into the market and into our stores. In our vet group, full-year like-for-like revenue growth was 7.9%, that was despite the impact of restrictions placed on veterinary procedures, especially in our first half. Like-for-like growth in the second half was an impressive 17.2% as those onerous restrictions began to lift and growth in pet ownership led to strong levels of new client registrations across our practices. Turning now to our full-year profit results. Group underlying pre-tax profit was GBP 87.5 million, that was driven by strong revenue growth, stable gross margin, and robust underlying cost control. That result is slightly ahead of guidance, although profit declined 6% year-on-year, it was after an adverse impact of approximately GBP 30 million from a combination of revenue restrictions and incremental operating costs relating to the pandemic, some of which we expect to continue throughout the coming year. This profit result also includes the voluntary repayment of GBP 28.9 million in business rate relief. Adjusting for the timing of the rates repayment, underlying pre-tax profit in our second half was up 22% year-over-year. Group statutory profit was GBP 116.4 million, and that includes GBP 30 million profit on the disposal of our specialist referral hospitals, which we sold at the end of December for cash and deferred consideration of up to GBP 100 million. We continue to be good cash generative. Group underlying free cash flow was GBP 67.4 million. That includes a year-over-year increase in working capital of about GBP 6 million as inventory levels were rebuilt following customer stockpiling at the end of last year. That was partly offset by a GBP 10.8 million reduction in the gross value of operating loans to our joint venture practices as the profitability and the cash generation stepped up across our veterinary estate. Cash capital expenditure was GBP 35 million, and that reflects the investment in our strategically important areas, including our distribution network, our store transformation program, and data analytics and systems. We end the year with a net cash position of GBP 1.4 million, including GBP 80 million of the initial proceeds from the disposal of our hospitals, and that gives us significant capacity to invest both organically and inorganically to drive future profitable growth. Our net debt on a post IFRS 16 basis reduced by over GBP 140 million- GBP 408 million, giving us leverage of 1.9 x, and that's down from 2.5 x in the prior year. The strong cash generation in the year has enabled us to increase our final dividend by 10% to GBP 0.055 or GBP 0.08 for the full year. Going forward, as part of a refreshed framework for capital allocation, we intend, after any organic investment, to pay a progressive dividend each year, which equals about 50% of our earnings. Our strong liquidity and robust cash flow gives us the confidence to invest to grow the business, and we plan to step up our capital investment to about GBP 70 million in the year ahead to take full benefit from the step change we've seen in market growth. In summary, Pets at Home continues to go from strength to strength. We're seeing a step change in the growth rate of the pet care market and our unique business model and the investments we are making to further improve it will enable us to continue to grow our market share. I'll now hand back to Peter. Thank you. Thanks, Mike. I'm incredibly proud of our business and proud of the collective efforts of our colleagues and partners who across the group have helped adapt our business to provide essential pet care through the pandemic. They've worked tirelessly to serve our customers' needs, often in adverse circumstances. I'm also proud of the way we continue to treat all our stakeholders respectfully and fairly through the crisis, from supporting our colleagues' emotional and financial well-being, increasing our support to nominated pet charities, and continue to pay our suppliers and landlords throughout. We're a far stronger pet care business emerging from the pandemic without government support and voluntarily repaying GBP 29 million worth of business rates relief. This year we celebrate our 30th day, starting with a single pet shop in Chester, growing into the pet care provider we are today. Our business has always been successful at adapting and responding to the needs of pet owners. Over the last five years, we proactively repositioned our business from a pet shop to an omni-channel complete pet care provider. We've increased our share of high growth segments such as the first opinion veterinary services, online pet care, and subscription product services. Our rate of growth has consistently outperformed the underlying market in all the segments in which we operate. Our business is unique in its capabilities and in the unique appeal to pet owners by providing everything they need easily and conveniently. The plans we're laying out for our next five years are equally as exciting because we believe in life we're better with pets. We believe the best of pets is yet to come. Thanks for watching. Stay safe and take care. We will now take our first question from Jonathan Pritchard, from Peel Hunt. Please go ahead. Hello. Yeah, morning all. Well done. Great year. Great numbers. Two from me first. How robust a discussion did you have about a special dividend? I understand the CapEx is rising, the need to tap into all that growth, but you've got cash on the balance sheet. As I say, how robust was the discussion? If you did come in, let's say, at the top of the range, would that discussion become pretty pressing? Would the cash on the balance sheet be pretty pressing to give back to investors? That's the first one. Secondly, just in a couple of chats with you guys, you've talked about a propositions team sort of building to help memberships. Obviously, that's going well and proactively making lapsed customers. Can you just give us a few bits of anecdotal evidence of that working? I'll deal the second question first, Jonathan. I'll hand over to Mike to talk about dividends. The propositions team is a 15 strong team of people that we've recruited in the last year. Their primary focus is to work right across the business, and they're building out our pet care plans proposition, so things like flea and worm healthcare plans. Their first product is already launched, and that was our junior health plan for puppies and kittens, which incorporates our telehealth service for the first time. If you remember, we bought The Vet Connection. That's now bundled into that plan, and they're going to continue to build out those product propositions. In terms of the work we've been doing around data, we pointed to in our half year the work we've been doing around personalizing vouchers and incentives for customers. That continues, and we're continuing to see really strong performance. One of the areas I'd point to most recently, we've done a piece of work focusing on lapsed customers and bringing them back into Pets at Home. You'll see in the deck, we're really pleased with that piece of work. What we saw we were able to do is bring customers back, and those who shopped the first time, we've seen 50% of them come back the second time. We're continuing to build on that piece of work, and that will become an always-on piece of work. There's loads more examples throughout the organization, particularly around the work we're doing in puppies and kittens, as we're helping people navigate their way through the first 12 or 18 months by having the right triggers at the right time based upon their pet and their breed. That continues. It's still relatively early days for us actually as a team, but really pleased with these results. Given the fact that we've seen growth in the number of customers, we're encouraged. There's a great slide actually, I think it's slide number nine, which I think for the first time we now have the cohorts of customers. You'll see the work we did last year on Puppy & Kitten and how that cohort is spending 15% more year-on-year than our previous cohort. That, I think they're really starting to lay down some of the results we're seeing from having that dedicated team of both the propositions team, which is very customer-focused, and our data team which support the insight. Mike, can you talk about the question on specials? Thanks, Jonathan. Today we're doing two things actually. We are announcing an increase in our ordinary dividend of 10% for the year, and we're also refreshing our capital allocation policy and reconfirming our commitment to an ordinary dividend of 50%, at least 50% of earnings ongoing. When we talk to shareholders about our capital allocation, the number one thing that's clear from them is our number one priority has to be to invest in the business to take advantage of the opportunity we've got ahead of us. We know the market we're in now is in structural growth, and as Peter's just been pointing out, that's actually stepped on. Putting money into the market to grow our business is our number one priority. That doesn't rule out specials, nor does it rule out buybacks. In the short term at least, we're going to get after the market opportunity as number one priority. We are going to commit to paying 50% of earnings out as an ordinary dividend. Okay, thanks a lot, guys. We will now take our next question from Andrew Porteous from HSBC. Please go ahead. Yeah, hi, morning to you, and also congrats on a great set of results. Three from me, if I may. You talked a lot about digitization in the update this morning, and I know you've got some big plans there. Can you just talk about which areas of the customer proposition you think you do well at the moment, but also what are the big changes we're going to see from that customer perspective? Where can you really sort of improve and move the dial on that one? I think secondly, I think you talked a little bit about it already, but you made the big investments in data a couple of years ago now. We started to see the benefits of those coming through. Again, is there a long way to go on that, and sort of what are the early thoughts there? Really, a last one for me in terms of the overall, you talked about the GBP 600 million incremental sales opportunity. Just thinking about how we should think about that. I mean, medium term looks like you're basically talking about 5% plus revenue growth. How does that flow down into sort of profit growth and then into cash flow? Can you just sort of help us a bit piecing that one together? Great. Thanks, Andrew. Great question. I'll take the first two, and then ask Mike to talk through the GBP 600 million. On digitization, you're aware the last couple of years, we've made some good inroads and we've been joining the proposition. We've been joining the offer together well. We recognize that what we've been doing is doing that within channels. Within retail, for example, we've launched our whole series in services like Click & Collect, the ability to have it ordered anywhere, delivered anywhere. The businesses effectively have been separate silos. Our vet business is quite independent of our retail business. The big announcement really in Project Polestar is to truly bring it all together for the customer. They don't have to go to different websites, they don't have to go to different platforms. They'll have one single sign-on, where everything they want to do for their pet is in the palm of their hand. That is a massive piece of work for us because effectively, we have to rebuild our back-end systems for them. That's why we announced this investment called Project Polestar of GBP 20 million. Polestar includes 100 people who are going to be building it because we're building it both with best-in-class software that's out there, plus also building our own front end. What it means for a customer is, if I go on, I've got a cat called Oscar. Everything I need to do for Oscar will be in the palm of my hand. I can shop, I can manage my subscriptions, I can see his vet records, I can see everything relating to Oscar. I can arrange an appointment. I'll be able to speak to a vet at 3:00 o'clock in the morning if I need to through telehealth. Everything. This is really unique, and we think it's the first of its kind in terms of truly building the front end around the needs of that customer for our business and making navigating the whole of the business really easy. We know our big strategy really is about driving revenue across the whole of our ecosystem, and the best way to do that is break down all the barriers and make it really easy for customers. That's the big investment we're making. You're going to see improvements over the next 18 months. This is not a big bang. This is a series of improvements that lead to a final product, which actually is a complete refresh of what we've got. We'll be landing lots of things throughout this year. Moving on to the second point, you're absolutely right on data. We invested over two years ago. There's a lot of heavy lifting we had to do. We had to recruit 45 people. We had to get all our back end systems, a single data lake. That's all in and all in play. The great thing, a lot of the benefits we're starting to see flow is because it's now part of our everyday business. Our personalization increasingly is getting more and more personalized. Clearly, you can't do a great digital front end unless you've got a great digital back end. That's going to feed Project Polestar to make the front end of our experience really personal. It's feeding all the work in subscriptions. That's allowing us to target customers who we believe are the right customers based on profiles of customers who currently have subscriptions to introduce them to. That's fueling our subscription revenue. You'll see in our announcement our subscription customer revenues are now at GBP 90 million, and that's a growth and now over a million subscribers. It will fuel our new plans as we start to build them. For example, our Junior healthcare plan. We obviously have seen a significant step-up in our puppy and kitten registrations. Being able to introduce that through recognizing them through our data program really helps drive those programs. I still have to say, I'm really proud of the work we've got. I still think the benefits are ahead of us. As we look at our GBP 600 million opportunity that we lay out, which I'll hand over to Mike to talk about in a second, one of the big components of that is increasingly growing our share of our customers' wallet through digitization of our experience and through connecting the whole of the experience together. Data really is the bedrock that you build from. Mike, do you want to talk about the GBP 600 million? Yes. Thanks, Andrew. Your question is, of the GBP 600 million opportunity how do we see that coming through into profits and cash? Well, first of all, I think the GBP 600 million opportunity is customer revenues. We see that coming through actually both our vet business and our retail business. Turning first thinking about our vet business. If you think of the progress we made over the last year, the vet business gave us cash, GBP 38 million. Actually, even in a year with disruption in the first quarter, we grew profits out of our vet business. In the year just gone, profits grew by GBP 5 million to GBP 36 million. We know we get really good flow-through of profitability in our vet business. Actually, we still got the benefit of maturity still to come. 20% of our practice is still less than four years old. We know a practice doesn't really mature until it's nine years and older. Even then, we're getting growth of 6.5%. Our vet business will transfer sales growth into profit growth really very well. We'll see margins expand there. The goal of getting to GBP 60 million of cash, which we always said is our maturity, is looking closer and closer, having done GBP 38 million in the year just gone. We are going into the new year with really good momentum in our sales. You think of the GBP 600 million, we are updating our guidance today. We're putting new guidance into the market to say our profits for the year ahead will be GBP 120 million-GBP 130 million. Nobody's going to have to wait long to see how that converts into profit compared to the GBP 87.5 million in the year just gone. When you get a chance, we put a chart in the deck today on page 10 that just gives a bit more detail of how that GBP 600 million will come through. You'll see it's going to come through retail and our vet business. In our retail business, a big source of that growth will obviously be the subscriptions that Peter's just been talking about. We know they help create the lifetime value for customers. We've got confidence that GBP 600 million will be strongly accretive on both cash and strongly accretive in terms of profit growth. Thanks for the detail, guys. Very clear. We will now take our next question from Adam Tomlinson from Liberum. Please go ahead. Morning, everyone. A lot of my questions have actually been answered, but just a couple if I can, just on a few points of detail. Just on the CapEx spend of GBP 70 million this year, and I know the new project of GBP 20 million is coming in, but can you maybe just give a little bit more breakdown of where the balance of the GBP 50 million or so balance of that CapEx is going? Just a second question on subscriptions, I haven't had a chance to look at the slide you just mentioned, so it might be in there. Just obviously subscriptions is growing from a very strong base, still, I guess, under 10% of revenue. Just wondering sort of medium term where you think that could potentially get to given all the initiatives there in terms of percentage of total sales or just how much it could improve by? Yeah. Hi, Adam. I'll deal with the question on subscriptions first. When you get a chance, there's a couple of really helpful slides, I think 20 and 21. One shows the proportion of licensed medicine revenue on subscription today, and the other shows the proportion of our food sales online that are on a revenue subscription, which paints part of the picture, which actually really good progress. I think slide 21 really points out the big opportunity. Which is there are 18 million, actually more now, probably nearer 20 million cats and dogs in the U.K., and we've got hundreds of thousands of plans on flea. I think our opportunity there is still very much ahead of us. We've got a third of our clients in all of our business on a health plan, and again, so there's more opportunity ahead than there is behind. For us, I think we have to always remind ourselves, we're still relatively in early days. We're only two, three years into our subscriptions journey, and obviously 1 million customers and clients and GBP 90 million of the revenue, good progress. In order to really make that step change, we always recognize two things have to happen. One was the work we've done around data and actually understanding our customers and mining those opportunities and connecting the business together, hence the propositions team, to create things which are really compelling for people to want to invest in. I think as we look forward, we recognize our subscriptions to become really compelling for customers have to be more than just a product, because I think we need to be able to offer customers benefits that you just couldn't get elsewhere. Whilst we today sell a flea product, I think once we start to bundle in services, for example, access to a vet 24 hours a day, we make the propositions even more compelling for people to want to be part of. It's still relatively early days as far as I'm concerned. I think you can see from those two slides, the runway ahead is still very considerable. Mike, do you want to talk to the CapEx? Yeah. We are picking up on the CapEx. It's going to pick up to GBP 70 million. For us to get out to the opportunities we see in the market now, the GBP 600 million and the structural growth that's now in the even stronger structural growth for the medium term, at least in the pet care market. That GBP 70 million will broadly be deployed in three areas. The first is we'll build out the DC we announced last summer, and that DC will open in the summer of 2023. Over the next 18 months, we're going to be investing to build out that DC. The second sort of use of that capital will be Project Polestar, the digitization of the business. Peter's just been talking to that. We're announcing that today. The third use of that capital will be to step back on our store regeneration program, which over the last 12 months, for understandable reasons, we've paused. We've got a plan to touch about 30 stores in the year ahead, as part of our store regeneration program. I guess the fourth use would just be the normal ongoing maintenance capital we need to keep the business in good shape. Those four elements add up to the GBP 70 million. Okay, thanks very much. Just while I'm on, one follow-up, if that's okay. You've always given that very helpful chart that shows customer cohorts on the left-hand side, those that only shop in stores, and then moving to the right-hand side, those that shop in stores online and across all your products and services. I think historically, you've said about 17% of your VIPs sit in that right-hand column, shopping across stores online and all the other services. Are you able to give an update on where that number is now? Yeah, there's a helpful slide 17. Okay. What we're seeing, you can see the growth into channels. About 26% of our VIPs now use stores and at least one other channel, and that's an increase of 10% year-on-year. On that slide, you can see the progression through. If you've any other questions, just give us a shout and we'll pick it up. Okay. Sorry, does that 26% mean they all sit in that far right-hand column or? No, it doesn't actually. No. That 26% means they're using the store base and at least one other channel. That could be a service. It depends on what their pet is. Right. Okay. That's helpful. Thank you very much. We will now take our next question from Xavier Le Mené from Bank of America. Please go ahead. Yes, good morning, gentlemen. Thank you for taking my question. Two, if I may. The first one is on online. I know it's difficult for you to provide us with the profitability, but at least can you give us a sense of how dilutive or accretive online is on your sales and profit? If you see going forward the risk of cannibalization between online and the store? That's going to be the first question. The second one on the M&A side, actually. Would you consider acquiring more First Opinion vet practices? Are you more in the way of looking at strengthening your ecosystem, so adding more new services rather than just strengthening what you've got already? Okay. They're two great questions. Let me talk about online first. I think the first thing is, often when people think about online, they think that sales will transfer from retail to online. Actually not the case. When a retail customer shops online with us, their spend typically doubles. Actually it becomes a bigger part, and that reflects the fact and the opportunity we still have around share of wallet. If we think about the profitability of a customer, that's how we think about it, we can actually increase their overall profitability to business. If you wanted to really break it down into its minutiae, the least profitable way a customer could shop would be pure online. They order online, they have it delivered to home. It's the least profitable because you have a courier cost, but we still make money. The way that we set our basket thresholds, our own label participation means it's still accretive to the business. Of course, we have this wonderful thing, and sorry, by the way, the most profitable way you can shop is go to the store. We have this wonderful hybrid now, which means customers are shopping online and they're collecting in-store because we're picking the items in-store, and that allows us to negate courier costs. It's allowed us to shift to customers who had previously wanted the convenience of online shopping, but actually want the convenience of being able to pick it up quickly within an hour from when they place the order. Our Click & Collect has really helped transform our online operations over the last year because what we're now able to offer those customers is you choose what you want and how fast you want it. We'll deliver to your house. We can deliver to the store. We'll pick it in the store, and you can collect it within an hour, or actually you can go yourself. Looking across the whole of that, the key thing is the customer spends more and actually the profit pool from the customer goes up. That's how we think and how we manage it. On the M&A side, Mike jump in with anything else you want to add. On the M&A side, you're absolutely right. We are very conscious that we have an ecosystem, and we'll be making very thoughtful additions, I would say most recently to The Vet Connection, which has been a really lovely addition to our business because it's brought a capability in that we didn't otherwise have, and it's allowing us to connect things together for the customer. The Vet Connection provide 24-hour-a-day telehealth coverage. They actually also provide for many other insurance companies as well. This allows us to connect a service for our customers when they most want it, but also it's become an extension of our practices. We continue to look for those opportunities which are real sweet spots that help us build out our ecosystem. I think there will be, I obviously can't say what they are, but there will be opportunities as we move forward to make sensible bolt-ons that actually enhance value for the customer and for our business. Yeah, just to add to those comments from Peter, that online profitability versus store profitability is obviously a question that everybody gets asked who runs an online business. It's not the way, as Peter was saying, that customers are shopping. More and more, we should stop thinking about channel profitability, and we should talk about customer profitability because very rarely does a customer just shop online or just shop in store. If you were to look at the sales growth we've seen in the last year in our retail business, our sales went up by just over GBP 80 million. Proportionately, you can see our online business was a major contribution to that sales growth. We've broken out on one of our charts in the deck on page 37. Actually, we've broken out COVID bridge, and you can see that after you remove the impact of COVID, actually our retail business stacked on with GBP 19.5 million of profit growth last year off that sales growth of GBP 81 million. That's a conversion of about 24%. Really importantly, I do think we should start to talk more and more about customer profitability rather than channel, because that's just the way it is and that's just the way customers are shopping. Thank you. We will now take our next question from Simon Bowler from Numis. Please go ahead. Hi. Thank you. A few different bits, actually, if it's okay. First one, I guess I'm just conscious around this barbell distribution of spend, which you again reference in your slides in terms of to what extent that early part of the barbell has boosted current sales trends and therefore will reflect tough comparative period as we move into a world where there's less new puppies and kittens or a more normalized number of new puppies and kittens coming through, albeit that world may be some way away. Second question was just, can you talk about whether there's any ongoing COVID impact or cost captured in your guidance for the year ahead? Third question was, notwithstanding my question on the barbell, it's probably not impossible to build to a continuation of some quite strong like-for-like trends in your business. As you mentioned, there's decent operational gearing coming through. Are there any areas, whether it be pricing, delivery, proposition, or maybe some of the investments into subscriptions, which mean you would look to hold margins down because you think there's sufficient areas to invest back into the business? Okay. Thank you, Simon. Some great questions. I will take the first one and I will ask Mike to take the next two. I think the starting point, forgive me, this is probably the most obvious statement I have ever made, but it is probably the most important one, which is our whole market, the pet market, is determined by the number of pets that are in it. That 8% shift we have seen in the number of pet owners really does have material and lasting impact because we know the lifestyle of a cat or a dog is typically anywhere between 10 and 15 years. That boost in the population, which by the way, is so unusual. I have been in the pet market for a long time. I have never seen a step-up like that, ever. It is always been very static. It means the addressable market is now just bigger. For us, that really lays down the basis of our GBP 600 million opportunity because even if we just held our share in that growing market, there'd be GBP 100 million worth of revenue opportunity. Clearly, we're not thinking like that because our objective is to capture more share of wallet. Therefore for us, when we still have, I think relatively lower levels of share of wallet than we actually think we could get, we think there's a big opportunity there. There lies that opportunity ahead. Don't forget, the two trends that we saw coming into COVID Way before COVID, premiumization and humanization still present, not changed. The difference is a lot more pets, a lot more pet owners. I think what's really interesting in this last year is seeing the types of people who are coming into this market. We're seeing a lot of younger people who are choosing to get a pet before they settle down and have a house and have a family. They're sizable spenders. The people we're seeing coming in are spending as much, if not slightly more, than our previous cohorts. I don't think we're going to see this sort of drop off at the end of COVID, which I think other markets may well see, because ours has structurally changed, actually for the foreseeable. Therefore, when we think and bring it back to our plan, I think our GBP 600 million plan is a ballsy plan, and we're supporting that with a strong investment. I'm so convinced that we're in the driving seat on this one now because we've got all that capability. We've take all the tough decisions before COVID. Now is our time to really be able to benefit from that, continue to grow our share of wallet. You've seen a shift we've made in the last year, build on top of it because really simple few things. Those who know their customers the best will win on data. We know our 6.2 million VIP owners better than anybody else. A simple joined up proposition that allows you to access a GBP 1,200 spend, not a GBP 200 or GBP 300 retail spend. That's all we're focused. Removing all the barriers to make it dead simple and dead convenient in the way that the customer wants to access it. We're on with it, and that's what Polestar is all about. I don't think we're going to see this sort of slowdown. I think what we're now going to see is a step up, and that's why we're being quite ballsy about the future growth. I think we are just so well-positioned now to take advantage from it. The other two questions, Simon, I think the next one was on COVID costs. COVID costs in the last year in terms of total impact, we've highlighted is GBP 30 million in total on the business. Year ahead, we have planned for costs of GBP 9 million. We've referenced those in the RNS as well. Those costs are largely incurred in the operation in terms of the inefficiencies we naturally get because of social distancing. We've obviously got to clean, sanitize, provide PPE. We've got GBP 9 million, the guidance we're giving today of GBP 120 million-GBP 130 million assumes we'll incur that GBP 9 million. Obviously we'll monitor that as we go carefully. Your second question was around margin percents. You're right that naturally, as we grow our revenue and grow the GBP 600 million, our margin, that will be accretive to our margin percent. That's certainly true in the vet business where we'll naturally see margin expansion with strong revenue growth on a relatively fixed cost base. It's also true in retail, as we've just been talking about. We are not going to set an operating margin percent target. I think businesses that have done that can quickly find themselves constrained by it. Our priority really is to continue to grow our like-for-like, and grow our sales and build our lifetime value of customers. What we're mindful of is always being price competitive and also investing to improve the offer for customers. If we can do that at the same time as growing the margin percent, we will. Our first priority is to keep our like-for-like growth going. Great. Thanks. Two other very quick ones, if that's okay. One just being Polestar. Is that 18 months to go live, i.e., this will be a proposition that I could get my hands on in time for Christmas 2023, Christmas 2022, sorry. Secondly, of that GBP 600 million, can you give a reference of how much of that is coming from vets and therefore how we could think about it relative to reported revenue? Yeah. No, actually, they're two great questions, Simon. Polestar, 18 months is when we're going to be done with the first product, i.e., the first ambitions we set out will be delivered. It's not going to be a big reveal. In essence, what we'll be doing between now and then is actually as we make changes, for example, single sign-on across our network, that'll be one of the first things that you see. There's going to be a gradual reveal of things across the year or the 18 months until finally, obviously, we do our final reveal of everything. Actually we then build on top of it. It's a start. Actually we're already and have been on this for a couple of months in the background, building the teams. We've got a really clearly laid out route map. We're actually starting to build a lot of it. We've chosen a lot of providers. They're all contracted. We're on with it. I'm really pleased to see that actually our customers will feel the benefits of that as we go. Therefore, we're also not reliant on a big bang switch on. We'll be managing this slowly and carefully through releasing those benefits as and when they land. Yeah, your second question on customer revenue, Simon, really good question. I think it's really important to draw the distinction between customer revenue and statutory revenue. Today we're announcing full year statutory revenues of just over GBP 1.1 billion. In terms of customer revenues, that's GBP 1.4 billion, because of course, in the customer revenues, we include all the revenue of all the practices, which is about GBP 385 million in the year just gone. Of course, in the statutory revenue, we just include the fee income on that, which is about GBP 57 million last year. There is a really important distinction between statutory and customer. Clearly, our focus is on customer revenue, wherein customer revenue is the primary revenue number. From a statutory point of view, we clearly just reflect the fee income we make out of our Vet Group. Of course, that fee we get obviously is growing in line with sales growth as we go forward, and the costs we incur to earn that fee are relatively fixed. How does the GBP 600 million split down? Well, that's obviously a multi-year target, and clearly we're going to get that growth across our Vet and our Retail business. In part, a lot of the growth out of our Vet will come when the market's very strong. Of course, we've still got a very immature business. 20% of our Vet practices are still less than four years old. For modeling purposes, I can understand why you're asking the question. Two-thirds of that GBP 600 from Retail, one-third of the customer revenue out of our Vet Group would be a good proxy for how we see that developing over the next several years. Clearly, we'll update as we go. From a starting point, that's a really good proxy for how it's going to come through. Great. Thank you. We will now take our next question from Owen Shirley from Berenberg. Please go ahead. Morning, guys. Yeah, three questions from me, please, if that's okay. The first was, do you think the pet population is still growing? Linked to that, if I could push you for some further color on recent trading, perhaps you could comment if it's been better, worse, or roughly the same on a two-year basis as Q4. Secondly, on online, would you be able to just give us an update on what proportion of online sales are Click & Collect now, and also whether you've trialed same-day delivery yet? The third question was on CapEx. Obviously, you've guided to GBP 70 million for this year, but looking beyond that, do we stay at GBP 70? Do we go back to GBP 40-ish, or do you think something in between is most likely? Thanks. Thank you, Owen, for those three questions. Let me take the first one about the pet population. It's a bit of a nightmare question, actually, because there isn't a national body that records it. We've had to take a combination of different factors, our own VIP database, and then crunch it with some very big brains. Our conclusion which we came out with was 8%, which actually is not dissimilar to what other sources have reported. Has that stopped? Great question. Well, it started about May last year, and it continued. If we look at our Puppy & Kitten registrations, they've been incredibly consistent day in, day out. Obviously, we haven't yet revealed our Q1 numbers. As a thematic, we haven't yet seen a slowdown in registrations within Puppy & Kitten. Last night we started a multi-million pound TV campaign as we are repositioning our brand. We know it is one of those areas that we are going to continue to talk even more to customers from because we recognize our Puppy & Kitten Club really does have quite a unique position for customers. Your second question was around Click & Collect. This has been a bit of a game changer for us in our business because what it has allowed us to do is pick from the store a customer order and offer customers the ability to have their product ready to collect within an hour. They obviously pay for it online. It allows us to remove any courier costs. We are seeing a good chunk of our sales transfer over from what would have been probably a pure play online order to being a pick in store order. The capability that we put into the stores to be able to pick an order, we're actually doing the next release of software on now, which would allow us to then integrate that into a delivery network, whether it be an Uber, a Deliveroo or a DPD, to allow us then to facilitate a delivery from an order picked in store and then sent out from the store to a customer nearby. You get a benefit there because actually generally what you do is you reduce your miles and you're normally taking out one or two hubs within the courier network. Generally it's cheaper than doing a pick from a DC and trying to send to a home. That capability is coming on stream as we speak. We'll go very slowly on that because we're very conscious of when you're managing a store estate stock it's so more challenging than when you're managing a single point. Because we have a real-time stock flow, we are able to see that in our world and therefore actually as we do the Click & Collect we stress-test it and make sure it works before we roll it out. Mike, do you want to do the question on CapEx? Yeah. Owen on CapEx, GBP 70 million the year ahead we've just talked about. The driver of that are two things really is the DC that opens in 2023 and Polestar that Peter's been talking about that we referred to in the RNS, and that's GBP 20 million. We're going to see a heightened level of capital for two years really. They're one-off projects after which we'll see the benefits, well, already start actually from Polestar shortly. Heightened level of capital for the next two years, but then dropping down back to sort of in the range GBP 45 million-GBP 50 million ongoing after that. Back far more to historic levels with two years of heightened capital as we build out the DC and we complete Polestar. Sorry, there's one bit I didn't answer. You asked me what proportion of orders have switched. As a rule of thumb, roughly one in five orders placed on our website will be for a Click & Collect rather than a delivered to home. Brilliant. Thank you. Have you given any kind of anecdote around or color on the proportion that you've seen shift to Click & Collect since you switched on same-day Click & Collect? Well, as I said, so we obviously went from a standing start to roughly one in five orders are now Click & Collect, and some of that is incremental and some of it is actually people just choosing a different service because we've made it available to them. If you look at our online penetration, we've seen obviously in the last year a significant step up, just under 16% of orders have a digital part to it. You can't just say online anymore because obviously it involves click and store, et cetera. Roughly about 16% participation now is somehow digital. Obviously, as we come out of the pandemic and things reopen up, so we've been open all the way through, but we are seeing some further shifts. We're actually seeing quite strong traffic back in stores again. We will see Retail growth through the pandemic. We've seen online volumes soften a little bit. In favor of in-store which of course, we really like. That's very good for us. It's obviously how customers want to shop because I think frankly people are being at home and want to get out and see people again. That's been a recent trend we've seen in the last few weeks. Brilliant. Thank you. There appears to be no further questions. At this time, I would like to turn the conference back to the host for any additional or closing remarks. Thank you, Tracy. Thank you, everybody, for dialing in. I really appreciate those questions. They're really helpful. Thanks for your continued support and have a great day.