We start with FTSE 250 retailer Pets at Home (PETS), whose veterinary arm is now making more than the retail business. Mark Robinson unpacks why this may be, the outlook for the year ahead and the valuation case.

Our cover feature on 25 years of volatility is next. Julian Hofmann shares a quick recap of the more serious issues investors have dealt with over this period, the lessons learnt and more. 

Last up, BT (BT). The business's revenue declined year-on-year, but both Ebitda and normalised free cash flow were on the rise. Dan Jones and Mark Robinson unpack what’s been going on at the company. 

Timestamps

1:25 Pets at Home

14:31 25 years of volatility

23:14 BT

More on these topics 

Pets at Home boosted by higher-margin vet services

Investing lessons from the past 25 years

BT’s rationalisation boosts cash flows

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