StockMarketWire.com - Pet supplies retailer Pets at Home said annual profit was expected to be within the top end of market expectations following a jump in first profit as pet ownership continued to swell, boosting customer growth.

For the 28 weeks ended 7 October 2021, pre-tax profit jumped to £70.6 million from £38.9 million as revenue grew 8.0% to £677.6 million

'The stronger than expected and continuing growth in the pet population over the past eighteen months is materially increasing the size of our addressable market,' the company said.

The interim dividend per share was increased by 72% to 4.3 pence year-on-year.

While the full year guidance was maintained, the company said underlying pre-tax profit was anticipated to be at the top end of the current range of analyst expectations.

'In conjunction with our continued strong performance and good progress across strategic initiatives, we now see a pathway to £2.3bn of customer revenue across our business over the medium term, compared to the £1.4bn achieved last year.'

Story provided by StockMarketWire.com