Pets at Home reveals pre-tax profits drop

Pets at Home has revealed a fall in profits for the past six months as it came under pressure from higher freight and energy costs.

The retailer and veterinary services firm said underlying pre-tax profit dropped by 9.3% to £59.2 million over the half-year to October 13, as it also booked significant costs from digital investment.

The company said it held profit targets for the year and hailed a “resilient” pet care market.

Chief executive Lyssa Mcgowan said the performance showed “progress” as the business notched up “new records for customer numbers in recent months”.

Shares in the company were 4.9% lower at 289p in early trading.