Pets At Home’s share price surged after the retailer posted a bumper profit increase and strong like-for-like sales growth for the first half of its financial year.

Investors sent the Pets At Home share price up 9.5% to 234.8p in early trading as they responded to the robust earnings. And the share price rose even higher, finishing trading at 246.60 yesterday (Wednesday).

Pets at Home has said it is on track to deliver full-year profit growth ahead of plan, as it reported “strong” half-year results.

The Cheshire-headquartered retailer saw underlying pre-tax profit increase 10.2% to £41.7m, up from £37.9m for the same period the year previous.

The group reported statutory pre-tax profit soared 327.3% to £34m, up from £8m.

Total group revenue rose 7.6% year on year to £546.3m in the first half, up from £499.3m.

Group CEO Peter Pritchard (above) said he was “very pleased” with what the group has achieved in the first half.

He said: “We have executed our plans well, and this has been reflected in the strong customer sales growth across the group.

“Our commitment, and that of the group’s joint venture partners, is to make sure pets and their owners get the very best advice, care and products; and this has led to record levels of VIPs, first opinion practice clients and subscription customers.

“In short, our pet care strategy is working.”

Mr Pritchard said the group has a “strong foundation” and expects sustained profit to continue.

He added: “We have much to look forward to in FY20 and beyond, and we now expect to return to profit growth a year ahead of our original plan.

“In the meantime, we will remain focussed on serving our customers, their pets and our partners better than ever before.”