Pets at Home has posted a 29.1% drop in pre-tax profit in its H1 results, as the pet retailer’s leader called for “urgent and necessary” action to return the company to growth.

The company’s profit slipped to £36.2m from £51.1m in the corresponding period last year.

Pets at Home, posting its interim results for the 28-week period to 9 October, also reported a 1.3% drop in revenue to £778.3m.

The company’s retail division saw a significant year-on-year decline in pre-tax profit to just £3.5m in H1, down 84.1% compared to last year, while the division’s revenue also slipped 2.3% to £679.9m.

Despite the fall in retail sales, Pets at Home did post an 8.3% jump in pre-tax profit in the company’s veterinary arm, which climbed to £44.9m for the period.

Interim executive chair, Ian Burke, said: “It’s clear that urgent and necessary action is needed to return the retail business to growth to meet both our own expectations and those of our investors.

“I’ve spent time visiting over 100 Pet Care Centres and engaging with colleagues at all levels of the business to establish where the challenges are isolated, resulting in the implementation of a retail turnaround plan with four clear priorities of product, price, execution and cost.

“We are returning to our retailing roots to stabilise and rebuild momentum in our retail business, and to lay the foundations for a new CEO in due course.”

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