Shares in Pets at Home have dropped by 12% in the last month following increased market volatility.

Highlights from the update included total revenue growth of 7.1% to £195.1m with like-for-like sales growth of 2.2% during the quarter.

Nick Wood, Chief Executive Officer, commented:

“We are pleased with the improved trading momentum in our Merchandise business, alongside continued strength in our vet and grooming services. We are also delighted with our acquisition of one of the UK’s leading specialist hospitals, Anderson Moores, which further develops our presence in this important strategic segment of the veterinary market. I would like to thank all our colleagues for their hard work through the busy festive period. We look forward to further growth and expansion in 2016.”

Pets at Home acquired Anderson Moores, a specialist veterinary referral hospital based in Winchester, Hampshire. Pets At Home plans to run Anderson Moores as a standalone brand in the Vet Group, as a shared venture model through which the existing shareholders retain significant equity ownership.

The company said it is on track to deliver its 2016 rollout targets of 20-25 Pets at Home stores, 5 Barkers, 50-55 vet practices and 55-60 grooming salons. The company current has 15 grooming salons, 6 veterinary practices and 7 Pets at Home superstores.

Overall the business said the financial outlook for FY16 remains in line with current expectations.