Shares in Premier Veterinary sunk 8 percent on Friday morning, after losses increased for another year at its US business.

Losses rose to £1.9 million, up from £1.7 million last year, despite a revenue increase of 33 percent to £1.54 million.

“Solid progress has been made in number of pets on plan across the UK and Europe during the first six months of the financial year and this progress has continued in April and May,” chief executive Dominic Tonner said.

“Whilst the improvements in growth in the US are encouraging, the current number of pets on plan is not at levels previously expected.”

“We are continuing to explore options that will enable the group to capitalise on the investment that has already been made in the US whilst at the same time reducing the continuing cash burn in this territory.”

Shares in Premier Veterinary (LON:PVG) are currently trading down 7.46 percent at 31.00 (0917GMT).