Investec has increased its target share price for jeweller Signet after it delivered preliminary results at the upper end of expectations.

The broker upped its target to £31 from £29 on the back of the figures, which showed profits rose to $393m (£240m) in the year ended January 29, driven by robust sales in the US.

Weak trading in the UK, where like-for-likes have plunged 4.6% in its new financial year, has been offset by strong US turnover, up 11.4%.

Investec analyst David Jeary said: “Signet remains a class act within the mainstream US multiple jewellery market. We think Signet appears well-positioned to extend its unrivalled track record of market share gains over the past decade.”

The broker said the trading pattern in the UK, where Signet runs the H Samuel, Ernest Jones and Leslie Davis chains, had been distorted by the timing of Mother’s Day.