UK: Currys and PC World owner Dixons posts 39% jump in UK profits

A joint Currys and PC World store

A joint Currys and PC World store - Credit: Archant

The owner of PC World and Currys hailed its transition from “survivor to winner” today after reporting a 15% rise in profits for the last year.

Dixons Retail, which has electrical retail operations across Europe, benefited from a strong performance in the UK and Ireland, where profits jumped 39% to £113.3million in the year to April 30.

In the face of weak trading conditions, it estimates that its market share in the UK grew to around 21% following the collapse of competitors such as Comet and improvement in customer service standards.

Across the group, underlying profits rose by £12.4m to £94.5m, despite big losses in southern Europe and its PIXmania division. Restructuring costs, including store closures, meant bottom-line losses of £115.3m.

Chief executive Sebastian James said the annual results marked an “important milestone in our transition from survivor to winner”.

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He added: “On all of our strategic priorities I am pleased with the progress we have made, even though I am, of course, impatient for us to achieve even more, even faster, particularly in focusing on markets where we are, or can be, a leader.”

The group’s performance is in contrast to its woes two years ago, when it was hit by a slump in UK and Ireland profits and hefty writedowns in Europe.

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Its shares were a star performer of 2012 and have gained around 160% in the last year. They opened 3% higher today following the results.

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