Dixons Carphone says Brexit vote won’t dent its growth

British consumer electricals and mobile phone retailer Dixons Carphone said on Wednesday it was confident it would continue to grow despite Britain's vote to leave the European Union.

The company, which trades as Carphone Warehouse, Currys and PC World in the UK and Ireland, Elkjop and El Giganten in Nordic countries and Kotsovolos in Greece, has been one of the worst hit stocks following last week's Brexit vote given its exposure to big ticket electrical items and potential vulnerability to any fall off in consumer demand.

However, as it reported a 17 per cent rise in 2015-16 profit it reassured investors on its prospects and raised its dividend by 15 per cent.

“As the strongest player in our market and despite the volatility that is the inevitable consequence of such change, we expect to find opportunities for additional growth and further consolidate our position as the leader in the UK market,” said chief executive Seb James.

Dixons Carphone made an underlying pretax profit of £447 million in the year to April 30th, helped by a particularly strong performance from its UK mobile phone business.

That was in line with a company forecast range of £445-450 million and up from the £381 million it made in 2014-15.

Shares in Dixons Carphone, down 18 per cent over the last week, closed Tuesday at 342 pence, valuing the business at £3.9 billion .

Reuters