Dixons chief praises firm’s comeback

The owner of PC World and Currys backed its transition from "survivor to winner" today after reporting a 15 per cent 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 per cent to £113.3 million in the year to April 30th.

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

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

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

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.

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

PA