Dixons beats forecasts with 15pc profit rise

Suzie Neuwirth

DIXONS Retail, Europe’s second-biggest electrical goods retailer, today unveiled a 15 per cent rise in annual pre-tax profits, beating forecasts.

Last month the company predicted that underlying profit before tax would be at the top end of analysts’ forecast range of £75m-85m, but today’s results gave a figure of £94.5m.

Profits in the UK and Ireland were up 39 per cent for the year, with Dixon benefitting from the demise of UK high-street rivals Comet and Jessops.

Annual sales rose four per cent.

“We have returned to growth for the group as a whole, and also to a net cash position, marking an important milestone in our transition from survivor to winner,” said chief executive Sebastian James.

“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.”