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DSG to rebrand as Dixons

DSG International has posted an expected 61 per cent rise in full-year profit and forecast more growth in 2010-11.

The firm, which owns the Currys and PC World chains said that although the economic backdrop in Europe would remain challenging in the current year it was well placed to continue to grow profits.

DSG also said that subject to shareholder approval it will change its name to Dixons Retail to harness the strength of the Dixons brand, which was the group's previous name.

The company made an underlying pre-tax profit of £90.5m in the year to 1 May.

That was in line with analysts' consensus forecast of £90.4m.

Total sales increased three per cent to £8.5bn with sales at stores open over a year up two per cent and up six per cent in the second half.

DSG is two years into a turnaround plan that has focussed on cutting costs and stocks, selling underperforming businesses, revamping stores, opening larger stores and improving customer service.

The firm, which more than halved its net debt during the year to £220.6m, is is not paying a dividend.