Kesa sees 18 per cent profit surge

COMET owner Kesa has posted an 18 per cent rise in full-year profit as improved gross margins offset a decline in underlying sales growth.

The electricals retailer Kesa, which also runs market leader Darty in France, made an underlying pre-tax profit of £81.9m for the year to 30 April.

That was ahead of company guidance of £76m and up from £69.5m made in 2008-09.

The group, which trades in 11 countries, said revenue rose 3.4 per cent to £5.1bn.

Comet saw a rise in annual profits of almost 14 per cent.

The chain made £11.5m in the year to the end of April, compared with £10.1m a year earlier

Chief Executive Thierry Falque-Pierrotin said: "While we have started the year in line with our expectations, we anticipate our major markets remaining challenging for the rest of the current financial year."