Dixons losses narrow

Electrical retailer Dixons today announced that it has slightly reduced its pre-tax losses for the first six months of the year.

The firm said it lost £22.2m for the 24 weeks to October 13, down from £25.3m for the same period last year.

But the UK business, which largely operates under the Currys and PC World brands, returned to first-half profitability for the first time in five years.

“We have significantly reduced net debt, successfully undertaken a £150 million bond issue and delivered good underlying profit growth in the UK and Northern Europe,” said chief executive Sebastian James.

“It is increasingly clear in each of our markets that our service-based, multi-channel business model is what customers want. We are outpacing our competitors, and have seen Comet enter administration in the UK and Expert exiting the market in Sweden.”